Bond refinancing could save the Oxford Area School District up to $500,000
06/25/2018 12:23PM ● Published by Steven Hoffman
The Oxford School Board unanimously approved the refinancing of up to $10.5 million in bonds at its meeting on June 19. By refinancing the bonds, the school district could save as much as $500,000 as it repays the debt-service on bonds that were used to fund completed construction and renovation projects.
The bonds being refinanced are from 2007, and the district had variable rates on those bonds. The bonds are being refinanced at a fixed rate. Additionally, the district is planning to pay off the principal at a faster rate, which should also result in savings to the district. The goal is to lock in at the fixed rates within the next ten days. While the limit was set at $10.5 million, the school district anticipates refinancing about $8.5 million in bonds.
The school board approved the annual salary for superintendent David Woods for the fiscal year that begins on July 1, in accordance with the superintendent's contract that was dated July 1, 2016.
In her report to the school board, Dr. Margaret Billings-Jones, the district's assistant superintendent, said that they surveyed the 325 members of the 2018 graduating class of Oxford Area High School. Overall 46 percent of the graduating seniors anticipate attending four-year universities. Another 23 percent of the students are planning to go to two-year programs, while 9 percent of the students said that they were going to attend trade schools. Six percent of the students are joining the military, and 11 percent will be entering the workforce. There are 6 students who graduated from Oxford in 2018 who will continue to receive special education services until the age of 21.
The school board recognized the service of a number of professional staff and service and support employees who are leaving the district. The professional staff members who were recognized included Diane Healy (18 years), Donna Kelly (18 years), Karen Rebar (9 years) and Elizabeth Rush (10 years). The service and support employees who were recognized included John Benson (30 years), Betty Evosirch (5 years), Richie Gliem (7 years), Kimberly Graveno (12 years), Elaine Morrison (30 years) Linda Passalacqua (18 years) and Judy Stahl (21 years).
The school board approved a contract with ServiceMaster Services, beginning July 1, 2018 and extending through June 30, 2021 for custodial services. The amount of the contract for 2018-2019 is $430,416.
The law firm of Rinaldi and Poveromo, P.C. Was appointed to once again serve as the school district's solicitor for the next fiscal year.
Board member Robert Tenga was selected to serve as the board's treasurer for the fiscal year that begins on July 1, 2018 and ends on June 30, 2019.
Board member David Severino was selected to serve as the Chester Cunty School Boards Legislative Council representative for the next fiscal year.
The school board formally accepted the list of 2018 graduating seniors based on the high school principal's certification that those seniors had completed the requirements and are entitled to an Oxford Area High School diploma.
The school board will not meet in July. The next work session will take place on Tuesday, Aug. 14 and the next regular meeting will be held on Tuesday, Aug. 21. Both meetings will take place in the Administration Building at 7 p.m.