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NEWS
September 25, 2012
A recent refinancing effort for Waynesboro Area School District debt helped the district realize about $1 million in savings. The district refinanced about $8.8 million in principal. It issued bonds through consultant Public Financial Management Inc. The new interest rates vary over the next 15 years, but Gregg McLanahan from Public Financial Management said Tuesday the average is 2.29 percent. Initial savings are being used to make building improvements and make payments on debt related to those improvements, board member Chris Lind said.
NEWS
By JENNIFER FITCH | waynesboro@herald-mail.com | August 18, 2013
The Waynesboro Area School Board will be refinancing debt, but it expects the savings realized from the effort will be less than in the past. The district will refinance $8.6 million in principal in the coming months. The debt represents one of four bond issues done to obtain money for the $46 million expansion and renovation of Waynesboro Area Senior High School. The school board already refinanced the other three bond issues, experiencing significant savings due to lower interest rates in recent years.
NEWS
February 2, 2011
The Franklin County (Pa.) Commissioners have refinanced the county's 2002 general obligation bond, which they said will save more than $400,000 in interest and fees. Working with their adviser, Public Financial Management Inc., the county solicited proposals from 13 banks to refinance the remaining bond principal of $7.5 million. Five banks submitted proposals. The commissioners chose Bank of America at a fixed rate of 2.99 percent for the life of the note, maturing in May 2022, the same time as the original bond issue.
NEWS
By JENNIFER FITCH | September 14, 2010
WAYNESBORO, Pa. -- A bond sale Tuesday for Waynesboro Area School District debt yielded savings greater than anticipated. "Your savings were $498,000," Gregg McLanahan told the school board. McLanahan works for Public Financial Management Inc., the district's financial consultants. He had projected savings of about $200,000 when issuing general obligation bonds for renovations made this summer and $9.1 million of existing debt. Bank of New York Mellon Trust Co. placed the winning bid during an Internet-based bond sale, McLanahan said.
NEWS
by RICHARD F. BELISLE | July 7, 2004
waynesboro@herald-mail.com GREENCASTLE, Pa. - Greencastle residents will soon see a 40 percent hike in their quarterly sewer rates, from $31.95 to $45 to pay for improvements at the borough's wastewater treatment plant. The new rates go into effect with the September sewer bills. The last time the borough raised sewer rates was 1989. The council, on a 4-2 vote Tuesday, agreed to sell $2.4 million worth of bonds to finance the aeration and sludge management project at the borough's wastewater sewer plant.
NEWS
By JENNIFER FITCH | November 19, 2008
WAYNESBORO, Pa. - Two candidates remain for the position of assistant superintendent in the Waynesboro Area School District, and the public has been invited to hear presentations from both on Monday evening. Attendees can expect to listen to presentations, then submit written comments to the board at the conclusion of the 6 to 8 p.m. meeting in the Clayton Avenue office building. "We're not going to name the finalists because we need to notify them. ... We'll release the names to the newspaper once we notify them they are finalists," Superintendent James Robertson said.
NEWS
By DON AINES | September 25, 2008
CHAMBERSBURG, Pa. -- An example of how Wall Street jitters and Washington, D.C., indecision have created uncertainty on Main Street played itself out Wednesday night when the Chambersburg Area School District did not approve the sale of $45.8 million in bonds needed to complete the high school expansion. The school board postponed the bond sale until the market for municipal bonds improves. However, that will not bring the $73.8 million construction project to a screeching halt, according to Business Manager Rick Vensel, who said the district has enough money on hand from an earlier bond issue and reserve funds to continue building into the summer.
NEWS
by STACEY DANZUSO | August 30, 2002
chambersburg@herald-mail.com CHAMBERSBURG, Pa. - An Internet auction yielded a record-low average interest rate on a $10 million bond the Borough of Chambersburg will use to help pay for a new power plant. "This is the lowest interest rate in the 25 years of our firm," said Gregg McLanahan, senior managing consultant for Public Financial Management in Harrisburg, Pa. Within 13 minutes Monday afternoon, eight companies bid a total of 29 times during the online bond auction.
NEWS
By JENNIFER FITCH | April 14, 2009
WAYNESBORO, Pa. -- The remaining $3.5 million needed to finance the renovation and expansion of Waynesboro Area Senior High School will be borrowed under a school board agreement reached Tuesday. The entire project had a price tag of $46 million. The board borrowed $10 million in each year from 2005 to 2008, and ended up with less revenue from interest and construction cost savings than some projections. Gregg McLanahan, of financial advising firm Public Financial Management Inc., presented the board with two options to issue bonds that will eliminate the $3.5 million deficit.
NEWS
By DON AINES | November 14, 2008
CHAMBERSBURG, Pa. -- The market crash that began in September forced the Chambersburg Area School District to postpone plans to borrow about $46 million needed to complete funding the high school expansion and construction of Benjamin Chambers Elementary School. Rather than swallow that much debt in one gulp, the district is breaking down the borrowing into two or three bites over the next couple of years, starting with the school board's approval this week to the issuance of $10 million in bonds.
