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MSD Martinsville board approves GO bond resolutions to fund high-school and elementary projects
Summary
The MSD Martinsville Schools board approved three bond-related resolutions — authorizing high-school and intermediate elementary projects and a GO-bond resolution paired with an additional-appropriation — after a municipal adviser presented borrowing capacity and homeowner tax-impact scenarios.
At a public meeting, the MSD Martinsville Schools board approved resolutions authorizing proposed projects for the high school/middle school and an intermediate elementary school and adopted a general-obligation (GO) bond resolution paired with an additional-appropriation resolution to allow bond proceeds to be added to the district budget.
Jay Staley, the district’s municipal adviser with Baker Tilly, told trustees the state formula for GO borrowing — certified net assessed value divided by three and capped at 2 percent — yields "a little over $15 million" of permitted borrowing under the example he presented. He said the district currently has about $2.4 million of GO bonds outstanding and described remaining GO-bond capacity "a little over $12.5 million." Staley walked the board through modeled five-, 10- and 15-year repayment schedules and the corresponding debt-service payments.
Staley also presented estimated homeowner impacts using the district’s median home value, which he identified as about $163,000. Under a shorter-term repayment scenario he showed, the median homeowner’s annual tax impact would be roughly $82.96; under a 15-year schedule the illustrative impact fell to about $34 annually.
Board members moved through the formal agenda items and voted to approve the high-school project 1028 resolution, the intermediate elementary 1028 resolution and the GO-bond resolution paired with the additional-appropriation resolution. The chair announced each motion passed by voice vote after the motions and seconds were recorded on the record.
Votes at a glance - High-school 1028 resolution: approved (motion passed by voice vote). - Intermediate elementary 1028 resolution: approved (motion passed by voice vote). - GO-bond resolution (paired additional appropriation): approved (motion passed by voice vote).
The board also approved claims and administrative resolutions that included the claims-approval resolution (listed as Resolution 2026-43) and several administrative items. Many grant acceptances and curriculum recommendations were approved on the consent portion of the agenda; details of those approvals are recorded in the meeting minutes. The board adjourned the session after completing the listed business.
What happens next: approval of the GO-bond resolution and paired appropriation enables the district to proceed with bond issuance steps; staff and advisers will determine final term and structure when the bonds are issued.
