Get AI Briefings, Transcripts & Alerts on Local & National Government Meetings — Forever.
Board hears plan for up to $30 million in financing to fund HVAC and capital work
Loading...
Summary
At an informational public hearing, the board’s financial adviser described a proposed maximum financing package of $30,000,000 to fund HVAC upgrades at East Chicago Central High School and other systemwide capital needs; staff said proceeds would be issued in tranches and a subsequent meeting will include resolutions for consideration.
The School City of East Chicago board heard an informational public hearing April 14 on a preliminary plan to enter a lease or issue bonds to finance capital projects, including HVAC work at East Chicago Central High School.
"The maximum amount of the proposed financing, which is $30,000,000, is to finance HVAC improvements at Central and also various other improvements throughout the school system as needed," said Mr. Shanahan, the board’s financial adviser. He said the district would likely issue proceeds in multiple tranches to match construction timing and reduce interest costs.
Leila Simmons, executive director of business operations, told trustees the education fund showed roughly $2,400,000 in growth from fiscal 2025 to 2026, which she attributed largely to hiring more certified, licensed teachers and higher benefits and salary costs. Simmons said the district made an early transfer from the education fund to the operations fund to cover immediate HVAC pay applications and expects to reverse the transfer once bond proceeds are received.
Dr. Bornay said the presentation and supporting slides had been shared with the board and staff would provide additional financial detail by email. "Tonight's just an informational public hearing," Mr. Shanahan said; he added the board would see another public hearing and resolutions at a future meeting when it is time to consider financing approvals.
Next steps: staff will provide the adviser’s full financial package to trustees, and the board will convene at a later meeting for additional hearings and formal resolutions on the financing plan.
