[1. Meeting Opening]
[00:00:03]
IT'S 7:33 AM WE'LL CALL THIS MEETING TO ORDER.
UM, WE ONLY HAVE ONE ITEM TODAY ON OUR BOND.
OH, SORRY, I MISSED THE PLEDGE.
SO WE'LL START WITH THE PLEDGE OF ALLEGIANCE.
I PLEDGE ALLEGIANCE TO BLACK, THE UNITED STATES OF AMERICA TO THE REPUBLIC FOR WHICH IT STANDS, ONE NATION INDIVIDUAL LIBERTY AND JUSTICE.
[2. Public Hearing]
WE'VE GOT MISING THIS MORNING TO WALK US THROUGH ON THE SECOND DETERMINATION HEARING FOR OUR LANTERN ROAD ELEMENTARY PROJECTS.UM, ALONG WITH THE, UM, SECOND HEARING FOR THE PRELIMINARY DETERMINATION.
ALONG WITH THAT COMES, UH, THE PRELIMINARY DETERMINATION RESOLUTION.
THERE IS AN ADDITIONAL APPROPRIATION RESOLUTION AS WELL AS, UH, BOARD CONSIDERATION OF THE BOND RESOLUTION.
I'M GONNA REVIEW THE NEED FOR THE PROJECT AS WELL AS ALL OF THOSE RESOLUTIONS AS WE GO THROUGH THIS.
IF YOU MAY RECALL, UM, YOU GUYS HAVE APPROVED ALL OF THESE BEFORE FOR LAY ROAD, JUST FOR A 14 MILLION MAX INSTEAD OF 17.4.
AND SO THAT'S WHY WE'RE BACK, UH, HERE BEFORE YOU GOING THROUGH THIS PROCESS.
AS I, I THINK MAYBE OUTLINED A FEW DAYS AGO.
I DON'T KNOW, IT FEELS LIKE IT WAS WEEKS AGO.
UM, SO PURSUANT INDIANA CODE SIX DASH 1.1 DASH 20 DASH 3.1, A SCHOOL CORPORATION MUST HOLD TWO PUBLIC HEARINGS AND ADOPT A RESOLUTION TO PRELIMINARILY DETERMINED ISSUE BONDS OR ENTER A LEASE FOR A PROJECT WHICH HAS, WHICH HAS A TOTAL PROJECT COST IN EXCESS OF A NON-CONTROLLED PROJECT AMOUNT.
AND OUR CASE THAT'S OVER 5.8 MILLION.
UM, BUT UNDER 17.5, UM, AS PART OF THE 2022 BUILDINGS AND GROUNDS 10 YEAR PLAN, THE DISTRICT ALLOCATED 14 MILLION TO RENOVATE LAN ROAD ELEMENTARY.
AS YOU MAY RECALL FROM PREVIOUS UPDATES, THE VOLATILITY OF THE MARKET HAS DRIVEN UP OUR COSTS AND THEREFORE ADDITIONAL FUNDS WERE REQUIRED.
UH, WE HAD PREVIOUSLY GONE THROUGH THIS PROCESS AS I, AS I NAME, BUT ESSENTIALLY TO GET, TO BE ABLE TO PROVIDE A ENTIRE, UM, A MORE MEANINGFUL RENOVATION.
WE NEEDED THOSE ADDITIONAL DOLLARS.
AND I BELIEVE YOU GUYS ARE ALSO AWARE, WE SPOKE, UM, THE FURNITURE AND THE PLAYGROUND WILL BE ADDRESSED SEPARATELY, BUT THEY WILL BE THE PLAYGROUND SPECIFICALLY, I BELIEVE BECAUSE OF THE COST WILL COME BACK TO THE BOARD.
BUT THAT'S NOT UNTIL PROBABLY 2024.
UM, THIS BUILDING WAS ORIGINALLY BUILT IN 1995.
IT'S 78,921 SQUARE FOOT ELEMENTARY, AND IT HASN'T RECEIVED ANY MAJOR CHANGES OR UPDATES SINCE OPENING.
