The school board will refinance a bond issue if doing so will save enough money.
HERMITAGE, Pa. -- The man hired as assistant principal at Hickory High School in July will take over as principal of Hermitage Middle School July 1.
The Hermitage School Board voted Wednesday to name Robert Kwiat Jr. of New Castle to the post being vacated by Sandra Dunham, who is retiring after serving as middle-school principal for a decade.
Kwiat, a former sixth-grade teacher at Neshannock Area School District, was hired as assistant Hickory High School principal in Hermitage at an annual salary of $57,000.
He will be paid $63,500 a year as middle-school principal.
The middle school houses seventh- and eighth-graders.
In other business, the board voted to refinance a 1997 loan taken out through the sale of bonds if the district can save at least $100,000 by getting a lower interest rate on the loan.
The $8 million bond issue was the first piece of financing for the $24 million renovation and expansion of Hickory High School.
Hermitage borrowed that money at a 5.4 percent interest rate. Financial advisers have told the school board that the bond market has improved to the point where refinancing can save money.
The board was expected to act on the refinancing at its February meeting when interest savings were projected as high as $150,000 but delayed action because the market had changed.
The matter came up again Wednesday, and the board agreed to proceed with refinancing if it can save at least $100,000 in interest costs.