124-17 - NOTICE OF PRELIMINARY DETERMINATION
NOTICE OF PRELIMINARY DETERMINATION
On June 27, 2017, after conducting a public hearing, the Board of School Trustees of North Judson-San Pierre School Corporation (the “School Corporation”) adopted a preliminary determination pursuant to Indiana Code 6-1.1-20-3.1 to enter into a lease agreement to fund the renovations and improvements at the Elementary School, the Middle School and the Jr./Sr. High School buildings (the “Project”). The lease shall be for a maximum term of 12 years with a maximum annual lease rental of $937,000. The Project will be financed with a building corporation bond issue with a maximum principal amount of $5,600,000 bearing estimated interest rate of 2.14% and a total estimated interest cost of $508,998 over the term of the related bond issue. The debt service levy for the School Corporation is currently $1,024,452 based upon a rate of $0.3424 per $100 of assessed valuation. The financing of the Project will result in an estimated maximum increase of $937,000 to the debt service levy for the school corporation. Due to the retirement of existing debt, the net effect on the debt service fund rate is expected to be a reduction. The School Corporation does not expect to appeal for a new facility adjustment for an increased permissible tuition support levy to pay the estimated cost of operating the Project. Any owners of property within the School Corporation or registered voters residing within the School Corporation who want to initiate a petition and remonstrance process against the proposed lease payments must file a petition that complies with Indiana Code 6-1.1-20-3.1(4) and (5) not later than thirty (30) days after publication of this notice in accordance with Indiana Code 5-3-1.
July 5, 2017 North Judson-San Pierre School Corporation
July 7, 2017
124-17 G 07/05