Vigo County School Corp moves forward with up to $4 million in general‑obligation bonds

The Vigo County School Corporation set the maximum parameters for a new general‑obligation borrowing program and approved the three resolutions required to continue the bond issuance process.

Bond counsel Kristen McClellan (Ice Miller) told the board that the proposed general obligation bonds would be in a maximum amount of $4,000,000 with a maximum term of five years and three months and that the issuance would be used to support large maintenance projects such as roofing, mechanical improvements and paving. McClellan said the issuance is the start of the legal process and emphasized that the board was setting maximums it might never reach.

"the issuance of these bonds will not have an impact on the tax rate or the tax levy," McClellan said. The board then approved the project resolution (Exhibit A), the preliminary determination resolution (Exhibit B) and the declaration of official intent to reimburse (Exhibit C), each by motion and voice vote.

Board members and staff framed the borrowing as part of a rotating short‑term general obligation program used since 2017 to finance major maintenance needs and to supplement operations funds that have been constrained by circuit‑breaker property‑tax caps. Counsel also explained the federal purpose of the reimbursement declaration — to allow the district to reimburse pre‑issuance expenditures with bond proceeds if the district chooses to do so.

Next steps identified by counsel and administration include further meetings and resolutions required before actual bond sale and issuance; the motions recorded tonight set only the legal maximums and authorizations.