JEFFERSON TWP -- The Russian invasion of Ukraine may temporarily put the brakes on the ability of the South Butler County School District to attain bond financing for its upcoming renovation project.

Alisha Reese Henry, of PNC Capital Markets, told the board at its Wednesday meeting that she will access the market Tuesday in an effort to sell the approximately $33 million in bond financing needed to complete the large renovation project.

But because of the war in Ukraine, investors have decided to sit on cash or wait on the sidelines instead of investing in bonds due to the uncertainty created by the volatile situation, she said.

“I assure you we are going to do our best to sell your bonds next Tuesday, but we’re not going to sell your bonds at rates that are not fair to the school district,” Henry said.

She said the district is in the enviable position of having enough money in its fund balance to get the project started without the bond.

She said if interest rates are unfavorable or the market remains stagnant Tuesday, she will try again March 16.

“I don’t think any of us expected to have countries at war,” Henry said.

Anthony Ditka, the district’s bond counsel, told the board that his experience with PNC Financial Markets demonstrates that the company will do everything possible to secure bonds at a good rate for the district.

“You are in very good hands as we try to figure this out,” Ditka said.

Superintendent David Foley, who recommended the district not exceed an annual payment of $1.8 million for the bonds, worried that rates will rise due to the war.

“Right now, who knows where interest rates are going to land,” Foley said.

He said, if by chance, rates decrease, the district would get more than $33 million for a $1.8 million annual payment.

After a discussion between board members, administration, Henry and Ditka, the board voted unanimously to pass a resolution to issue the bonds.

The district’s architect for the renovation project also attended Wednesday’s board meeting.

Cassandra Renninger, a principal architect at DRAW Collective, said meetings with administrators and site designers have resulted in a number of considerations for the renovation.

She said the rear of the high school and middle school will see the biggest changes.

The student parking lot could be moved to an undeveloped area behind the building, and that lot could be used for events at the school, as well.

A kitchen delivery area, relocation of the existing maintenance building and a loop for student dropoff are other considerations for the rear of the building, Renninger said.

The lot where students park across Knoch Road from the high school could be the location of the tennis courts, which Renninger said could be moved as part of the project.

Major considerations also include moving the cafeteria and kitchen to the rear of the high school, using that cafeteria as a large area where students can be screened before school, moving the athletic director’s office to the area of the new cafeteria, reverting the high school library back to an auxiliary gymnasium and adding features that will bring the building up to current building codes.

Regarding the stadium upgrades that will precede the building project, Renninger said the jumping event practice areas will be moved inside the stadium fence, the scoreboard could be relocated, and track and field equipment, which is now stored in the maintenance building, could be stored in a paneled area under the bleachers.

She said core borings on the existing track, wetland and stream studies, perc tests throughout the campus, and new surveys to replace the older, aerial versions that have a significant margin of error are current priorities in the preliminary phase of both projects.

Foley said he is often asked when construction will begin.

“You’re going to see some shovels in the ground probably in late summer or early fall,” Renninger said.

Foley said the project will be designed and approved by the school board, then adjusted if the district receives more or less bond money than expected.