Greencastle-Antrim board authorizes general obligation bonds to fund field house, science wing and renovations

The Greencastle-Antrim School District Board of School Directors voted unanimously Sept. 18 to adopt a resolution authorizing the maximum amount of general obligation bonds to finance several capital projects, including a new field house, a science wing, classroom renovations and other facility work.

Chief Financial Officer recommended the board adopt the resolution and introduced John Cox of Beckert Stevens, bond counsel, who addressed the board and answered technical questions. "The resolution for the board this evening has been advertised in the Record Herald," Cox said, and outlined required steps under state and federal law to allow the district to issue bonds in the public market. He told the board pricing is scheduled for Sept. 23 and that the bonds’ fixed interest rate and maturities will be locked at that time.

The board approved the resolution by roll call. Votes recorded in favor were: Mister Burns; Mister Davis; Missus Dickinson; Mister Dunkel; Mister Gray; Missus Rippon; and Mister Shatzer. The motion passed with all seven members voting yes.

Superintendent Laura and district staff told the board the district recently received an upward Moody’s bond rating, a development staff said will reduce the district’s interest costs over the life of any borrowing. "This bond rating puts our interest rate even lower, which is why he's telling us we can get it for less than 4%," the superintendent said, describing counsel’s assessment of how the rating affects projected borrowing costs. District officials said savings from a lower interest rate would reduce the long-term cost of the projects but did not provide an exact dollar estimate at the meeting.

Board presentation materials and counsel’s remarks said staff and counsel would continue drafting closing documents in the weeks after pricing. Counsel said the resolution contains the statutory and disclosure materials needed to proceed, and staff said the district will return with any additional required documentation at closing.

The board did not vote on project-specific contracts or a final debt amount at the Sept. 18 meeting; the resolution authorizes a maximum issuance amount and begins the formal steps needed to place bonds in the public market. District officials said project scheduling and final contract approvals remain separate steps following the bond-pricing and closing process.