WAWASEE SCHOOL CORP - ADOPTION OF 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 the Wawasee Community School Corporation (the "School Corporation") did, on December 9, 2014, make a preliminary determination to enter into a lease for the proposed construction of a new Syracuse Elementary School and the renovation of and improvements, including educational, site, safety, security and energy savings, to Milford School and Wawasee High School (collectively, the "Project"). The lease will be for a maximum term of 22 years with a maximum annual lease rental of $2,750,000. The maximum annual lease rental has been estimated based upon an estimated principal amount of bonds of $27,000,000, estimated interest rates ranging from 1.95% to 4.70%, and total estimated interest costs of $16,475,000.
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 0.24%; 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 1.69%. 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 will be replaced. Therefore, the School Corporation expects a net increase in costs of $0.00 to operate such new facility space.
The School Corporation's current debt service levy is $6,974,879 and the current rate is $0.3162. After the School Corporation enters into the proposed lease and the bonds are issued, the debt service levy will increase by a maximum of $2,750,000 and the debt service rate will increase by a maximum of $0.1250. However, due to the maturity of other obligations of the School Corporation, the Debt Service Fund levy is expected to realize a net decrease of $0.01 compared to the current levy. 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 December 10, 2014.
Robert Fisher, Secretary, Board of School Trustees
Wawasee Community School Corporation
12-10 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 the Wawasee Community School Corporation (the "School Corporation") did, on December 9, 2014, make a preliminary determination to enter into a lease for the proposed construction of a new Syracuse Elementary School and the renovation of and improvements, including educational, site, safety, security and energy savings, to Milford School and Wawasee High School (collectively, the "Project"). The lease will be for a maximum term of 22 years with a maximum annual lease rental of $2,750,000. The maximum annual lease rental has been estimated based upon an estimated principal amount of bonds of $27,000,000, estimated interest rates ranging from 1.95% to 4.70%, and total estimated interest costs of $16,475,000.
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 0.24%; 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 1.69%. 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 will be replaced. Therefore, the School Corporation expects a net increase in costs of $0.00 to operate such new facility space.
The School Corporation's current debt service levy is $6,974,879 and the current rate is $0.3162. After the School Corporation enters into the proposed lease and the bonds are issued, the debt service levy will increase by a maximum of $2,750,000 and the debt service rate will increase by a maximum of $0.1250. However, due to the maturity of other obligations of the School Corporation, the Debt Service Fund levy is expected to realize a net decrease of $0.01 compared to the current levy. 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 December 10, 2014.
Robert Fisher, Secretary, Board of School Trustees
Wawasee Community School Corporation
12-10 hspaxlp
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