The South Butler County School District has taken another step forward with the process of securing funds for a renovation.
At their meeting Wednesday night, school board members directed a representative from PNC Bank to submit the necessary information for a new bond rating. South Butler’s current rating is A+ but an improved rating could mean lower interest rates.
The Knoch High School Renovation Project is still in the design phase so the exact amount needed has not been determined and is at least partially dependent on the amount the board decides to borrow.
South Butler recently finished paying off their previous debt service so they could borrow a similar amount since they know that amount fits in their budget. The district does have some money set aside for capital projects but also has decisions to make about other building repair or facility improvement needs.
The school board plans to approve a bond resolution at their next meeting in March with a sale of the bonds expected to take place the following week to avoid another interest rate increase.
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