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School board approves lease amendments to clear path for athletics master-plan bonds
Summary
The Lebanon Community School Corporation board approved four resolutions (Exhibits A–D) to authorize a lease amendment, reapprove the building corporation, assign construction contracts and confirm ongoing disclosure obligations — steps the district says are necessary to issue bonds for the 2026 athletics master plan.
The Lebanon Community School Corporation board on May 19 approved a package of four resolutions administrators said are required to complete legal steps before the district issues bonds to finance the 2026 athletics master-plan projects.
Business officer Klauser summarized the package during a public hearing, calling out Exhibit A as "a resolution authorizing the execution of the amendment to the lease" that ties real estate to bond collateral and states the payments are at fair market value. The board moved and approved Exhibit A on a voice vote.
The board then approved Exhibit B, which reaffirms the Lebanon Middle School Building Corporation as the legal entity that will hold the lease and receive bond proceeds; Exhibit C authorizes assignment of construction contracts to that building corporation once bids are received; and Exhibit D acknowledges the district will comply with annual continuing disclosure obligations required for bond issuers.
Administration said the resolutions are procedural steps that conclude the public portion of the financing process before the district sells bonds later this year and begins the design phase of the athletics work. President Clauser called for and received motions and voice approvals on all four exhibits.
Board members did not record individual roll-call votes in the hearing transcript; the board approved each resolution by voice vote during the meeting. The administration said public-comment time was available but no speakers had signed up for the hearing.
