Officials hear update on Academy expansion
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LEWISTOWN -- The Mifflin County School Board of Directors held their Committee-of-the-Whole meeting Thursday evening when they heard a presentation on the Academy expansion project update from Barry King, director of the Academy of Science and Technology.
This Academy project started five years ago. HBAC and diesel technology are the two newest programs added to the existing 12 programs.
"These programs will even be offered to adults with high school students filling in for openings," King said.
The Mifflin County School Board of Directors agreed to a resolution to pay $7,143,572 to finance on an interim basis, a capital project at the Academy of Science and Technology and to pay related costs, accepting a bank loan proposal and setting forth the terms.
The Academy is owned and operated by the school district, under Articles of Agreement and is governed by the Mifflin County Academy of Science and Technology Operating Committee. The Academy Operating Committee has determined to undertake capital improvements consisting of the planning, design, purchase, acquisition and construction of a new 25,000 square foot facility to support the Academy's Diesel Training Program and a 5,000 square foot facility to support the Academy's HVAC Training Program.
The board of directors decided to finance the capital project on an interim basis to be reimbursed by grant funding from the Commonwealth's Redevelopment Assistance Capital Program, the Economic Development Administration, and the Multimodal Transportation Fund and to pay related costs and expenses.
Directors contemplate authorizing, selling, issuing and securing their General Obligation Note in the amount $7,143,572 to undertake the project.
Directors also determined that the note should be offered for a private sale by negotiation, at a purchase price of not less than 100% of the principal amount advanced there under.
A written proposal to purchase the note has been requested and received from Kish Bank.
The school board directors desire to accept the proposal, to award the note to the bank, to incur nonelectoral debt represented by the note, and to take other appropriate action in connection with the project.
Directors determined to appoint the bank as the sinking fund depository for the note.
Board directors authorized and directed the issuance of the note, as nonelectoral debt of this school district, pursuant to this resolution, in accordance with the Debt Act, to undertake the project.
The school district has received bids or professional cost estimates for the project. These facilities included in the project have an estimated useful life of at least 40 years. The first principal payment on the note is not being deferred beyond the later of two years from the date of issue or one year after the estimated completion of construction of the project, which is Sept. 1, 2025.
The board accepted the proposal to purchase the note at a purchase price of $7,143,572.