Tippy Valley Gets Loan Against Taxes To Meet Expenses
Posted
David Slone-dslone@timesuniononline.com
AKRON - Only two offers came in this year for Tippecanoe Valley School Corp.'s request for bids for tax anticipation warrants.
Monday, the school board approved the lowest bid, provided by Regions Bank out of Indianapolis.
Valley will get $3.5 million at an interest rate of 2.41 percent. The loan matures on Dec. 31.Tax anticipation warrants provide loans to school corporations until the school corporations receive the money coming to them from taxes. The money from the temporary loans is used to meet current expenses.
In other business, the school board:
n Approved requests for proposals for a guaranteed energy savings contract project at Burket Alternative Learning Center, and the advertising of notice to bidders for the project.
n Approved an addition to the school board policy regarding investment income.
For the past several years, Assistant Superintendent Brett Boggs told the school board, the school corporation was given the authority to transfer funds from the capital project fund to transportation revenue in an amount determined by the state. This year is the first year the state has not given schools the authority to make the transfer.
Superintendent Dr. Daniel Kramer and Boggs discussed investing transportation money in order for the transportation fund to receive additional revenue in the form of interest.
The State Board of Accounts suggested Boggs get approval from the school board for a policy allowing the investment of that fund and receipt of interested derived from such investments.
Boggs said the transportation fund in the future is going to be tight.
n Approved the 2008 summer school contracts and recreation contracts.
For this summer, Boggs said, the Kosciusko Community Foundation provided grant money for Valley Schools to run a bus to pick kids up for summer school.
"We're real pleased and very thankful to Kosciusko Community Foundation for that," Boggs said.
Without the grant money and bus, Boggs said Valley would likely not be able to offer a bus pick-up service for summer school students.
n Announced the upcoming meetings will be: June 23, capital projects funds board workshop, administration office; July 14, regular meeting, administration office; July 28, budget board workshop, administration office; Aug. 11, regular meeting, Mentone Elementary School; Aug. 25, budget public hearing, administration office; Sept. 8, regular meeting and budget adoption, Mentone Elementary School; Oct. 13, regular meeting, Mentone Elementary School. All meetings are at 7:30 p.m.
n Approved the resignations of: Darlene Drudge, extracurricular account treasurer, Tippecanoe Valley High School; William Gagnon, custodian, Burket; Johanna Martin, Akron teacher; Joshua Murphy, freshman boys basketball coach, TVHS; and Shannon Randall, migrant education.
n Approved hiring Chrissy Mills as the Reading Recovery teacher at Akron; Katherine Ewers as head swim coach, TVHS; Darren Parker, business teacher, TVHS; and Emily Finken, physical education, TVHS.
n Approved staff development early dismissal for the 2008-09 school year.
n Approved an overnight trip for TVHS football to Anderson University.
n Approved an out-of-state, overnight trip for TVHS volleyball and wrestling to Cedar Point, Ohio, June 20-21.
n Approved an overnight trip for TVHS volleyball to Rolling Prairie.
n Approved textbook adoption and textbook rental fees for the 2008-09 school year.
n Approved the Warsaw Area Career Center agreement for 2008-2010.
n Approved the plan for schoolwide Title I and the school improvement plans.
School board members are Mark Wise, Hal Hoffman, David O'Brien, Bryan Murphy and Rod Eaton.
