North Lawrence Community School Board Conduct Public Bond Hearing
BEDFORD - SEPTEMBER 1 - 2022 - The North Lawrence Community School board heard from the public on a proposed bond issue for the installation of solar panels at Needmore and Shawswick Elementary Schools.
North Lawrence Community School Board holds a public hearing Thursday night
The only person to speak from the public was Scott King, who asked questions on the proposed project. King asked whether the HVAC at the schools, pool repairs or other needs of the corporation are more important.
Scott King asks question about the proposed project and whether this project is priority over other needs of the school corporation
North Lawrence Community School board members following the hearing voted to approve the project resolution, preliminary bond resolution, and reimbursement resolution for the project. All three measures passed in a 7-0 vote.
Prior to the vote Damion Maggos, Managing Director, Raymond James Public Finance Group presented the information to the board about the bond process, tax levies and financing for the project.
The total amount of bonds to be issued is $5,000 with the construction of the project cost of $4,881,250, the cost of the issuance of the bonds is $118,750. The tax rate for the bonds will be at 0.1047 in 2023 and will go down to 0.0090 in 2026.
Debt Service Budget:
2023 - $1,800,000
2024 - $1,800.000
2025 - $1,800,000
2026 - $155,000
Debt Service Levy:
2023 - $1,530,000
2024 - $1,530,000
2025 - $1,530,000
2026 - $131,750
Debt Service Rate:
2023 - 0.1047
2024 - 0.1047
2025 - 0.1047
2026 - 0.0090
The general net assessed valuation for 2023 is $1.5 billion dollars. The general obligation debt issue amount is $9,742,403.
Superintendent Dr. Ty Mungle stated after all the financing projects the school corporation has done, this project will actually generate revenue.
" Primary the project is related to a solar energy savings project. The school corporation anticipates $8 Million in revenue generated over the next 20 years. The $8 Million is past the $4 Million in payback," according to Dr. Mungle.
" This project will reduce the amount of operational costs, and this will have an impact in reducing our obligation costs, which will allow us to use less educational funds in the future. In an effort to increase the salaries and wages of our teachers," said Dr. Mungle.