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Board briefed on proposed $30 million capital bond; building corporation appointments approved
Summary
Bond counsel outlined a timeline for public hearings in April, final approvals in June and selling up to $30,000,000 in staggered tranches for district capital needs; the board approved a resolution authorizing an interlocal agreement with the city and appointed initial members to a building corporation (one dissenting vote).
Jimmy Shanahan, who said his firm serves as the district’s bond counsel, presented a nonbinding overview of a proposed capital program and schedule to the School City of East Chicago board. Shanahan said the plan calls for two public hearings (April 14 and April 28), draft resolutions at the April 28 meeting, final approvals at a June meeting and selling up to $30,000,000 of bonds in staggered tranches this summer and again in 2027 to match spending timelines.
"The proposal is to authorize up to…
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