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Refinancing bond will save district $145,000

Published February 08. 2012 05:01PM

Palmerton Area School District will save nearly $145,000 through the refinancing of a bond issue.

The board at a special meeting on Tuesday unanimously agreed to adopt a resolution to refinance and issue $1.55 million in general obligation bonds.

The board's action came after it heard a presentation from Henry Sallusti, managing director of RBC Capital Markets of Scranton.

Sallusti told the board the district will realize a $144,695 savings over the next six years through the refinancing of its 2007 bond issue.

Ben Reid, an attorney from Rhoads & Sinon Bond Council, explained the elements of the resolution, and noted the 2007 issue was general obligation bonds.

In other business, the board:

• Approved Richard Bowman to the position of part-time custodian, assigned to Towamensing Elementary, effective Feb. 6, for five hours per day. The salary is according to the support contract.

• Approved student teacher Felicia Strauch, from Kutztown University, with Kathryn Hassler, grade 6 teacher, from Jan. 23 to March 16, 2012.

• Approved Kelly Ruddick, Krystallynn Reis, and Marcia Heinick as volunteers at Towamensing Elementary.

• Approved the salary adjustment for horizontal movement on the respective salary level for Brent Harris, from BS to MS, per the teachers' negotiated contract effective the second semester of the 2011-12 school year.

• Approved the addition of Marian Hoffner, English Certification, to the day-to-day substitute teacher list, effective Nov. 29, 2011.

• Approved the removal of Tonia Schaeffer from the substitute teaching list, per her request.

• Approved the purchase of the Seussical Junior Performance License for the May 17, 2012 performance at Towamensing Elementary School, paid by funds earned during a fundraiser.

• Approved the renewal of the agreement with PenTeleData, effective July 1, 2012, to June 30, 2017.

• Accepted the donation of approximately $1,000 in varsity softball uniforms to the district from the Softball Parent's Club.

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