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BOURBON – Triton School Board heard information Monday about pursuing bonds for projects around the school corporation.
Lauren Siler, from Ice Miller, said there are some deferred maintenance needs at the school corporation that require funding, such as equipment and technology for the classrooms.
The school board was not asked to act on anything Monday, but was told what the process was going to be to get bonds for the work.
There are three factors that are looked at when determining the legal process the school corporation has to go through. They are the school corporation’s debt service fund tax rate, the total cost of the project the bonds would be covering and what type of bonds that would be issued.
Siler said there will be two public hearings, one in March and one in April, about the project. The bonds will possibly be issued in the fall, but the dates are tentative.
Sean McGill, senior manager with Baker Tilly, said Triton has been very diligent in managing its debt service fund over the past few years. He said when debt service payments go up, the tax rate goes up and vice versa.
Currently, debt service payments are about $1.75 million and they decrease to about $1 million next year. That $750,000 represents an opportunity for the school corporation to pursue some capital projects and fill in that step-down payment without increasing the tax rate above where it currently is.
School corporations are bound by state statute to a general obligation debt limit, McGill said. The limit is taking the most recent assessed valuation, multiply it by 2% and divide it by three and that is the most the school corporation can have outstanding at one time. Triton’s current limit is $3,150,000 of principal. That means today, the school corporation could bond $1,705,000. As more debt payments are made, the school corporation would be able to bond out more money. After July 15, McGill said there would be $2,225,000 that could be bonded and after Jan. 15, 2027, there’s $2,760,000 that could be bonded.
McGill also showed scenarios available based on the $2,760,000 in regards to payments. Both scenarios maintained a five-year repayment plan.
In other business, the board:
• Heard from the Triton Elementary Parent-Teacher Organization about a PTO at the high school.
PTO President Carolyn Crooks said after the PTO came in front of the board in December about an outdoor classroom at the elementary school, representatives from the high school asked if the PTO would be willing to take on the high school as there no PTO or booster club that “can show some appreciation to teachers and students” and support them. The PTO discussed the idea and “agreed we would help finish off this school year” and get the process started for creating a separate PTO at the high school.
PTO Communications Director Megan Shafer said at the beginning of next school year, they do anticipate opening up leadership positions for the high school PTO.
• Heard there will be a two-hour delay on Thursday for professional development.
• Heard Feb. 19 is Free Application for Federal Student Aid night at the high school.
• Approved the hiring of Olivia Waymout as the junior high golf coach, Jorie Yarber as a color guard volunteer, Gina Westafer as the varsity volleyball head coach, Tamara White as a substitute teacher, Terry Alderfer Jr. as a substitute elementary cafeteria worker and Cassandra McIntyre as the speech-language pathologist.
