A live Internet auction to refinance Southern Lehigh’s nearly $10 million bond will save the school district $681,000 over about seven years.
The district’s financial advisers, Concord Public Finance of Lancaster, held the auction over 15 minutes Monday morning and reported the result to the very pleased school board at its meeting that night. The auction attracted 26 bids for the 15-year bond and the winning interest rate – 3.132 percent – came from UBS Financial Service of New York, according to Concord’s Christopher M. Gibbons.
“I think it’s a great opportunity,” Gibbons told board members, who voted unanimously to go ahead. The board had discussed possible refinancing at an August meeting.
Board President Michael Eddinger told Gibbons and bond counsel David Twaddell: “You’re both invited back anytime you can save us $600 grand.”
In other business, the board approved a revision to the district’s nepotism policy that exempts employees in an extracurricular position, such as a coach, from a rule that says, “No employee shall be immediately supervised by a family member/relative.”
The proposed revision states the superintendent will look to reassign the supervisory duties of that employee to a non-family member.
The issue arose when in September when the board hired Kathleen Miller as athletic coordinator, putting her in line to supervise her husband, Todd, the high school varsity baseball coach.
The revision passed 8-1 with Corinne Gunkle voting no. There was no discussion; Gunkle said she’d voiced her objections at the last meeting.