School board approves resolutions to begin $75 million lease'financing for 2026 capital projects

The New Albany'Floyd County School Board voted unanimously to adopt three interrelated resolutions authorizing the district to begin lease'financing steps for planned 2026 capital projects.

Staff read the resolutions into the record as required by the school leasing statute (IC 20'47'3). The package included: (1) a formal "determination of need" for the listed projects; (2) approval of the proposed third amendment to the existing lease (extending the term and increasing lease rental to support the financing); and (3) reapproval of the building corporation so it can issue tax'exempt bonds on the district's behalf.

The resolutions were moved and seconded and the board approved them by roll call, with the meeting record naming each member's affirmative vote: Myra (aye), Mister Nathis (aye), Missus Ball (aye), Missus Galligan (aye), Missus Northup (aye), Missus Weishard (aye) and Missus Gardenauer (aye). The vote was announced as "Passes 7 0." Staff indicated the district plans to publish required notices, hold lease hearings in March and return with final adoption votes as part of the standard process.

What it means: staff said the district anticipates issuing roughly $75 million in lease financing this year to support projects that will begin in 2026 and bleed into 2027, with multi'year projects (HVAC, roofs, facility renovations) staged to capture cost savings through bundled scheduling. The board's approvals allow the district to proceed with the statutory publication and hearing steps required before bonds are sold.

Next procedural steps: staff will publish notice of the lease hearing, complete required paperwork and return to the board after hearings with final recommendations and additional paperwork for the bond issuance process.