Warsaw Community Schools

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 Warsaw Community Schools (the "School Corporation") did, on August 13, 2024, make a preliminary determination to issue bonds for the renovation of and improvements to school facilities, including deferred maintenance improvements, roofing repairs, HVAC improvements, athletics improvements, site improvements, and the purchase of equipment (collectively, the "Projects"). The bonds will have a maximum maturity of five (5) years, a maximum principal amount of $5,000,000, and estimated interest rates ranging from 1.00% to 6.00%, resulting in total estimated interest costs of $918,500.
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 4.03%.
The School Corporation's current Debt Service Fund levy is $16,400,414 and the current Debt Service Fund rate is $0.5045. After the bonds are issued, the gross Debt Service Fund levy will increase by a maximum of $0.1405 and the gross Debt Service Fund tax rate will increase by a maximum of $4,500,000. However, as existing obligations mature, the anticipated net increase to the non-exempt Debt Service Fund tax rate is expected to be $0.0440 above the current rate, and there is no anticipated net increase to the total Debt Service Fund tax rate 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 ten 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 Fund Levy Debt Service Fund Tax Rate
2024 $13,691,579 $0.4276
2025 14,109,062 0.4278
2026 13,085,221 0.3852
2027 7,834,327 0.2239
2028 7,989,032 0.2217
2029 8,204,205 0.2210
2030 6,540,576 0.1762
2031 8,099,950 0.2182
2032 2,164,492 0.0583
2033 4,068,981 0.1096
2034 4,083,656 0.1100
The purpose of the bonds is to provide for the Projects.
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 first publication of this notice.
Dated August 14, 2024.
/s/ Secretary, Board of School Trustees
Warsaw Community Schools
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