TIPPECANOE VALLEY - PRELIMINARY DETERMINATION
July 28, 2016 at 4:25 p.m.
By -
Notice is hereby given pursuant to Indiana Code 6-1.1-20-3.5 that the Board of School Trustees of Tippecanoe Valley School Corporation (the "School Corporation") did, on April 20, 2015, make a preliminary determination to enter into a lease for the 2016 Facility Improvement Project for Outstanding Schools which includes the renovation and replacement of a portion of the Akron Elementary School and safety, security and efficiency improvements to the other school facilities in the school corporation (the "Project"). The lease will be for a maximum term of 21 years with a maximum annual lease rental of $1,618,000. The maximum annual lease rental has been estimated based upon an estimated principal amount of bonds of $17,600,000 and estimated interest rates ranging from 1.00% to 5.00% and total estimated interest costs of $10,475,212. The School Corporation's current debt service levy is $1,573,135 and the current rate is $0.4445 for Kosciusko County and the current debt service levy is $744,926 and the current rate is $0.4241 for Fulton County.
As required by Indiana Code 6-1.1-20-3.5(b)(1), the following information was available to the public at the public hearing on the preliminary determination: (i) the School Corporation's current and projected annual debt service payments divided by the net assessed value of taxable property within the School Corporation, which is 0.5729%; and (ii) the sum of the School Corporation's outstanding long term debt plus the outstanding long term debt of other taxing units that include any other territory of the School Corporation divided by the net assessed value of taxable property within the School Corporation, which is 2.88%. The Project involves the opening of new school facility space; however, the new school facility space will be more efficient than the school facility space which shall be replaced. Therefore, the School Corporation expects to annually incur an increase of $50,000 to operate such new facility space.
The School Corporation's current debt service levy is $1,573,135 and the current rate is $0.4445 for Kosciusko County and the current debt service levy is $744,926 and the current rate is $0.4241 for Fulton County. After the School Corporation enters into the proposed lease and the bonds are issued, the debt service levy will have a gross increase by a maximum of $1,618,000 and the debt service rate will have a gross increase by a maximum of $0.2750. However, as a result of the retirement of other school debt, the debt service levy will increase by a maximum of $0.00 and the debt service rate will increase by a maximum of $0.00. The purpose of the lease is to provide for the construction of the Project. If a valid petition pursuant to Indiana Code 6-1.1-20-3.5 is received by the School Corporation, the proposed debt service or lease payments must be approved in an election on a local public question held under Indiana Code 6-1.1-20-3.6.
Dated April24, 2015.
/s/ Secretary, Board of School Trustees
Tippecanoe Valley School Corporation
4-24 hspaxlp
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Notice is hereby given pursuant to Indiana Code 6-1.1-20-3.5 that the Board of School Trustees of Tippecanoe Valley School Corporation (the "School Corporation") did, on April 20, 2015, make a preliminary determination to enter into a lease for the 2016 Facility Improvement Project for Outstanding Schools which includes the renovation and replacement of a portion of the Akron Elementary School and safety, security and efficiency improvements to the other school facilities in the school corporation (the "Project"). The lease will be for a maximum term of 21 years with a maximum annual lease rental of $1,618,000. The maximum annual lease rental has been estimated based upon an estimated principal amount of bonds of $17,600,000 and estimated interest rates ranging from 1.00% to 5.00% and total estimated interest costs of $10,475,212. The School Corporation's current debt service levy is $1,573,135 and the current rate is $0.4445 for Kosciusko County and the current debt service levy is $744,926 and the current rate is $0.4241 for Fulton County.
As required by Indiana Code 6-1.1-20-3.5(b)(1), the following information was available to the public at the public hearing on the preliminary determination: (i) the School Corporation's current and projected annual debt service payments divided by the net assessed value of taxable property within the School Corporation, which is 0.5729%; and (ii) the sum of the School Corporation's outstanding long term debt plus the outstanding long term debt of other taxing units that include any other territory of the School Corporation divided by the net assessed value of taxable property within the School Corporation, which is 2.88%. The Project involves the opening of new school facility space; however, the new school facility space will be more efficient than the school facility space which shall be replaced. Therefore, the School Corporation expects to annually incur an increase of $50,000 to operate such new facility space.
The School Corporation's current debt service levy is $1,573,135 and the current rate is $0.4445 for Kosciusko County and the current debt service levy is $744,926 and the current rate is $0.4241 for Fulton County. After the School Corporation enters into the proposed lease and the bonds are issued, the debt service levy will have a gross increase by a maximum of $1,618,000 and the debt service rate will have a gross increase by a maximum of $0.2750. However, as a result of the retirement of other school debt, the debt service levy will increase by a maximum of $0.00 and the debt service rate will increase by a maximum of $0.00. The purpose of the lease is to provide for the construction of the Project. If a valid petition pursuant to Indiana Code 6-1.1-20-3.5 is received by the School Corporation, the proposed debt service or lease payments must be approved in an election on a local public question held under Indiana Code 6-1.1-20-3.6.
Dated April24, 2015.
/s/ Secretary, Board of School Trustees
Tippecanoe Valley School Corporation
4-24 hspaxlp
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