Jersey Shore Area School District board sets $10 million financing amount for middle school, Avis projects

The Jersey Shore Area School District board of school directors on Feb. 24 amended its finance agenda to place $10,000,000 in a parameters resolution to support planned building upgrades, saying the amount will fund work at the middle school and at Avis Elementary.

The board reached the amendment after a presentation from Melissa Hughes of PFM Financial Advisors on bond timing, federal tax tests and two financing scenarios, and a separate presentation from SiteLogic outlining a multi-phase middle school and Avis Elementary project. Treasurer Ben Enders recommended the larger $10 million option during board discussion; the roll-call amendment passed 7–1, with one member voting no.

PFM representative Melissa Hughes told the board that federal tax rules for tax-exempt borrowing require “you can reasonably expect to spend 85% of the money that you borrow within 3 years of settlement,” and she described two scenarios the firm modeled: a $7.5 million borrowing and a $10 million borrowing, each with a 15-year term. Hughes said the district could expect long-term borrowing rates in the mid‑4 percent range based on current market conditions and that a parameters resolution would allow the financing team to sell bonds on a market‑driven…