While its financial advisers were worried that the uncertainty caused in the financial market by the war in Ukraine would prevent the South Butler County School District from securing bonds for its much-needed renovation project, it was announced at Wednesday’s school board meeting that the bonds were sold Tuesday at a good interest rate.

Superintendent David Foley told the board that the 3.4% interest rate attained by PNC Capital Markets is lower than predicted.

The rate will allow the district to secure $34.3 million for the project, which will include the upgrade of various infrastructure, update labs and classrooms, provide artificial turf and a repaired track at the athletic stadium, and other improvements.

The deal will allow the district an annual payment of $1.8 million, which is the same amount paid on a district bond that was recently paid off.

Foley said the information that financing has been secured was shared with the district’s architectural firm and contractor, and potential plans for specific work to be done will be shared with the board soon.

He seemed relieved that the bonds sold and financing for the project was secured in spite of Russia’s invasion of the Ukraine’s effect on the financial markets.

“In the end, we are pleased that it’s at almost $35 million, which is where we wanted to be,” Foley said.