KINGSTON — The Wyoming Valley West School Board Wednesday approved refinancing of some debt, borrowed more and refinanced all at a much lower interest rate.
According to Joe Rodriguez, Valley West business manager, the board approved the refinancing of$2.2 million that was remaining on a $5 million loan from 2004 that the district used for infrastructure repairs. Rodriquez said the remaining debt was refinanced through PNC Bank at 1.38 percent, far lower than the original rate.
Rodriguez said the board then approved borrowing $2.8 million — to get the loan back to its original amount — at 1.79 percent. He said the money will be used mainly to address some issues at the high school building in Plymouth. Rodriguez said the boilers and the HVAC system are in need of repair or replacement.
“The board approved the refinancing and borrowing because of the reduced rates available now,” Rodriguez said. “This gives us a cash flow to do the necessary repairs.”
In other business, the board:
• Accepted the resignation of Clifford Stark, security guard, high school, effective July 15.
• Approved long-term status for the following substitute teachers: Alicia Garavaglia, Chester Street, learning support, effective Jan. 29, 2014; Amy McNelis, Third Avenue, kindergarten, effective Dec. 18, 2013.
• Appointed: Leonard Davies, Jr., security guard, effective upon receipt of clearances; John Miller, substitute custodian/security, upon receipt of clearances; Tracey Busa and Joanne Banks, cleaning persons, effective upon receipt of clearances.
• Approved indefinite medical leave for Leslie Nicholas, middle school 7, English, effective Aug. 25.
• Adopted a resolution approving alternates for the re-tubing and mechanical improvement work at the high school, and to award a contract to complete the work to 3B Services, Inc., for $80,837.00.
• Approved retirement agreement with Raymond Whalen, dated June 27.