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School board sets maximum $395 million bond package, adopts required resolutions
Summary
The New Albany Floyd County Schools board held its second public hearing and adopted project, preliminary determination and reimbursement resolutions enabling up to $395,000,000 in borrowing to fund roofing, HVAC, safety and other facility projects; administrators said the plan is designed to be tax-levy neutral.
The New Albany Floyd County Schools board on Tuesday completed required public hearings and unanimously adopted a series of resolutions that set maximums for a planned facilities bond package with a not-to-exceed par amount of $395,000,000.
At the hearing, Kristen McClellan of Ice Miller, bond counsel for the district, told the board that the two public hearings are statutory prerequisites when a school corporation proposes projects above the legal threshold and that the resolutions set maximum borrowing and project parameters. "The purpose of our meeting tonight is anytime a school corporation proposes to spend more than $1,000,000… the board must hold two public hearings," McClellan said.
Superintendent Dr.…
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