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Vigo County presenters outline $160 million illustrative financing to keep levy steady
Summary
School financial advisors told the Vigo County oversight board an illustrative $160 million, three‑year bond program could be structured so the district’s current debt‑service levy would not increase, but the plan depends on interest‑rate assumptions, county partnership and the limits of state referendum law.
Kristen McLeod, bond counsel at Ice Miller, told the Vigo County oversight board that school corporations have two primary funds for capital work: the operations fund (now consolidated and under pressure) and the debt‑service fund, which is supported by property‑tax levies and is the only fund schools may use for borrowing.
"The only way they can borrow is through the debt service fund, which are property tax levies," McLeod said, emphasizing that unlike counties or cities, schools generally cannot pledge future non‑property tax revenues to secure bonds.
That legal constraint helped frame an illustrative financing model presented by Jason Ganzler, a school financial adviser with Fayette Utility. Ganzler described a three‑year program with issuances of roughly $40 million in year…
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