Warsaw Schools Adoption
March 12, 2021 at 3:31 p.m.
By -
Notice is hereby given pursuant to Indiana Code § 6-1.1-20-3.5 that the Board of School Trustees (the "Board") of Warsaw Community Schools (the "School Corporation") did, on March 15, 2021, make a preliminary determination to issue bonds and enter into a lease agreement (the "Lease") for the renovation of and improvements to Warsaw High School, including classroom additions and renovations, safety and security improvements, and HVAC improvements (the "Project"). The Lease will be for a maximum term of 22 years with a maximum annual Lease rental of $2,800,000. The maximum annual Lease rental has been estimated based upon an estimated principal amount of bonds of $30,000,000, estimated interest rates ranging from 1.80% to 3.60%, and total estimated interest costs of $9,640,000.
As required by Indiana Code § 6-1.1-20-3.5(b)(1), the following information was available to the public at the public hearings 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 0.52%; 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 5.75%.
The School Corporation's current non-exempt debt service levy is $9,721,881 and the current rate is $0.3761. After the School Corporation enters into the proposed Lease and the bonds are issued, the non-exempt debt service levy will increase by a maximum of $2,800,000, and the gross non-exempt debt service rate will increase by a maximum of $0.0997. However, due to the maturity of other obligations of the School Corporation, the anticipated net increase to the non-exempt debt service fund tax rate is expected to be $0.00 above the current rate.
The estimated amount of the School Corporation's debt service levy and rate that will result during the following ten years if the School Corporation enters into the lease and issues the bonds, after considering any changes that will occur to the debt service levy and rate during that period on account of any outstanding bonds or lease obligations that will mature or terminate during that period, is as follows:
Estimated Total Estimated Total
Non-Exempt Non-Exempt
Year Debt Sevice Levy (1) Debt Service Rate
2021 $9,721,881 $0.3761
2022 9,721,881 0.3761
2023 9,721,881 0.3761
2024 8,525,971 0.3298
2025 7,844,535 0.3035
2026 8,522,874 0.3297
2027 8,097,328 0.3133
2028 8,007,168 0.3098
2029 8,002,154 0.3096
2030 8,010,756 0.3099
2031 8,012,266 0.3100
(1) Assumes 8% license excise/financial institutions factor. Per $100 of assessed value. Does not include exempt debt service.
The Project involves the opening of new school facility space. Therefore, the School Corporation expects to annually incur an increase of $20,000 to operate such new facility space. The purpose of the Lease is to provide for the Project.
If a valid petition pursuant to Indiana Code § 6-1.1-20-3.5 is received within 30 days from the first publication of this notice, 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 March 17, 2021.
/s/ Board of School Trustees
Warsaw Community Schools
3-17,24 hspaxlp
Notice is hereby given pursuant to Indiana Code § 6-1.1-20-3.5 that the Board of School Trustees (the "Board") of Warsaw Community Schools (the "School Corporation") did, on March 15, 2021, make a preliminary determination to issue bonds and enter into a lease agreement (the "Lease") for the renovation of and improvements to Warsaw High School, including classroom additions and renovations, safety and security improvements, and HVAC improvements (the "Project"). The Lease will be for a maximum term of 22 years with a maximum annual Lease rental of $2,800,000. The maximum annual Lease rental has been estimated based upon an estimated principal amount of bonds of $30,000,000, estimated interest rates ranging from 1.80% to 3.60%, and total estimated interest costs of $9,640,000.
As required by Indiana Code § 6-1.1-20-3.5(b)(1), the following information was available to the public at the public hearings 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 0.52%; 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 5.75%.
The School Corporation's current non-exempt debt service levy is $9,721,881 and the current rate is $0.3761. After the School Corporation enters into the proposed Lease and the bonds are issued, the non-exempt debt service levy will increase by a maximum of $2,800,000, and the gross non-exempt debt service rate will increase by a maximum of $0.0997. However, due to the maturity of other obligations of the School Corporation, the anticipated net increase to the non-exempt debt service fund tax rate is expected to be $0.00 above the current rate.
The estimated amount of the School Corporation's debt service levy and rate that will result during the following ten years if the School Corporation enters into the lease and issues the bonds, after considering any changes that will occur to the debt service levy and rate during that period on account of any outstanding bonds or lease obligations that will mature or terminate during that period, is as follows:
Estimated Total Estimated Total
Non-Exempt Non-Exempt
Year Debt Sevice Levy (1) Debt Service Rate
2021 $9,721,881 $0.3761
2022 9,721,881 0.3761
2023 9,721,881 0.3761
2024 8,525,971 0.3298
2025 7,844,535 0.3035
2026 8,522,874 0.3297
2027 8,097,328 0.3133
2028 8,007,168 0.3098
2029 8,002,154 0.3096
2030 8,010,756 0.3099
2031 8,012,266 0.3100
(1) Assumes 8% license excise/financial institutions factor. Per $100 of assessed value. Does not include exempt debt service.
The Project involves the opening of new school facility space. Therefore, the School Corporation expects to annually incur an increase of $20,000 to operate such new facility space. The purpose of the Lease is to provide for the Project.
If a valid petition pursuant to Indiana Code § 6-1.1-20-3.5 is received within 30 days from the first publication of this notice, 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 March 17, 2021.
/s/ Board of School Trustees
Warsaw Community Schools
3-17,24 hspaxlp
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