Board holds preliminary hearing on proposed capital projects, finance scenarios discussed

The Conroe School Corporation Board opened a statutory preliminary-determination hearing on proposed capital projects and heard legal and financial presentations but took no action. Chair called the hearing and asked Eric Long of Ice Miller to explain the two-hearing process under Title 6 of the Indiana Code; Long said, "This evening represents, the 1st of 2 hearings" to present projects and hear public comment.

Mister Gernigan reviewed top-priority projects including extensive HVAC replacements, parking work and a water tower he said is essential to operations. Chad Blacklock of Stifel presented financing scenarios, saying staged issuances (examples shown in $4 million increments) would "keep your debt service levy flat" compared with a single large issuance. Blacklock and staff listed parameters presented as part of the hearing record: a maximum par amount discussed at roughly $11.6 million, estimated issuance costs near $300,000, estimated proceeds around $11.3 million and a stated maximum interest cap of about 6%; he emphasized the slides were run at a 5% scenario but the board would consider authority up to 6% to provide flexibility. Board members asked clarifying questions about current market rates, repayment terms and whether the district would issue bonds in multiple closings; administrators said staggered issuances (two to three offerings) were likely and each issuance in the example would be repaid on a multi-year schedule shown in the presentation.

Chair opened public comment, noted no one had signed in to speak and the board moved to close the special preliminary-determination hearing; the motion carried. Administration said the required second hearing and any formal resolutions would be scheduled later in the process.