TRITON SCHOOL CORPORATION - NOTICE OF ADOPTION OF PRELIMINARY DETERMINATION
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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 Triton School Corporation (the "School Corporation") did, on June 12, 2017, make a preliminary determination to issue bonds and enter into a lease (the "Lease") for the renovation of and improvements to Triton Elementary School and Triton Jr./Sr. High School, including the construction of an auxiliary gym (the "Project"). The Lease will be for a maximum term of 21 years with a maximum annual Lease rental of $745,000. The maximum annual Lease rental has been estimated based upon an estimated principal amount of bonds of $7,500,000, estimated interest rates ranging from 3.20% to 5.25%, and total estimated interest costs of $4,760,405.63.
The School Corporation's current debt service levy is $600,179 and the current rate is $0.2145. After the School Corporation enters into the proposed Lease and the bonds are issued, the debt service levy will increase by a maximum of $263,665 and the debt service rate will increase by a maximum of $0.2552. However, as existing obligations mature, the anticipated net impact on the Debt Service Fund tax rate will be $0.0895. 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 shall be replaced. The purpose of the Lease and 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 Lease payments or the issuance of the bonds must file a petition that complies with IC 6-1.1-20-3.1 subdivisions (4) and (5) not later than 30 days after the first publication of this notice.
