MSD Mount Vernon board preliminarily approves $15.305 million renovation project; one trustee abstains

The Board of School Trustees of the Metropolitan School District (MSD) of Mount Vernon adopted several resolutions March 16, 2026 preliminarily approving a renovation and improvement project with a total estimated cost of $15,305,000.

The board adopted a project resolution that breaks the costs into estimated hard and soft costs of $14,608,475 and estimated costs of issuance of $696,525, producing the $15,305,000 total. The resolution states the project would be funded by one or more of the following: the Operations Fund, a Common School Fund Loan, state or federal grants, a general obligation bond issue, and/or a building corporation bond issue. The board also adopted a preliminary determination resolution authorizing issuance of bonds and/or entering a lease corresponding to the project parameters and a reimbursement resolution related to anticipated financing.

The board’s materials estimate an anticipated maximum aggregate annual lease rental payment of $2,226,000 (based on an estimated principal amount of bonds of $15,305,000 and an assumed interest rate of 5.00%) and note a maximum Debt Service Fund tax‑rate impact of $0.0076 per $100 assessed valuation based on an estimated assessed valuation of $1,787,918,155 beginning in 2027. The current Debt Service Fund tax rate is recorded as $0.1127; the packet includes a ten‑year projected schedule of levy and rate changes if the lease and bonds are issued under the described parameters.

The required preliminary determination hearings were held previously on March 2 and again on March 16, 2026; notice of the hearings was published in The Posey County News and mailed to the Posey County Clerk and organizations that requested notice as provided in Indiana Code § 6‑1.1‑20‑3.1. Board materials state the hearings included presentations about facility needs, site and athletic improvements, and equipment and technology purchases; the board then opened the floor to public testimony and questions. The minutes note that "several patrons" gave testimony, but do not record verbatim comments.

Trustee action: the project resolution, the preliminary determination resolution to issue bonds/enter a lease, and the reimbursement resolution were each adopted by roll call; the minutes record these votes carried with Trustee Greg Oeth abstaining on those items. Other trustees voting in favor were Kendra Bisesi, Brittney Butler, Mark Isaac and Brian Williams. Because one trustee attended virtually, votes were taken by roll call.

Next steps identified in board materials include publishing notice of adoption as required by statute and, if a valid petition under Indiana Code § 6‑1.1‑20‑3.1 is received, submitting required information to the Posey County Clerk. The resolutions and financial exhibits are attached to the minutes and are part of the official record.

The board packet states the project does not involve opening new facility space and therefore is not expected to create additional ongoing operating costs tied to new facilities. The board passed the resolutions during the March 16 meeting after the public hearing and meeting presentations.