Silver Creek board approves resolution to pursue refinancing of 2016 building-corporation bonds

The Silver Creek School Corporation board voted to authorize a resolution that would allow staff and bond counsel to pursue refinancing the Building Corporation’s 2016 property-tax refunding bonds.

Dr. Balmer told the board that the bonds date from when the district was part of West Clark and that Silver Creek inherited responsibility for collecting taxes tied to that debt. He said the administration is working with Stifel and bond counsel and that current market terms present an opportunity to refinance, likely in March. "We're working with Stifel, and our bond counsel, on this," Balmer said, adding that refinancing could produce about "$300,000 plus savings for all West Clark taxpayers," spread across households. He also noted that similar approvals are required from the West Clark building corporation and other local boards before the refinancing can proceed.

The board moved the item to the floor and approved the resolution by voice vote, 5-0. Administration characterized the action as an authorization to proceed with the refinancing process and to complete remaining procedural steps with bond counsel and partner boards.

Next steps described by administration include completing outstanding items with bond counsel and coordinating concurrent approvals with related governing bodies before executing the refinance transaction.