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Johnstown school board OKs refinancing debt

August 24, 2012
By MICHAEL ANICH , The Leader Herald

JOHNSTOWN - The Greater Johnstown School District Board of Education on Thursday authorized possible refinancing of remaining debt from capital project bonding done in 2002 - a move officials say could save the district $10,000 to $30,000.

Board action on the financial matter, which still requires a bidding process, was at its monthly meeting at Johnstown High School.

According to district Business Manager Alice Sise, the district bonded for various capital projects in May 2002. She said the district still owes about $1.63 million on the borrowing.

Superintendent Robert DeLilli noted board member Douglas Dougherty last year suggested the district look into refinancing of its capital debt. He said other school districts have done that successfully.

"Interested rates dropped at the time you invested," DeLilli told the board. "We're jumping on the refinancing bandwagon."

Sise said the attempt at refinancing the districts rate, to obtain a lower rate, could possibly save the district $10,000 to $30,000 over the next three years. But she said the process involves going out to bid to institutions for the most suitable financial package.

"If we don't get a favorable rate we won't do it," Sise said.

Board member Ronald Beck praised Dougherty for his suggestion to save the district money.

The resolution passed by the board notes the original capital projects included financing the cost of additions to and reconstruction of various school district buildings, such as Pleasant Avenue Elementary School and Knox Junior High School, and the construction of a press box.

In other financial matters, the board formally approved the district's $7.34 million tax levy for the 2012-13 school year and set individual tax rates for its municipal areas. The rates, per $1,000 of assessed property value, are as follows: city of Johnstown - $22.17; town of Johnstown - $19.89; town of Ephratah - $18.47; town of Palatine - $26.75; and city of Gloversville - $15.52.

Tuition for students from kindergarten through grade 12 who live outside the district for the coming school year was set at $3,000.

Michael Anich covers Johnstown and Fulton County news. He can be reached at johnstown@leaderherald.com.

 
 

 

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