Palmerton Area School District will save over $175,000 through the refunding of a bond issue.
The school board, on a 5-0 vote Tuesday, agreed to adopt a resolution that will refund a 2005 bond in the amount of $6 million that is scheduled to be paid off in 2016.
Directors Carl Bieling, Stuart Henritzy, Susan Debski and Clarence Myers, and board President Barry Scherer approved the measure. Directors Darlene Yeakel, Carol Dwyer, Michael Ballard and Tina Snyder were absent.
Initially, the board, on a 4-1 vote, agreed to table the matter, with Scherer opposed.
Those who voted to table the resolution said they needed more time to review the thick document.
At that point, attorney Richard Wood, bond counsel for the district, urged the board to reconsider its stance.
"Interest rates are at an all-time low," Wood said. "This $175,000 savings is only good for this evening."
At that point, Myers asked if the board could have 30 minutes to review the document.
Scherer, as board president, agreed to the request, and said the board would revisit the matter later on in the meeting.
After it had gone through the rest of its agenda, the board agreed to adopt the resolution.
Henry Sallusti, managing director of RBC Capital Markets of Scranton, said the action would save the district $175,314.
In other business, the board:
Ÿ Approved the adoption of the playground equipment plan for the Coal Bowl playground.
Ÿ Hired Matthew Krempasky as a .33 Social Studies teacher, effective Aug. 23, 2010, at a salary of BS Step 1, $37,507, prorated, based on the current negotiated contract.
Ÿ Hired Kathy McKeon as junior high cheerleading adviser, effective the 2010-11 school year, at a salary of $1,145, based on the current negotiated contract.
Ÿ Hired a librarian, to be announced pending reference checks, and a date to be determined, at a salary to be announced, based on the current negotiated contract.
Ÿ Tabled the hiring of Tami Cunfer as a part-time secretary to the director of facilities, 20 hours a week, effective July 21, at a rate of $11.33 an hour.
Ÿ Tabled the hiring of Kenneth Mettam as an S.S. Palmer music instructor, effective Aug. 23, at a salary of BS Step 3, $39,122.
Ÿ Approved Krempasky and Mettam for professional development during the summer of 2010 at the rate of $28 an hour.
Ÿ Approved teacher Robert Falkenstein as mentor for Dawn Burke for the 2010-11 school year at a stipend of $1,321.
Ÿ Approved Kimberly Gardner for having completed three years of satisfactory ratings within the school district and has earned tenure effective Aug. 23.
Ÿ Acknowledged the final 2010-11 allocation amounts as follows: Title I, $318,263; Title II, $99,426.
Ÿ Approved Kathy Egan, high school principal, to attend the 2010 PAESSP Conference "Principals Building a Strong Learning Community" for Oct. 24-26 at the cost of $1,430, which will be funded through the high school budget.
Ÿ Tabled the SAT and ACT Prep Program, cost to be paid from the Plato Recovery Program with a small student fee for the workbook paid by the student.
Ÿ Appointed Director Darlene Yeakel as voting delegate to attend the 2010 Legislative Policy Council during the school Leadership Conference on Oct. 14.
Ÿ Approved the high school principal to award Jordan Beggan a diploma from the Palmerton High School Class of 2010, as all credit requirements have been met.
Ÿ Approved several tuition reimbursements.