The Herald, Sharon, PA Published Saturday, September 23, 2000

SANDY LAKE, STONEBORO AREA

School to use Internet for bond issue

By Theresa Harkless Woods
Herald Writer

Lakeview School Board this week decided to use the Internet to secure the lowest interest rate for a $5 million bond issue to fund a renovation project.

Director William A. Evans cast the lone dissenting vote.

Superintendent Dr. Paulette Savolskis said the renovation is necessary for asbestos removal, compliance with the Americans with Disabilities Act, a security system, additional space for classrooms and programs. The additions also will incorporate heating and ventilation systems including new boilers, plumbing, electric, and lighting.

Dr. Savolskis said that financial advisers Public Financial Management, Harrisburg, will put the bond issue out for bid on the Internet on the morning of Oct. 16 to get the best available interest rate. She stated that the district will repay the bond debt over a 20-year period. The percentage rate will not be known until the Internet auction is completed.

Dr. Savolskis said that Public Financial Management used the Internet to set up a similar bond issue for Union City Area School District several months ago.

She said that the school district is still working with HHSDR Architects and Engineers, Sharon, on the project. "We are in the process of putting our needs to the architect and getting estimated prices, so total costs are not yet known.

"This will be a first bond issue (to begin the project), and we will require a second bond issue in the late spring or early summer of 2001, once final costs are known."

Dr. Savolskis stated that the board had previously approved tax increases that are dedicated to the renovation and debt service and, until costs are known, they do not know if more will be required. The previous tax increases were for 4 mills in 1999-2000 and another 4 mills in 2000-01 which were dedicated to the renovation and its debt.

She said the board will invest loan proceeds, and the interest gained will also be dedicated to the renovation.

"The additional classroom space is necessary because of additional necessary programs," Dr. Savolskis said. She noted, for example, the school had to use storage rooms to make room for computer labs and additional special education programs. In addition, the board is considering several options to improve security, such as moving offices to the front of the building or installing camera security.

The renovation could begin next summer.



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