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Butler Area School District board approves up to $45.48 million general obligation note to refinance bonds and fund capital projects
Summary
At its April 20 meeting the Butler Area School District board unanimously approved a resolution authorizing issuance of general obligation notes up to $45,475,000 to refund the district's 2007 bond and provide about $12.17 million in new money for capital improvements; the board voted Yea on the motion. (See provenance SEG 001'SEG 002).
The Butler Area School District board on April 20 unanimously adopted a resolution authorizing the issuance of general obligation notes in an amount not to exceed $45,475,000 to refund the district's outstanding 2007 general obligation bond and to provide approximately $12.17 million in new money for capital improvements.
Ms. Alisha Henry of PNC and Anthony Ditka, identified as bond counsel, presented the financing plan and the resolution prepared under the Local Government Unit Debt Act. John W Conrad moved to adopt the resolution; Nina Teff seconded. The motion carried with the roll-call recorded as Yea from John W Conrad, Jennifer Cummings, Jennifer Daniels, Phil Heasley, Gary Shingleton, Terry Stivason, Nina Teff, Cecilia Tomko and Al Vavro.
The board's action combines refunding the district's existing General Obligation Bond, Series of 2007, with issuance of new money to support district facility projects; the presenters characterized the package as including both the outstanding debt and roughly $12.17 million to be directed to capital improvements. The resolution cited the Local Government Unit Debt Act as the statutory framework for the issuance.
No additional details about specific project lists, timing for bond sale, or anticipated taxpayer impact were presented during the meeting. Board members did not request or record amendments to the resolution at the time of the vote.
The vote completes the board's authorization to proceed with the financing as described by bond counsel and the bank representative; no further procedural steps or closing dates were announced at the meeting.
