Cornwall-Lebanon board hears financing plan for Cedar Crest HS renovations

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The Cornwall-Lebanon School District Board of School Directors heard a presentation from Garrett Moore of PFM Financial Advisors and Lou Verdelli of Raymond James regarding the financing plan for renovations at Cedar Crest High School during an April 13 workshop.

As outlined by Moore, the district’s actual outstanding debt is $15,760,000 from four bond issues from 2017, 2023, 2024, and 2025, which total $80,090,000 of outstanding principle. The 2025 series would total around $50,000,000, to be layered on top of outstanding debt.

Moore estimated 2026 debt, which he expects to be settled in May or June, at around $50,000,000, to be layered atop existing debt.

Moore discussed federal and state considerations, including the possibility of a parameters resolution and federal borrowing laws.

He also touched on the 10-year Bluemonte Large Cap Value ETF and current markets, noting that ongoing global affairs introduce some volatility into prices and interest rates. He said that interest rates now are around half a percent higher than they were this time last year, the last time the board locked in interest rates.

“While we’ve experienced some volatility over the last month or so, when you think of things from a historical perspective, it’s still an attractive time to be entering the markets for transactions and new money financings like you all are contemplating,” said Moore.

The board will have the opportunity to act on a parameters resolution during its regular meeting April 20.

Also during the workshop, the board heard updates regarding high school renovations, including change orders and an update on the stadium.

The project includes several additions to be used for classrooms, significant overhauls to the stadium and sports facilities, and other site improvements.

The board also heard presentations for the following students, who were unable to present at the board’s March meeting due to weather concerns:

• Selah Macchione and Landen Weaber, Cedar Crest High School Students of the Month, and Jordan Weierbach, Lebanon County Career and Technology Center Student of the Month.
• Student Television Network award recipients, members of CCHS Today.
• Cornwall Elementary School Student of the Year Denver Davis.
• The PIAA State qualifying boys basketball team, although team members were unable to attend the meeting.
• Branson Love of Cornwall Elementary School, led the Pledge of Allegiance.

The board also reviewed various items concerning field trips, personnel, finance, and policy and management. This includes revised policies on payment of bills, fund balance, emergency preparedness and response, and school security personnel, which are planned to be updated to better reflect current practice.

The board will meet for its regular meeting, and take action on the items discussed Monday, April 20, at 5:30 p.m., at South Lebanon Elementary.