Board approves bond package and multiple resolutions to address facilities and cash flow

Elkhart Community Schools’ Board of Trustees unanimously approved a package of four resolutions on Feb. 24 that administrators said will allow the district to issue bonds to finance districtwide elementary and secondary facility projects and to reimburse prior facility improvements.

Missus Ross, the district finance presenter, told the board the first resolution would confirm an amendment to a lease and authorize the issuance of 2026 A and B mortgage bonds, each described in the presentation as up to $6,865,000, to finance elementary and secondary facility needs. She said a related appropriations resolution would authorize the additional appropriation of bond proceeds and interest earnings. A third resolution would authorize issuance of a reimbursable bond (the speaker’s phrasing included a reference to an “additional $20.26 bond” while repeating $6,865,000 elsewhere; the transcript phrase is ambiguous on the precise label), and the fourth would appropriate proceeds of that reimbursable bond to the operations fund. Ross said project completion for the districtwide facility work is estimated no later than Dec. 31, 2028.

The board voted to approve each resolution after motions and seconds; the clerk recorded “Aye” on each roll call and the chair announced that each motion passed unanimously. Ross said the combined tax impact of the three issues would be about 1¢ to the debt service fund rate.

The bond approvals were presented alongside a January financial report that highlighted a tight cash position in the education fund (a negative cash balance in January tied partly to a three‑payroll month) and a need to shore up the operations fund until tax receipts and consolidation savings take effect. Administrators said consolidation initiatives and other savings already identified have reduced payroll by roughly $2.3 million year‑to‑date and are projected to produce more than $5.1 million in savings this fiscal year, while also noting that more work is needed to align staffing and budgets.

Next steps: the board passed the resolutions and no public comments or board amendments were recorded during the votes. Administrators said they will continue to update the board on project timelines, cash flow projections and the use of bond proceeds.