The Van-Far Board of Aldermen took time to sign the necessary paperwork with L.J. Hart & Company for the bond issued by voters on April 3 during their Thursday, May 17 meeting.
The interest rate was locked in at 2.402 percent and bonds will mature in 12.003 years.
Terry Morrow and Christine Perkins presented the information to the board regarding the $1.4 million bond issue. They said that Standard and Poors gave the bond an AA+ rating.
With the resolution approved, the board then heard a presentation from Peter Hinkle of Schneider Electric regarding how the bond money will be spent upon board approval.
The first approved project involves high school boiler replacements with a final cost of $330,456.
The scope includes replacing existing heating water boilers with three new 800 MBH high efficiency condensing boilers with secondary hydronic pumps.
The second approved project is an elementary roof replacement costing $796,251 with a 20 year warranty while the third project is the tuck-pointing costing $260,629.
The total cost of the projects is $1,387,336.
Board member Pete Nasir asked about change orders and Hinkle said there are none and Schneider Electric will absorb any additional costs that might occur during the work process. He noted that Darrell DeMoss will be the project manager.
Read the rest of the story in this week’s issue of The Vandalia Leader or purchase an electronic edition.