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Board approves pre‑K project need resolution and reapproves building corporation for bond financing
Summary
Board approved a resolution determining the need for a pre‑K facility at the former special services site, approved the form of the lease for a building corporation that will sell bonds and lease property back to the district, and reapproved the Franklin Community Multischool Building Corporation for bond issuance.
The Franklin Community School Corp. board approved a set of resolutions to advance a preschool/pre‑K project and to enable bond financing through a building corporation.
Counsel explained the proposal has two parts: maintenance/repair items and construction of a pre‑K facility at the district’s former special services site. Counsel said the building corporation will sell bonds, perform the projects as directed by the school corporation, and lease school property back to the district; lease rentals received by the building corporation will be used to pay debt service on the bonds.
The board voted to approve a resolution determining the need for the project and separately approved the form of the lease to be used by the building corporation. The board also moved and approved a resolution reapproving the building corporation (transcript referenced the "Franklin Community Multiscool Building Corporation" in meeting materials; the district counsel confirmed the action was to reapprove the building‑corporation vehicle used to issue bonds).
Counsel said specific lease rental amounts and the ultimate cost will not be known until the bonds are sold; additional details were promised at the December meeting.
