VARDEN – The Western Wayne School District is moving forward with its energy saving construction project.
The school board passed two motions that relate to the project.
A transfer in the amount of $378,927.17 from the general fund to the capital reserve fund was approved for the project.
In the motion, it says it is a requirement according to the bond resolution.
The transfer of funds “reflects the current year savings on payment of principal and interest from the General Obligation Bonds, Series 2015, which was the refinancing of our Series 2010A, 2010AA and 2010B.”
“This is what we've done last summer and when we put the budget together we budgeted to pay the 2010 series payments,” stated Rose Emmett.
“When we were able to refinance those bonds in August of 2015 we had a savings of that amount of money.
“In agreement with the resolution when we refinanced the savings was to go into our capital reserve fund to be used for future capital projects. This motion is actually making the transfer of that money into the capital reserve fund.”
Emmett added one was for the field house renovations and the other two were for the EverGreen Elementary School project.
“The savings were derived from refinancing at a lower interest rate with the same principal payment structure as far as timing goes,” stated Superintendent Joe Adams.
“This was just our financial advisors alerting us and us taking the opportunity to refinance, just like if you did with your home if you had a five percent mortgage and a three percent became available at the same term.
“You would be paying less. In a mortgage scenario it's every month but in a bond refunding it's a one time lump sum savings for that calendar year, which was calendar year 2015-16 in July.”
Adams added school code requires it to be for “future capital.”
“This wasn't the first time that we refinanced bonds over the years,” added board member Donald McDonough.
“We've had refinanced bonds and had savings for the district to put into these other funds for capital improvements. It's a good thing.”
• The board also approved a motion to authorize the board treasurer and business manager to “review CM3 bills payable for the ongoing construction project and approve the payment of contracts which are in order and ready for payment.”
CM3 Building Solutions, Inc. was awarded the contract for the project. The business is located in Fort Washington.
The company provides various services including “complete energy services, total building solutions, security, access control, IT services and component supply to commercial, industrial, institutional, governmental and other types of facilities,” according to CM3's website.
CM3 Building Solutions primarily serves the eastern half of Pennsylvania, New Jersey and Delaware and also provides energy services to the eastern part of the United States.
Any bills that are processed under that authorization will be presented to the board during the June meeting.
“This is the $10 million construction project for energy savings and some other capital improvements, the roof, the air conditioning at R. D. Wilson, exterior lighting, paving and lighting upgrades as part of our energy conservation process,” stated Adams.
“This was the bond issue that was done a month ago that is $10 million in construction, but is not going to have any impact on raising taxes for Western Wayne taxpayers.
“The savings will be used to offset the interest on the debt and add two years to the debt schedule.”
He added is a “very big, aggressive project,” which is why the 2016-17 school year will begin after Labor Day. It will give time for an extra week of construction.
• Two individuals were added to the district substitute list for the 2015-16 school year per certification of Acts 24/34/151/114/153/168 guidelines for employment eligibility verification through the United States Department of Justice.
They are David Clark for custodial and Georgia Mitchell for school nurse.
• Suzette Basile was approved as a learning support paraprofessional for the Summer ESY Program 2015 at a rate of $11 an hour.
• Carrie Chernasky was hired as the 7th and 8th grade boys soccer coach for the 2016-17 school year. The salary is $2,149.
• Several coaches were hired for the 2016-17 winter sports.
• Al Semenza-head coach, boys basketball,$7,603
• Colleen Kloss-head coach, girls basketball,$7,869.11
• Gregory Butler-assistant coach, girls basketball, $5,448.70
• Brian Hodorawis-head coach, 7th grade girls basketball, $3,915.03
• Todd Pauler-head coach, 8th grade girls basketball, $3,934.04
• Dante Terenzio-head coach, wrestling, $7,698.33
• Jerry Fuller-assistant coach, wrestling, $4,298.32
• David Rupp-junior high wrestling coach, $3,306
• Dan Trygar-junior high wrestling coach, $3,405.18
• The resignation of Mary Elizabeth Schlasta as football cheerleading co-coach for the 2016-17 school year was approved.