MCCSC holds preliminary public hearing on up-to-$221.62 million facilities borrowing; no board action taken
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Summary
Monroe County Community School Corporation opened a statutorily required preliminary determination hearing on a proposed facilities financing plan that would permit up to $221,620,000 in future bond issuances over the next 10 years. The board took no vote at the hearing and scheduled a second hearing for April 29, 2025.
The Monroe County Community School Corporation on April 22 opened a preliminary determination hearing required by state law on a proposed facilities financing plan that would allow the district to borrow up to $221,620,000 over the next 10 years to renovate and upgrade school buildings.
MCCSC counsel Tom Banger told the board the hearing was a legal step to gather public comment and that “no board action is legally required at this hearing, rather this hearing is solely to hear public comment regarding this project.” The board closed the hearing after taking comments and set a second public hearing for April 29, 2025, at 6 p.m.
Superintendent Dr. Marquet Winston described the need for the project as a continuation of facility planning begun in 2017 with CSO Architects and said the proposed work would give "flexibility to renovate and improve facilities throughout the school corporation, including upgrades to safety and security systems, classrooms...site and athletic improvements, facility upgrades, and the purchases of equipment and technology enhancements." He told the board the plan aims to fund identified needs "without an increase to the historical debt service tax rate."
Baker Tilly municipal adviser Brock Bauscher told trustees the board could establish a maximum borrowing parameter of $221,620,000 and — after estimated issuance costs — assume about $213,820,000 in proceeds available for construction. Using conservative assumptions, including a 5.5% interest rate, Bauscher said the district would establish a maximum annual payment related to the projects of $25,000,000 and would structure issuances to target a 21.5-cent debt service tax rate. He said bonds would be issued in multiple series and repaid on schedules no longer than the state statutory limit (20 years per issuance).
Bauscher also reviewed statutory disclosure requirements and said supplemental financial information is available on request. President Hennessy closed the hearing after trustees heard from administration and the district’s advisers.
No formal action or vote was taken at the hearing. The district will continue outreach and hold the second required public hearing on April 29, 2025, and later consider any resolutions that would preliminarily determine bond issuance.