Mount Vernon board approves up to $12.21 million in bond spending, OKs refinancing of 2016 debt

The Mount Vernon Community School Corporation board voted unanimously Tuesday to approve an additional appropriation of bond proceeds not to exceed $12,210,000 and to refinance the district's 2016B bond series.

Mister Elkins, who introduced the measures, said the appropriation will be deposited into the construction fund (Fund 2301) and used for renovations and improvements previously approved in June 2023, including roofing, site and athletic improvements, building renovations, equipment and technology purchases, and the purchase of buses and maintenance vehicles. "When we get the proceeds from this bond sale, we will use it for the project that you approved 2 and a half years ago," he said.

On the refinancing, Elkins told the board the 2016B debt is now eligible to be refinanced and that doing so would "save us the equivalent of one payment, which is a little over $600,000" that could be returned to reserves and the operating fund. He recommended approval, saying administrative costs would be negligible relative to the savings. The board approved the refinancing motion 4-0.

The additional appropriation was presented first as a legally required public hearing; no members of the public signed in to speak. The board then approved a resolution declaring that, upon receipt of bond proceeds, the district will apply the funds to the previously authorized projects. That motion also passed 4-0.

What happens next: district officials said the appropriation is contingent on bond issuance; the refinancing will proceed under parameters permitted by law (Elkins noted the district cannot extend the repayment beyond statutory limits). No further implementation dates were specified at the meeting.

Votes at the meeting on these items were recorded as unanimous (4-0).