NOTICE OF ADOPTION OF PRELIMINARY DETERMINATION
May 22, 2014
NOTICE OF ADOPTION OF
Notice is hereby given pursuant to Indiana Code 6-1.1-20-3.1 that the Board of School Trustees of Bluffton-Harrison Metropolitan School District (the “School Corporation”) did, on May 19, 2014, make a preliminary determination to enter into a lease for construction of additions to Bluffton-Harrison Elementary School and the renovation of and improvements to the existing facility, including site work (collectively, the “Project”). The lease will be for a maximum term of 15 years with a maximum annual lease rental of $2,600,000. The maximum annual lease rental has been estimated based upon an estimated principal amount of bonds of $10,000,000, estimated interest rates ranging from 3.40% to 4.50% and total estimated interest costs of $4,700,000.
The School Corporation’s current debt service levy is $1,724,822 and the current rate is $0.4437. After the School Corporation enters into the proposed lease and the bonds are issued, the debt service levy will increase by a maximum of $2,600,000 and the debt service rate will increase by a maximum of$0.5151. The School Corporation expects to annually incur $90,000 to operate its new facility space.
The purpose of the lease is to provide for the construction of 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 payment must file a petition that complies with IC 6-1.1-20-3.1 subdivisions (4) and (5) not later than 30 days after publication of this notice.
Dated May 22, 2014.
Board of School Trustees
Metropolitan School District