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Board approves $4 million in bonds to finish pre-K construction, authorizes related disclosures and vendor agreements
Summary
The Franklin Community School Corp. approved roughly $4 million in additional bond proceeds to complete a pre-K facility, adopted the final bond resolution and official statement, designated New York Mellon as paying agent, and approved continuing-disclosure paperwork after a public hearing and attorney presentation.
The Franklin Community School Corporation voted to appropriate about $4 million in bond proceeds and adopted a set of resolutions to finish financing for a pre-K construction project.
Legal counsel Mr. Young opened the required public hearing and told the board the action "really is a continuation of financing that was begun actually in 2024" to complete projects previously authorized but not yet issued. The appropriation resolution, a final bond resolution authorizing $4 million of general-obligation bonds (to be repaid by property-tax levy), and an official statement for bond purchasers were each moved, seconded and approved at the meeting.
The board also approved an agreement naming New York Mellon as registrar and paying agent to authenticate bonds and manage principal-and-interest payments, and it adopted the sixth supplement to its continuing-disclosure undertaking, an SEC-related reporting promise about adverse events affecting debt repayment. Administration said the district received an A+ rating from S&P during the process.
No detailed roll-call tallies were recorded in the public transcript; each measure was approved after the board voted "I" on motions brought and seconded. Mr. Young emphasized that the bond proceeds are being appropriated to projects outlined in prior presentations and that the additional issuance finishes the borrowing previously authorized but not yet spent.
Next steps include completing the bond closing (anticipated mid-April in the board's remarks) and posting documentation required by state law, including contract information the board discussed updating on the district website.
Actions recorded: adoption of the additional-appropriation resolution, final bond resolution, approval of the official statement as final, authorization of the bank agreement with New York Mellon, and adoption of the continuing-disclosure supplement. The board was briefed that proceeds will be available after closing and will be applied to the pre-K project as planned.