AND SO 27 YEARS IN IT'S TIME FOR US TO DO THOSE THINGS, THE RECOMMENDATION FROM FACILITIES IS TO UPDATE INTERIOR AND EXTERIOR FINISHES, ADDRESS BUILDING ENVELOPE ISSUES, REPLACE THE SKYLIGHT, UPDATE ALL THE MECHANICAL SYSTEMS, AND MAKE IMPROVEMENTS TO THE PARKING LOT.
SO WITH THAT, IF YOU WANT TO TAKE PUBLIC COMMENT AND I CAN GO THROUGH THE RESOLUTIONS.
SO BECAUSE THIS IS A PUBLIC HEARING, WE DO HAVE A REQUIREMENT TO TAKE ANY PUBLIC COMMENT.
SO I WOULD ASK IF ANYBODY FROM THE PUBLIC WOULD LIKE TO MAKE COMMENT YOU'RE IT THIS TIME.
WITH THAT, WE WILL CLOSE THE PUBLIC COMMENT PORTION AND CONTINUE ON.
THE PROJECT RESOLUTION IS ESSENTIALLY THE RESOLUTION FOR CONSIDERATION.
I CAN READ THAT ALOUD IF YOU WOULD LIKE, BUT IT COVERS THE PROJECT.
IT'S UP TO YOU, BUT I CAN, IT'S ONLY ABOUT 19 PAGES.
UNLESS, UNLESS SOMEBODY NEEDS FROM THE BOARD NOW.
OKAY, WE'LL, WE'LL PASS, THEY WILL BE POSTED ON BOARD DOCS IF FOLKS WANT TO GO THROUGH THEM.
BUT, UM, ESSENTIALLY THIS IS JUST OUR BOND RESOLUTION PROCESS.
ALL OF SETS, ALL THE MAXIMUMS AND THE THINGS THAT WE WON'T GO OVER.
WE LEGALLY CANNOT GO OVER THAT 17.4 MILLION THRESHOLD THAT IS THE REFERENDUM THRESHOLD.
AND SO THAT IS A HARD STOP FOR US.
SO WE WON'T BE COMING BACK AGAIN, UH, BECAUSE IT CHANGES, CHANGES EVERYTHING.
AND THAT, THAT BRINGS A QUESTION.
YES, WE WILL UNDOUBTEDLY, WELL HOPEFULLY BE RENOVATING MORE IN OF THESE SCHOOLS IN THE FUTURE.
WHAT HA I MEAN, THERE'S A CHANCE THAT THAT NUMBER COULD GO UP, RIGHT? NOT IN THE CASE OF LANEER ROAD ELEMENTARY, NO.
THEY WOULD HAVE TO VALUE ENGINEER, BUT I THINK THEY'RE PRETTY COMFORTABLE WITH THOSE AMOUNTS BECAUSE THE DESIGN PIECE OF THIS, I THINK SHE MIGHT MEAN LIKE IN IN PROJECT I SAY HARRISON, OVER 17 POINT, WE WOULD GO THROUGH THE REFERENDUM 30 DAY PROCESS, WHICH IS AONS.
AND IF NOBODY PETITION PETITIONS, THEN OKAY.
AND WE WOULD NOT PUT IT ON A BALLOT.
AS LONG AS YOU CAN MAINTAIN A FLAT, UH, TAX RATE AND THERE'S NO IMPACT, YOU DO NOT HAVE TO PUT IT ON THE BALLOT.
IT'S ONLY WHEN YOU'RE SEEKING A TAX INCREASE.
SO FUTURE PROJECTS, ESPECIALLY ON LARGER BUILDINGS WILL CERTAINLY, SO I KNOW WE'VE, YOU KNOW, HSE HIGH SCHOOLS DO FOR A RENOVATION DOWN THE LINE.