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NEWS
By JENNIFER FITCH | waynesboro@herald-mail.com | August 18, 2013
The Waynesboro Area School Board will be refinancing debt, but it expects the savings realized from the effort will be less than in the past. The district will refinance $8.6 million in principal in the coming months. The debt represents one of four bond issues done to obtain money for the $46 million expansion and renovation of Waynesboro Area Senior High School. The school board already refinanced the other three bond issues, experiencing significant savings due to lower interest rates in recent years.
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NEWS
September 25, 2012
A recent refinancing effort for Waynesboro Area School District debt helped the district realize about $1 million in savings. The district refinanced about $8.8 million in principal. It issued bonds through consultant Public Financial Management Inc. The new interest rates vary over the next 15 years, but Gregg McLanahan from Public Financial Management said Tuesday the average is 2.29 percent. Initial savings are being used to make building improvements and make payments on debt related to those improvements, board member Chris Lind said.
NEWS
February 2, 2011
The Franklin County (Pa.) Commissioners have refinanced the county's 2002 general obligation bond, which they said will save more than $400,000 in interest and fees. Working with their adviser, Public Financial Management Inc., the county solicited proposals from 13 banks to refinance the remaining bond principal of $7.5 million. Five banks submitted proposals. The commissioners chose Bank of America at a fixed rate of 2.99 percent for the life of the note, maturing in May 2022, the same time as the original bond issue.
NEWS
By JENNIFER FITCH | September 14, 2010
WAYNESBORO, Pa. -- A bond sale Tuesday for Waynesboro Area School District debt yielded savings greater than anticipated. "Your savings were $498,000," Gregg McLanahan told the school board. McLanahan works for Public Financial Management Inc., the district's financial consultants. He had projected savings of about $200,000 when issuing general obligation bonds for renovations made this summer and $9.1 million of existing debt. Bank of New York Mellon Trust Co. placed the winning bid during an Internet-based bond sale, McLanahan said.
NEWS
By JENNIFER FITCH | April 14, 2009
WAYNESBORO, Pa. -- The remaining $3.5 million needed to finance the renovation and expansion of Waynesboro Area Senior High School will be borrowed under a school board agreement reached Tuesday. The entire project had a price tag of $46 million. The board borrowed $10 million in each year from 2005 to 2008, and ended up with less revenue from interest and construction cost savings than some projections. Gregg McLanahan, of financial advising firm Public Financial Management Inc., presented the board with two options to issue bonds that will eliminate the $3.5 million deficit.
NEWS
By JENNIFER FITCH | November 19, 2008
WAYNESBORO, Pa. - Two candidates remain for the position of assistant superintendent in the Waynesboro Area School District, and the public has been invited to hear presentations from both on Monday evening. Attendees can expect to listen to presentations, then submit written comments to the board at the conclusion of the 6 to 8 p.m. meeting in the Clayton Avenue office building. "We're not going to name the finalists because we need to notify them. ... We'll release the names to the newspaper once we notify them they are finalists," Superintendent James Robertson said.
NEWS
By DON AINES | November 14, 2008
CHAMBERSBURG, Pa. -- The market crash that began in September forced the Chambersburg Area School District to postpone plans to borrow about $46 million needed to complete funding the high school expansion and construction of Benjamin Chambers Elementary School. Rather than swallow that much debt in one gulp, the district is breaking down the borrowing into two or three bites over the next couple of years, starting with the school board's approval this week to the issuance of $10 million in bonds.
NEWS
By DON AINES | September 25, 2008
CHAMBERSBURG, Pa. -- An example of how Wall Street jitters and Washington, D.C., indecision have created uncertainty on Main Street played itself out Wednesday night when the Chambersburg Area School District did not approve the sale of $45.8 million in bonds needed to complete the high school expansion. The school board postponed the bond sale until the market for municipal bonds improves. However, that will not bring the $73.8 million construction project to a screeching halt, according to Business Manager Rick Vensel, who said the district has enough money on hand from an earlier bond issue and reserve funds to continue building into the summer.
NEWS
by RICHARD F. BELISLE | July 7, 2004
waynesboro@herald-mail.com GREENCASTLE, Pa. - Greencastle residents will soon see a 40 percent hike in their quarterly sewer rates, from $31.95 to $45 to pay for improvements at the borough's wastewater treatment plant. The new rates go into effect with the September sewer bills. The last time the borough raised sewer rates was 1989. The council, on a 4-2 vote Tuesday, agreed to sell $2.4 million worth of bonds to finance the aeration and sludge management project at the borough's wastewater sewer plant.
NEWS
by STACEY DANZUSO | August 30, 2002
chambersburg@herald-mail.com CHAMBERSBURG, Pa. - An Internet auction yielded a record-low average interest rate on a $10 million bond the Borough of Chambersburg will use to help pay for a new power plant. "This is the lowest interest rate in the 25 years of our firm," said Gregg McLanahan, senior managing consultant for Public Financial Management in Harrisburg, Pa. Within 13 minutes Monday afternoon, eight companies bid a total of 29 times during the online bond auction.
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