Tippecanoe Valley

NOTICE  OF ADOPTION  OF PRELIMINARY DETERMINATION
Notice is hereby given pursuant to Indiana Code§ 6-1.1-20-3.1 that the Board of School Trustees (the "Board") of Tippecanoe Valley School Corporation (the "School Corporation") did, on May 30, 2024, make a preliminary determination to issue bonds for the renovation of and improvements to school facilities, including the purchase of buses, equipment and technology (the "Project"). The bonds will have a maximum maturity of three years, a maximum principal amount of $1,000,000 and estimated interest rate of 5.00% resulting in total estimated interest costs of $80,097.
As required by Indiana Code§ 6-1.1-20-3.1(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 0.58%; 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 6.43%.
The School Corporation's current Debt Service Fund levy is $3,136,668 and the current rate is $0.4230. After the bonds are issued, the gross Debt Service Fund levy will increase by a maximum of $1,050,222 and the gross Debt Service Fund tax rate will increase by a maximum of $0.1277. However, as existing obligations mature, the anticipated net increase to the Debt Service Fund tax rate is expected to be $0.0270 above the current rate.
The estimated amount of the School Corporation's Debt Service Fund levy and tax rate that will result during the following 10 years if the School Corporation issues the bonds, after considering any changes that will occur to the Debt Service Fund levy and tax 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
Year Debt Service Levy Debt Service Rate
2024 $3,136,668 $0.4230
2025 3,336,881 0.4500
2026 3,336,881 0.4500
2027 3,128,752 0.4219
2028 3,216,213 0.4337
2029 3,371,994 0.4547
2030 3,426,030 0.4620
2031 3,432,175 0.4629
2032 3,323,102 0.4481
2033 3,327,062 0.4487
2034 3,323,603 0.4482
The purpose of the bonds is to provide for the Project .
Any owners of real 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 issuance of the bonds must file a petition that complies with Indiana Code § 6-1.1-20-3.1 subdivisions (4) and (5) not later than 30 days after the publication of this notice.
Dated June 5, 2024.
/s/ Secretary, Board of School Trustees
Tippecanoe Valley School Corporation
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