Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonds topic
No spam. Unsubscribe anytime.
Board approves $300,000 bond appropriation for Fieldhouse HVAC, roofing and deferred maintenance
Summary
The Muncie Community Schools board approved an additional $300,000 appropriation from bond/lease-rental proceeds to be placed on district books for HVAC work at the Muncie Field House, roofing and other deferred maintenance; the public hearing drew no comments.
Muncie — The Muncie Community Schools Board approved an additional appropriation resolution totaling $300,000 for the district’s 2025 bond project, directing the funds to HVAC work at the Muncie Field House, deferred maintenance at several sites and roofing projects.
Mister Jerome explained the appropriation is a required accounting step for a portion of lease-rental bond proceeds and that a legal notice was published in the Muncie Star Press on March 4 and uploaded to the state gateway on Feb. 19. "This additional appropriation is for the 2025 current bond project," he said, describing how a portion of lease rental bond proceeds must be placed on the district’s books so the district can spend those proceeds only for the project.
The board opened a public hearing to accept comment on the appropriation; no members of the public spoke and the chair closed the hearing. A motion to adopt the additional appropriation resolution was made and seconded and approved by voice vote; the chair announced the motion carried.
Board members clarified that half of the bond issuance was sold earlier as general obligation bonds and the remaining lease-related bonds will be sold later this calendar year. Jerome noted that lease proceeds held by the trustee bank (Bank of New York) will remain under trustee control except for the portion the district must report on its books.
The appropriation is administrative—placing the proceeds under district control for project-specific spending—rather than an immediate new expenditure authorization beyond the bond project scope. The board took the vote after closing the public hearing and no amendments were proposed.
Outcome: the board approved the additional appropriation resolution for $300,000 for the 2025 bond project. The public hearing produced no public comment.
