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School board confirms lease amendment, authorizes additional appropriation for up to $16.23M bond issuance
Summary
During a consolidated public hearing, the Vincennes Community School Corp approved two resolutions to confirm the lease amendment form and to authorize an additional appropriation tied to a bond issuance with a maximum principal of $16,230,000, a maximum 5.5% interest rate and a possible 20-year term; sale timing will depend on market conditions.
The Vincennes Community School Corp held a consolidated public hearing and approved two resolutions confirming an amendment to a lease and authorizing an additional appropriation to support a bond issuance of up to $16,230,000.
Hannah Clendening (introduced by school counsel) and other presenters described the financing terms as a maximum $16,230,000 bond, with a maximum interest rate of 5.5% and a maximum 20-year term. Clendening and staff said the figures are conservative estimates and that the actual sale and rate will depend on market conditions and advice from the school corporation’s financial advisor, Baker Tilly. Presenters said the current plan is to sell the bonds in May so that proceeds would be available by July, though timing could be adjusted.
At the close of the public hearing the presenters said there were two resolutions: one to confirm the form of the lease amendment (previously preliminarily approved) and a second to authorize the additional appropriation. Motions were made and the board recorded “all in favor, aye.” The transcript does not record a roll-call tally of individual votes.
Board members asked questions about timing and flexibility for bond sale and closing; staff and counsel replied that sale dates can shift if market conditions warrant and that closing typically occurs about 30 days after sale. The meeting record shows the board approved the resolutions on voice vote during that session.