[00:05:01]
I THINK THAT ESTIMATE WAS UP TO MAYBE 125 MILLION.AND SO THAT WOULD OBVIOUSLY HAVE TO GO THROUGH THE REFERENDUM PROCESS, BUT I THINK OUR INTENTION MIGHT BE AT THAT TIME, IF WE WERE TO KEEP IT WITHIN EXISTING TAX RATE, WE WOULDN'T NEED TO PUT IT ON THE BALLOT FOR APPROVAL.
AND THEN THAT BEGS THE QUESTION, WHO DETERMINES THAT 17.5 MILLION IS THAT'S AN INDIANA CODE.
THAT WAY IT SETS THE MAX PROJECT THRESHOLD AT 5.8 BEFORE WE HAVE TO DO WHAT WE'RE DOING RIGHT NOW.
AND THEN OVER 5.8, UH, IS WHAT WE'RE DOING OVER 17.4.
SO IT'S BASED ON, IT'S A FORMULA THAT CHANGES YOUR AV IS A PART OF IT.
UM, I DON'T KNOW IT BY HEART TO BE HONEST, BUT IT'S A FORMULA THAT'S PRESCRIBED IN THE STATUTE.
IT'S SLIGHTLY FROM YEAR TO YEAR, SO IT'S HARD AND FAST.
IT DEPENDS ON IN THIS YEAR IT IS, BUT NOT EVERY YEAR.
IT COULD BE DIFFERENT AMOUNTS.
BECAUSE OF OUR GROWTH IN AV, WE'RE SEEING THAT OUR THRESHOLD INCREASES.
SO THAT'S GOOD FOR AND THE SIZE OF OUR TOO FUTURE BOARDS AND EMPLOYEES TO KNOW.
I, I'LL DO MY BOND PRESENTATION IF YOU WANT.
BUT SOMEBODY MIGHT FEEL OFFENDED.
SO, UM, PROJECT RESOLUTION SETS THOSE MAXIMUMS. THE PRELIMINARY DETERMINATION RESOLUTION, UH, ESSENTIALLY SETS FORTH THAT YOU HAVE PRELIMINARILY DETERMINED, YOU'VE HELD YOUR TWO PUBLIC HEARINGS.
UM, AND THEN THE RESOLUTION SETS THE MAXIMUMS FOR THE TERM OF THE BOND ISSUE, THE ANNUAL DEBT SERVICE LEVY AND THE ANNUAL DEBT SERVICE RATE.
UM, AND THEN HAS ALL THOSE ESTIMATES FOR PRINCIPAL AMOUNT.
IT SETS THE MAX WE WOULD PAY FOR INTEREST, ET CETERA.
YOU'VE SEEN THESE, LIKE I SAID, HAVE SAID MANY YEARS ALONG THE LINE BECAUSE WE GO THROUGH THIS EVERY TIME WE ISSUE BONDS.
UM, AND THEN THE FINAL BOND RESOLUTION IS WHAT SETS THE AMOUNT TO BE BORROWED, THE MAXIMUM TERM REPAYMENT.
SO YOU CAN SEE THERE'S A THEME.
WE HAVE ALL THESE DIFFERENT LEGAL DOCUMENTS THAT SET BASICALLY, UM, THE SAME THING AND THEN THE ADDITIONAL APPROPRIATION TO SET THE PERMISSION TO SPEND.
YOU'LL RECALL WE JUST DID ONE FOR 11 MILLION FOR THE FIRST SET.
SO THIS WOULD BE THE B ISSUANCE FOR THE 17 POINT.
I THINK IT'S 4 45 IS THE NUMBER.
UM, IF THERE ARE ANY QUESTIONS, OTHERWISE I WOULD ENTERTAIN A MOTION TO APPROVE THE BOND RESOLUTIONS AND AGREEMENTS AS PRESENTED.
WHAT, WHAT YOU SAID? MOTION TO APPROVE.
ANY ADDITIONAL QUESTIONS OR COMMENT I'D ASK JANET TO CALL FOR THE VOTE? MICHELLE FAHART.
THAT MOTION PASSES SEVEN TO ZERO.
AND WITH THAT, WE WILL ADJOURN.