Sep 9, 2015 2 min read

WAYNESBURG – Central Greene School Board delayed a decision at its Tuesday night committee meeting on a general obligation bond refinancing resolution that could save the district money.

The delay allows the school board to evaluate its financial options and select a broker-dealer to serve as an underwriter for an issuance of municipal securities.

The district is considering refinancing two bonds, one from 2007 and another from 2011.

“There are a couple bonds that we have coming up with the ability to refinance to save the district some money,” Superintendent Brian Uplinger said. “We want to take advantage of this situation.”

Bond refinancing was recommended by Christopher Brewer, the district’s bond counsel, to deal with some of the district’s debt.

The board was presented with three firms that have a working history in Greene County.

After an executive session, the board chose to table engaging with Boeming & Scattergood Inc. to possibly serve as its underwriter in connection with the structuring, marketing, approving and issuance of the project bonds. The two other potential clients were not identified Tuesday night.

“That was the one recommended to the board, but we are going to engage the other two as well,” Uplinger said. “We want to see how well they are going to work with the district and administration and which one has the ability to save us the most money in the refinancing of the couple of loans that we have.”

Plans to talk and interview all three firms are being scheduled.

The projected savings amount cannot be estimated until the firms give their presentations to the board.

“We won’t know until our financial advisor goes out to the market and gets a good handle on what is out there,” Uplinger said.

The board hopes to have the estimated numbers by October and plans to discuss the action further at its Sept. 15 voting meeting.