NAFCS holds first hearing on $395 million Vision 2030 bond proposal; officials say levy unaffected
Summary
The New Albany-Floyd County School Corporation held the first of two required public hearings on a district-wide capital plan dubbed Vision 2030. Bond advisers outlined a $395 million maximum borrowing, estimated $252.9 million in interest, and said the debt-service levy would not increase when existing debt retirement is factored in.
The New Albany-Floyd County School Corporation Board held a preliminary hearing on a proposed district-wide capital program, Vision 2030, during which bond counsel and the underwriter described the legal process and financing parameters the board will consider.
Bond counsel Kristen McClellan told the board the hearing was the first of two required under Indiana law to set maximum borrowing and maturity terms. Luke Brueggeman of Stifel, the district—s underwriter, told trustees: "The maximum par amount of the bonds would be 395,000,000." He said the estimate for total interest cost was $252,945,000, that estimated interest rates could range from 2% to 6%, and that the maximum annual payment per year could be $40,000,000. Brueggeman added that the plan would likely be issued in multiple series over several years.
Superintendent Dr. Travis Madison framed the project as a response to a facilities study by Schmidt and Associates and emphasized efforts to protect taxpayers. "We're setting a budget that we're going to not go over," Madison said, describing levy-neutral planning and efforts to keep the work within property-tax caps. He listed campus needs that the study identified, including HVAC and roofing work, technology and safety upgrades, athletic and multipurpose spaces, and options to remodel or replace aging elementary buildings such as Georgetown and Grant Line.
Brueggeman illustrated a headline tax-rate calculation of 0.7763 but said that, "when you do factor in the debt falling off, the net impact to the total debt service fund levy is 0¢." The board emphasized that this hearing was informational only and that no action would be taken. A second public meeting is set for Dec. 15, 2025, at 6 p.m., at which resolutions and specific parameters are expected to be set.
If adopted, the Vision 2030 program would touch nearly every campus in the district, with specific needs identified at New Albany High School, Floyd Central, Fairmont, Hazelwood Middle School, Highland Hills Middle School, Scribner and other schools, as described by the superintendent.
The board and advisers said the timeline and multiple-issuance approach are intended to align construction needs and financing logistics so the district borrows and pays only what is needed when it is needed. Additional details, cost estimates and the formal resolution will be presented at the second hearing.
