To capitalize on low interest rates, the Penns Valley Area school board voted to approve $10 million in new debt.
According to a report from the district, the loan could help fund additions and improvements to Penns Valley Area High School, however, it did not say where that money would go toward instead if the high school master plan isn’t approved by the board.
The 8-1 vote happened at the board’s monthly meeting Wednesday night at the Penns Valley Elementary and Intermediate School library.
Board member Mark Benfer was the lone “no” vote.
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The approval came with guidance from the district’s business office, finance committee and advisers from RBC Capital Markets.
The district is in the beginning phases of drafting a high school master plan that could cost the district nearly $18 million.
The mission behind the project is to make renovations to identified areas of concern that include a new cafeteria, auditorium, classroom and learning spaces, library, office and a renovated gymnasium.
The board will eventually vote on which areas to make changes to — if any.