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Shoals school board holds public hearing on proposed $9 million bond; officials say tax rate likely unaffected
Summary
At a public hearing, district staff outlined a preliminary $9,000,000 bond and a timeline for design, bidding and construction; officials said the additional borrowing "will not affect your tax rate," while public commenters pressed for clarity on debt-service balances and fiscal transparency.
Staff member (S1) opened a public hearing under Indiana Code 6-1.1-23.1 and presented a preliminary plan for a possible $9,000,000 bond to finance building renovations and upgrades.
The staff presentation identified potential projects developed with consultant TechCon, including exterior brick tuckpointing, secured entrances at the high school and elementary, renovations to technical/industrial spaces, upgrades to the high school media center and ADA improvements to multipurpose rooms. Staff said the figures presented were preliminary, conservative and informational; no board action was taken at the hearing.
The presentation included an illustrative timeline for the bond process and construction, and a sample debt-service graph based on a 5% interest assumption. Staff noted public-finance contact Luke estimated current market rates closer to 3.75%–4% and emphasized that the timing and structure would be refined if the board pursues a formal resolution.
Board member (S2) explained that the district had recently front-loaded a smaller bond payoff, accounting for recent property-tax increases, and said that because of that front-loading the additional borrowing for the proposed project "will not affect your tax rate." Staff provided the current debt-service fund balance as $343,267.91.
During public comment Steve Sorrels asked whether the $9,000,000 would be in addition to the current debt obligation; staff confirmed it would be an addition. Sorrels and others pressed for greater clarity about how bond proceeds might be used for capital and operations and for more accessible publication of agendas and project information.
What happens next: staff said this hearing is the first step required by statute; the matter will return for a second public hearing and a formal resolution if the board moves forward. The board did not vote on bond authorization at this meeting.
