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Vigo County School Corporation approves $11.35M in GO bond appropriations and a $300,000 inland-casino fund appropriation for student programs
Summary
The board approved an additional appropriation for $11,350,000 in general obligation bond proceeds for maintenance, safety and facilities projects and separately approved a $300,000 appropriation from the inland casino riverboat fund to support athletic passes, fine arts and co‑curricular activities; administrators said the bond issuance should not change the district's debt-service tax rate.
At its August meeting the Vigo County School Corporation board approved two financing actions and multiple routine financial items.
Finance staff and advisors reviewed plans to use $11,350,000 of general-obligation bond proceeds on district maintenance (roofing, paving, mechanical upgrades), technology and safety/security projects, plus middle- and high‑school audio/lighting seating work. Baker Tilly, the district’s financial advisor, and legal counsel (Ice Miller) advised the board that, as presented, the issuance was structured to avoid an adverse impact on the debt-service tax rate. "There would be no adverse tax rate implications to this issuance," the finance presentation stated.
Following an advertised additional-appropriation hearing required by state law, the board voted to approve Exhibit A (the additional appropriation) and then approved the final bond resolution determining the amount to be borrowed, the maximum repayment term and a maximum interest rate. The resolutions embed continuing-disclosure obligations to the SEC and tasked Baker Tilly to help ensure required reporting.
Separately, the board held an additional-appropriation hearing for the district’s recently established inland casino riverboat fund (statutory citation in packet: IC 4-33-12-8.5). The district received a first distribution in July and requested a partial-year appropriation of $300,000 to provide student athletic passes, add funding for fine arts and support other co‑curricular activities. Finance staff said the $300,000 request is an estimate; actual distributions will determine spending authority. "The first payment was right at $138,000," staff noted, and the Department of Local Government Finance (DLGF) will confirm final appropriation amounts.
Board members approved the additional appropriation for the casino fund and a final appropriation motion by voice vote. During public comment, resident Debbie Constantine said some low-income students might not be able to use athletic passes and asked for alternative uses or substitutes; administrators said they would work with principals to make funds accessible for eligible students and that unused appropriations would remain in the fund for future use.
Other financial routine approvals made at the meeting included the August accounts payable docket (items called out in the packet included Heartland Payment Systems, $28,245 for point‑of‑sale lunch software; Digistar planetarium system final payment, $131,600; roofing repairs and classroom painting projects). All consent and finance motions passed by voice vote with no recorded oppositions or abstentions.
