Griffith Public Schools holds informational public hearing on up to $2.455 million bond for facility improvements

The Griffith Public Schools Board held an informational public hearing on a proposed bond issue to finance renovations and improvements across the district, including building envelope and weather-related repairs, playground/field work, the purchase of buses, equipment and technology. No board action was required at the meeting; the presentation and Q&A were informational and the board set a follow-up hearing for Oct. 9 at 6 p.m.

Baker Tilly municipal adviser Sean McGill presented the financing parameters the administration is proposing. McGill said the proposed maximum borrowing amount is $2,455,000, with an estimated $2,275,000 available for project costs. The maximum repayment term stated in the presentation is 10 years, though McGill said the district currently anticipates repaying the new borrowing in roughly five years and estimated total interest costs “no more than $475,000” over the life of the bond under the conservative repayment scenario. He said the district set a maximum annual payment for the issue at $1,000,000, and that current estimates suggested the annual payment would be nearer $850,000.

McGill told the hearing the proposal includes an estimated increase to debt service payments of $310,000 in absolute dollars, but—because of projected assessed-value growth—he did not expect the current debt-service tax rate to increase. He presented a high-level chart of the district’s outstanding debt-service schedule and said the proposed 2025 financing and an anticipated 2026 financing both “fit within the current debt service tax rate” and preserve step-downs in future payment levels.

Legal and capacity limits were also reviewed. McGill explained the school corporation’s statutory general-obligation borrowing limit calculation using the certified net assessed valuation and said the resulting available capacity for general-obligation bonds equals the proposed maximum of $2,455,000. The presentation reiterated that this meeting was the first of two required public hearings under Title 6 of the Indiana Code and that no board vote was required tonight.

Board members paused the regular meeting by motion and then reopened the meeting after the hearing; both motions carried. The administration and its advisers (including bond counsel) invited public comment during the hearing; speakers were asked to sign in and limit remarks to three minutes and to the subject of the project and the published notice.

The board will consider formal action (authorizing documents that set final maximum parameters) at a subsequent meeting; the administration said the next hearing is scheduled for Oct. 9 at 6 p.m. in the same location.