They're allocating $5.2 million more, but it's still under the limit.
The Warren County School District's board of directors held a special meeting at noon Tuesday to approve the issuance of an additional $5.2 million in Qualified Zone Academy Bonds (QZAB).
In June, the board approved a resolution permitting district issuance of a maximum of $32.8 million in the low-to-no interest federally subsidized bonds. Bonds issued within those limits must still be awarded by the Pennsylvania Department of Education and approved for issuance by the board.
The $5.2 million allocation does not increase the maximum limit approved in June.
Under the new resolution, bond funds are approved to include improvement work at Beaty-Warren Middle School and Sheffield Middle/High School. The June resolution authorized issuance of bonds to pay for work at Eisenhower Middle/High School only.
A figure for the cost of expansion and renovations at Eisenhower to convert the facility to a K-12 school will be determined following acceptance of bids for work on the project. Once a cost figure is determined, QZAB derived funding can be determined.
Costs to complete renovations at Beaty have been estimated at approximately $16.2 million while costs of the Sheffield renovation to accommodate a K-12 facility are estimated at approximately $4.96 million in total.
Funds derived through QZAB issuance can only be used for renovation and upgrade of existing space, not actual addition work.
The new resolution also adjusts amortization and payment dates on the bonds to reflect the additional $5.2 million in total issued bonds.
QZAB funding, according to the U.S. Department of Education, consists of interest-free bonds that the school district will have 15 years to pay back. QZAB is part of an annual federal program, appropriated by Congress.
To be eligible for QZAB funding, a school has to have at least 35 percent of its students eligible for free or reduced-price lunch, a 10 percent private business contribution, and an education plan for the use of the funds.