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MCCSC board adopts series of bond and lease resolutions to fund campus projects
Summary
Monroe County Community School Corp approved six bond- and lease-related resolutions, authorizing lease execution, appropriating lease and taxable GO bond proceeds, assigning construction contracts to the building corporation, and approving final bond documents and a continuing-disclosure supplement.
The Monroe County Community School Corporation board on its September meeting adopted a package of resolutions that clear the way for lease financing and taxable general-obligation bonds to support planned construction and capital projects.
At the outset the board held the statutorily required lease hearing and an additional appropriation hearing; Kristen McClellan of law firm Rice Miller explained under Indiana law the hearings solicit public input and confirm the rent payable under a lease to a nonprofit building corporation is fair and that bond proceeds be appropriated. No members of the public spoke during the hearing.
After the hearing the board voted to adopt Resolution 2025-12 authorizing execution of the lease and 2025-13 to appropriate lease bond proceeds. The board also adopted Resolution 2025-14 to appropriate proceeds of taxable GO bonds. The body then approved Resolution 2025-15, which permits assignment of construction bids and contracts to the building corporation once received, and Resolution 2025-17, authorizing issuance of bond anticipation notes if needed to bridge construction financing. The board adopted Resolution 2025-16, a tenth supplement to the district's master continuing disclosure undertaking required for SEC compliance, and Resolution 2025-18, the final bond resolution that sets maximums and approves the form of taxable GO bonds and related agreements.
Board members moved and seconded the motions on the floor (motions were identified in the meeting as moved by Ross and seconded by named colleagues). Each resolution passed in voice votes called by the board president.
The board packet and bond counsel presentation note the appropriation steps and continuing-disclosure filings follow standard procedures for school-corporation lease financing and bond issuance in Indiana. Contracts for project work (including a contract with BRCJ for Bloomington North design and management) were presented separately and identified as payable using 2025 lease rental bonds.
The board’s actions establish the legal and financial framework for the district to advance the capital projects described in the packet; the board will continue administrative follow-up with bond counsel and the building corporation as documents and assignments are finalized.
