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Board approves second amendment to lease and bond issuance to fund McKenzie transformation
Summary
The MSD Lawrence Township Board approved a second amendment to lease and authorized bond issuance to fund a $175 million facilities program, with most funds directed to the McKenzie Career & Institute of Technology transformation and about $25 million for districtwide repairs.
The MSD Lawrence Township Board of Education voted to approve a proposed second amendment to the lease and related bond issuance to finance a districtwide facilities program focused largely on the McKenzie Career & Institute of Technology project.
Jeff Quacenbush of Barnes & Thornberg told the board the district completed the preliminary determination process and "no request for referendum was submitted to the county" during the 30-day period, allowing the process to proceed. He said the building corporation met earlier and will meet again on Sept. 14 to approve the bond issue. Quacenbush described the borrowing plan as "$175 million of bonds to be issued over the next three to four years," with portions issued as construction milestones arrive.
Mr. Matt Miles reiterated the timeline, saying the district expects multiple debt issuances beginning in spring 2027, when most construction is planned to start. He told the board the bond program will support the McKenzie transformation and that "about $25 million is also allocated for other improvements across the district like roof updates, heating and air conditioning updates, flooring replacement," describing routine capital maintenance needs.
The motion to approve the second amendment to lease and issuance of bonds was moved and seconded by board members and carried by voice vote. No formal opposition was recorded in the meeting minutes.
