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Lawrence Township board approves roughly $65 million in bonds to expand elementary schools and fund energy upgrades
Summary
The MSD Lawrence Township Board approved a first‑amendment lease and bond package to fund the '25–'27 elementary expansion and guaranteed energy‑savings projects, a financing counsel said will not raise the district's debt service fund tax rate under current assessed‑value assumptions.
The MSD Lawrence Township Board on Tuesday approved a resolution authorizing a first amendment to a lease and related bond issuance to fund elementary‑school additions and guaranteed energy‑savings projects.
Jeff Quackenbush, bond counsel with Barnes & Thornburg, told the board the financing will "be roughly a $65,000,000 principal amount of bonds" with a repayment term not to exceed 20 years and, under the district's current assumptions, "without any increase to the debt service fund tax rate." He said final bond sizing will depend on bids received this spring.
Why it matters: The package is intended to address overcrowding that the district currently manages with portable classrooms and to fund heating, air‑conditioning controls and roof work that the administration says will reduce operating costs through lower utility bills.
Board member Miss Dunn pressed counsel on the local tax impact. "So there's no way that the tax rate would change?" she asked. Quackenbush replied that the district is not changing its debt service fund tax rate for this financing but emphasized that "we cannot manage any individual person's tax bill" because that depends on each property's assessed value; his analysis assumes the net assessed value of the school corporation does not decline.
Scope and timeline: Operations staff said Phase 1 of the guaranteed energy‑savings contract will cover four buildings for energy improvements and roof replacement — Skiles Test, Crestview, Indian Creek and Harrison Hill — and that classroom additions are planned at Forest Glen, Mary/Merry Castle and Crestview to relieve overcrowding. Quackenbush said the board's approval would allow staff to publish a notice of execution of the lease, solicit bids, and later sell bonds once the required issue amount is known.
Votes at a glance: The board moved and seconded the resolution and approved it by voice vote; the chair announced "ayes have it" and no nays.
Next steps: After bids are returned this spring the district will set the exact bond amount and proceed to pricing and sale; staff also recommended an additional appropriation of bond proceeds, which the board approved later in the meeting.
