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Board holds preliminary bond hearing for $19.05M capital program, administration says aim is to keep tax rate steady
Summary
Administrators outlined a proposed 2024 general-obligation bond with $19,050,000 par amount (proceeds ~$18.75M) to finish infrastructure and site improvements; presenters said the district expects to preserve the current debt-service tax rate and that the hearing was informational with no vote required.
At a public hearing required by Indiana law, district finance staff and legal counsel described a potential general-obligation bond issue to finance capital projects across the district, including boilers, chillers, auditorium work, parking and the McLaren Road extension.
Nate Day, the district finance presenter, described the bond parameters: a par amount of $19,050,000 with estimated proceeds of $18,750,000 after issuance costs; an estimated interest rate range of 1%–6% depending on maturity; a…
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