Souderton Area School District

The Souderton Area School Board has authorized district administrators to refund 46.9 million dollars in bonds that were issued two years ago for the second half of the new high school construction project.   Those bonds have a variable interest rate that has been stuck at about seven-percent since the financial meltdown on Wall Street and as a result the cost of debt service has been twice what was budgeted.   There’s another reason to take action at this time.   District officials say an accelerated payment schedule for the variable rate bonds will kick in on June 23rd.   With the bond issue as a backdrop, the School Board Wednesday night hired a new Director of Business Affairs.   Bob Bruchak will assumes those duties after he wraps up some loose ends in Berks County’s Daniel Boone School District where he currently holds a similar position.   Bruchak replaces Denis McCall who resigned just a few days after he was hired earlier this month.   McCall decided not to leave his post as the Director of Business Services in the Methacton School District after the School Board there offered him a salary increase.