Mishawaka hears $7.15 million bonding plan; board approves interfund transfers to support operations

The School City of Mishawaka opened and closed a public hearing on a consolidated additional-appropriation request tied to the potential issuance of general-obligation bonds and heard a detailed financing presentation from Baker Tilly.

Lisa Huntington of Baker Tilly told trustees the corporation's general-obligation bonding capacity as of June 16 is "a little over $7,150,000." She said estimated available proceeds after issuance costs and underwriter fees would be about $6.9 million, an assumed interest expense of roughly $2.3 million based on a 5% rate, and that the district commonly assumes a ten-year repayment but may extend terms up to 20 years per bond. Huntington said the scheduled debt-service profile shows a gradual step-down and that, based on those assumptions, they do not anticipate an increase to the debt-service fund levy for this issuance.

Following the presentation, the board approved three resolutions intended to bolster the operations fund: transfers between the food-service and operations funds (Resolution 2026-001), transfers between the debt-service and operations funds (Resolution 2026-002), and an education-fund-to-rainy-day transfer for the period ending 06/30/2026 (Resolution 2026-003). Each resolution was moved, seconded and approved by voice vote.

The board opened the public hearing as required for the bonding process and, having received no public comment, closed the hearing. No final bond sale or ordinance authorizing issuance was recorded in the meeting minutes; administration said the corporation could issue debt in one or multiple series as projects arise.