Greater Latrobe, Pa., School Board Tuesday approved a nearly $10 million bond issue to help finance construction of the district's new Latrobe Elementary School.
Business administrator Dan Watson explained the $9,995,000 issuance, set to close on Thursday, is the second of three that are planned to support the elementary project -- which is expected to cost about $30 million, including $25 million for construction. If all goes according to plan, final bonds of a similar total will be issued in early 2018.
Watson explained the district, by issuing no more than $10 million in bonds per calendar year, can receive a bank-qualified interest rate that averages as much as 0.35 percent below rates that would apply for a larger bond issue. The issue also will have a relatively short payback period of 12 years.
"The shorter call date allows you to refinance if the interest rate changes," Watson said.
The new elementary school for about 800 students is set to open in August 2018 on Latrobe's Old Athletic Field. Demolition of a dek hockey rink and pavilion at the field has been completed and earth-moving is under way, Watson said.
Jeff Himler is a Tribune-Review staff writer. Reach him at 724-836-6622 or jhimler@tribweb.com.
