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Butler Area SD board unanimously approves consultants to pursue termination and refinancing of Series 2007 bonds
Summary
At a special April 6 meeting, the Butler Area SD board voted 6-0 to retain PNC Financial's Alisha Henry and attorney Anthony Ditka of Dinsmore & Shohl to facilitate termination of the district's Series 2007 floating-rate bonds with JP Morgan and pursue fixed-rate refinancing; next steps will be presented April 20.
The Butler Area School District Board voted unanimously April 6 to retain advisors to terminate the district's Series 2007 Libor-index floating-rate bonds and pursue replacement financing. The board approved a motion to retain Alisha Henry of PNC Financial and Anthony Ditka of the law firm Dinsmore & Shohl and authorized district officials to execute required documentation.
Superintendent Dr. White told the board that terminating the Series 2007 floating-rate bonds with JP Morgan would allow the district to refinance the debt at a fixed interest rate and said the alternative funding structure "may also provide an opportunity to secure additional funds for future capital projects." The board's motion also authorizes the Board President, Secretary, Superintendent and Solicitor to sign documents necessary to complete the termination and refinancing process. The board will receive proposed financing options and any requests for additional capital funding at its April 20, 2026 meeting.
The motion to retain Henry and Ditka was made by Board member Gary Shingleton and seconded by Board member John W Conrad. The final resolution was recorded as "Motion Carries" with votes in favor from John W Conrad, Jennifer Daniels, Gary Shingleton, Terry Stivason, Cecilia Tomko and Al Vavro. No members voted against or abstained. The special meeting was called to order at 8:00 AM and adjourned at 8:08 AM following a short media question period.
The motion gives district leadership and the named advisors authority to move forward with termination and refinancing efforts; specific terms, costs, and any proposed additional borrowing were not specified at the meeting and will be presented for board consideration on April 20. The record does not include dollar amounts, estimated interest rates, or projected savings; those details are expected in the forthcoming financing presentation.
