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Middlebury board opens public hearing on roughly $20.6 million bond for HVAC, roofs and technology
Summary
At a March 17 hearing the Middlebury Community Schools presented a two-year capital plan emphasizing HVAC and roof replacements, library and classroom refreshes, and technology updates tied to a bond structure designed to avoid a net tax-rate increase; administration answered one public commenter’s questions.
At its March 17 meeting the Middlebury Community Schools board held the first of two required public hearings on a proposed two-year capital program and bond financing that administrators said would address aging HVAC systems, roofs and classroom renovations across the district.
Mr. Palmer, the district’s facilities presenter, described a plan focused on HVAC equipment and controls, variable-frequency drive pumps, roof replacements, library refreshes and targeted classroom remodels. He said the administration estimates a two-year budget “not to exceed $20,600,000.”
Dr. Yoder explained the district plans to split the financing into two bond issues (one in 2026 and one in 2027) so that as older debt is retired the district can add new debt while keeping the tax-rate impact level. He gave a legal maximum par amount of $20,605,000, noted approximately $500,000 of issuance and underwriting costs, modeled interest rates between 2% and 7% and said the maximum theoretical repayment term would be 20 years, though the district anticipates a much shorter repayment period based on recent bond rates. Dr. Yoder said the structure is intended “to address the necessary deferred maintenance of our school facilities without increasing the debt service tax rate.”
Only one member of the public signed up to speak. Pam Kaiser of Middlebury asked for clarification on whether the $20.6 million covers two years (she asked whether the district expects $10 million this year and $10 million next year), whether the public notice’s reference to new buses still applied, how project line-item amounts were determined and what contingency or lease arrangements might be used instead of bonds. Board members and staff said they would follow up with written answers and reminded attendees that the hearing is an informational step; President Hummel confirmed a second public hearing is scheduled for April 21, 2026, at 4 p.m. at the Administration Center.
The hearing was an informational, legally required first step; Dr. Snyder emphasized no board action was required at this meeting and that the administration would continue working with bond counsel and financial advisors before returning with formal resolutions in subsequent meetings.
