When: Cornwall-Lebanon school board meeting, April 20.

What happened: The board unanimously voted in favor of a parameters resolution to work with PFM Financial Advisors to take out no more than $50 million in bonds to fund the remaining construction at Cedar Crest High School.

Parameters resolution: The parameters resolution will allow for flexibility in the pricing date so that bonds can be priced during favorable market conditions. This would eliminate the need to time the pricing of bonds with a board meeting date.

Past financing: The board heard from Garrett Moore with PFM and Lou Verdelli with Raymond James about the district’s outstanding debt and the plan for the next series of bonds during the previous week’s workshop meeting. Moore said the district’s actual outstanding debt is $15.76 million from four bonds issued in 2017, 2023, 2024 and 2025. The outstanding principal from those is $80.09 million, and the 2026 debt would be an additional $50 million.

Quotable: “A majority of the construction costs of this project are to cover the mechanical, electrical and plumbing replacements due to the age of everything,” Jean Hentz, director of business affairs, said via email after last week’s meeting.

Market volatility: The presenters also said there has been recent volatility in interest rates over the past couple of weeks due to instability around the world. Even so, interest rates are now about 0.5% less than where they were locked in a year ago for the 2025 financing.

Financing timeline: Moore said he expects to lock in interest rates in early May and issue the debt in late May or early June.

Cedar Crest timeline: Information provided in the April construction report shows that substantial completion for Cedar Crest High School is anticipated for April 28, 2028, with final completion slated for May 26, 2028. This debt, according to district officials, should cover the rest of the high school renovations.

What’s next: The school board will meet next at 5:30 p.m. May 11.

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