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Franklin County school board holds preliminary hearing on up-to-$4.2 million bond for buses, site repairs
Summary
The Franklin County Community School Corporation held a preliminary determination hearing on Sept. 8 on a proposed bond issue capped at $4.2 million to fund bus replacements and site and building repairs; officials said the proposal as presented would not raise the district's current tax rate and that a second hearing is scheduled Sept. 17.
The Franklin County Community School Corporation held a preliminary determination hearing Sept. 8 on a proposed financing package that would allow the district to borrow up to $4.2 million to pay for bus replacements and site and building repairs.
The hearing, required under Indiana law before the board may adopt a preliminary resolution to issue bonds or enter a lease if project costs exceed statutory thresholds, was informational only; no board action was required or taken at the meeting. "Pursuant to Indiana code 6-1.1-20-3.1, the school corporation must hold 2 public hearings and adopt a resolution to preliminary determine to issue bonds or enter a lease for a project which has a total…
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