Good news for swimmers: Panther Valley School District’s indoor swimming pool, threatened by budget cuts, will stay open.

The school board on Thursday agreed to lease the pool to Maria Zupko and Nicole Bailey of New Ringgold, doing businesses as Water Wellness Inc., for $69,500 a year.

The contract runs for one year and will be automatically renewed for a second year, said business manager Kenneth Marx Jr.

He said the $69,500 is not compensation, but reimbursement for operating expenses.

The board had opted in June to close the pool as it was rafting its 2011-2012 budget, due to $1.3 million cutback in state funding.