CLEARFIELD – Next week, the Clearfield school board will consider having bond refinancing paperwork submitted to the Pennsylvania Department of Education for reimbursement under PlanCon part K.
On Monday night, Business Administrator Sam Maney said that any time the district has a major reimbursable construction project, it starts PDE’s PlanCon (Planning and Construction Workbook) process.
The district used several bonds in the recent past to cover building projects at the Clearfield Area Junior-Senior High and Clearfield Area Elementary school campuses.
Maney said PlanCon started with part A, project justification, and the district is currently at part J concerning final costs. But he said anytime a district takes original funds and refinances, it has to follow part K.
This past fall, he said the district refinanced $9.8 million of its 2012 general obligation bonds into series 2019, and has received a temporary reimbursable rate of 34.3 percent.
Maney said The PFM Group, the district’s financial advisor, has compiled the PlanCon part K paperwork but needs a roll call vote from the board before it can be completed and submitted to PDE.
He said anytime the district makes a bond payment, he will calculate its reimbursement. He said if figures go unchanged for some time, the district will receive a permanent reimbursable rate.
However, Maney said he didn’t expect there to be any change in the district’s rate.