INDIANA SCHOOL BOARD APPROVES REFINANCING BOND ISSUE WITH BANK LOAN

On Monday, the Indiana Area School Board approved refinancing 2016 bonds with a bank loan.

The refinancing came on the advice of the bond counsel and the district’s financial advisor.  The approximately $10 million from the bond issue was used for the initial work on the later-shelved Ben Franklin reconstruction project, and other projects in the district.  District Business Manager Jared Cronauer said that the district was taking advantage of lower interest rates from the loan.

The move is expected to save the district $1.3 million.

In other business, the board approved the submission of a Statement of Assurances to the state Department of Helath concerning Covid-19 testing.  The board also approved a proposal from CJL engineering to perform a study of the HVAC replacement options for the administration office and old East Pike Office at a cost not to exceed $4500.