Posted on June 25, 2018
Author Jacque Ryan, WKVI
North Judson-San Pierre will be taking one of the final steps to secure the school’s $1.1 Million General Obligation Bond tomorrow. Superintendent Dr. Annette Zupin informed school board members met last week that the bond closing will be on Tuesday, June 26th.
As a reminder, this bond will take the place of the 2006 bonds that will soon be retired. Replacing the 2006 bonds that are about to fall off with this G.O. bond will allow for the levy and the school’s current rate to be unaffected.
Superintendent Dr. Annette Zupin has mentioned in past meetings that about $400,000 of the bond money will be used to purchase new technology devices. Another $100,000 dollars will be spent to enhance safety and security. The remaining money will be set aside for future repairs and projects as well as potential upgrades to the elementary school building.
Showing posts with label general obligation bond. Show all posts
Showing posts with label general obligation bond. Show all posts
Monday, June 25, 2018
Tuesday, May 22, 2018
Starke County Council Considers Bond Issue and Additional Appropriation Request from NJSP Schools
Posted on May 22, 2018
Author Anita Goodan, WKVI
North Judson-San Pierre Schools will be getting money for technology and security upgrades thanks to a decision by the Starke County Council members last night.
School Superintendent Dr. Annette Zupin explained that the school completed paperwork for a $1.1 million General Obligation bond which will help pay for technology upgrades and security upgrades at the schools. Students would be able to have updated technology devices while security cameras would be installed at the elementary school. In addition, new, secure entrances would be constructed at a cost of approximately $400,000. Zupin said the rest of the funds would be set aside for about three years to gauge enrollment at the elementary school. If the student population stays status quo or increases, the remaining money will be used to update the building.
Councilman David Pearman asked what the funding would be used for if the elementary school is no longer needed. Zupin answered that it would be used to re-roof the remaining buildings or be used for other capital projects. The bond money cannot be used for other purposes other than capital projects.
The Liberty Elementary School is the oldest building owned by the school corporation. It dates back to about 1952.
Curt Pletcher from Umbaugh and Associates said the school has debt falling off in 2019 and the payments for the three-year bond could be made without impacting the levy.
The school board last week held a public hearing regarding this funding request and no public comment was provided. The school board members approved all paperwork in order to move forward with this process.
Councilman Freddie Baker commented that the school corporation has been very responsible with its budget since its large scale restructuring a few years ago and he supported the bond issue and additional appropriation request.
The council members did unanimously approve the request as presented. The projects could begin yet this summer.
Author Anita Goodan, WKVI
North Judson-San Pierre Schools will be getting money for technology and security upgrades thanks to a decision by the Starke County Council members last night.
School Superintendent Dr. Annette Zupin explained that the school completed paperwork for a $1.1 million General Obligation bond which will help pay for technology upgrades and security upgrades at the schools. Students would be able to have updated technology devices while security cameras would be installed at the elementary school. In addition, new, secure entrances would be constructed at a cost of approximately $400,000. Zupin said the rest of the funds would be set aside for about three years to gauge enrollment at the elementary school. If the student population stays status quo or increases, the remaining money will be used to update the building.
Councilman David Pearman asked what the funding would be used for if the elementary school is no longer needed. Zupin answered that it would be used to re-roof the remaining buildings or be used for other capital projects. The bond money cannot be used for other purposes other than capital projects.
The Liberty Elementary School is the oldest building owned by the school corporation. It dates back to about 1952.
Curt Pletcher from Umbaugh and Associates said the school has debt falling off in 2019 and the payments for the three-year bond could be made without impacting the levy.
The school board last week held a public hearing regarding this funding request and no public comment was provided. The school board members approved all paperwork in order to move forward with this process.
Councilman Freddie Baker commented that the school corporation has been very responsible with its budget since its large scale restructuring a few years ago and he supported the bond issue and additional appropriation request.
The council members did unanimously approve the request as presented. The projects could begin yet this summer.
Thursday, May 17, 2018
NJSP School Board Holds Hearing Over $1.1 Million General Obligation Bonds
Posted on May 17, 2018
Author Jacque Ryan, WKVI
North Judson-San Pierre school board members took a few major steps in the General Obligation Bond process at their Tuesday night meeting.
A public hearing was held over the proposed bond issuance, which will be for a total of $1.1 million. Curt Pletcher from Umbaugh provided a general overview of the bond process, explaining that it will take the place of the 2006 bonds that will soon be retired.
He said there is about a 2 percent interest rate and the bond will be paid back over a three year period. Fletcher stressed that the school corporation will be maintaining their annual payments going forward.
Dr. Zupin noted that about $400,000 of the bond money will be used to purchase new technology devices. Another $100,000 dollars will be spent to enhance safety and security. The remaining money will be set aside for future repairs and potential upgrades to the elementary school building.
Following the hearing, members considered three resolutions that dealt with issuance, appropriation and reimbursement.
The school corporation’s bond counsel, Thomas Peterson, explained that the first two resolutions had to do with issuing the money and making an additional appropriation in the school’s budget so the money can be spent.
Peterson said the third document is a reimbursement resolution created by the Internal Revenue Service. It establishes that the school is borrowing on a tax-exempt basis, and acknowledges that the money will be utilized for projects that are “purposeful for tax exemption” and that any money given to the school is reimbursement for an appropriated expense. He said that the IRS put that resolution in place to keep individuals from abusing the system.
All three resolutions were approved unanimously by the school board members. The request to make an additional appropriation now has to go before the Starke County Council at their next meeting on May 21st. If that is approved, the school can move forward with the process. Dr. Zupin said that if all goes according to plan, they can expect to see the money from the bond issuance in mid-June
Author Jacque Ryan, WKVI
North Judson-San Pierre school board members took a few major steps in the General Obligation Bond process at their Tuesday night meeting.
A public hearing was held over the proposed bond issuance, which will be for a total of $1.1 million. Curt Pletcher from Umbaugh provided a general overview of the bond process, explaining that it will take the place of the 2006 bonds that will soon be retired.
He said there is about a 2 percent interest rate and the bond will be paid back over a three year period. Fletcher stressed that the school corporation will be maintaining their annual payments going forward.
Dr. Zupin noted that about $400,000 of the bond money will be used to purchase new technology devices. Another $100,000 dollars will be spent to enhance safety and security. The remaining money will be set aside for future repairs and potential upgrades to the elementary school building.
Following the hearing, members considered three resolutions that dealt with issuance, appropriation and reimbursement.
The school corporation’s bond counsel, Thomas Peterson, explained that the first two resolutions had to do with issuing the money and making an additional appropriation in the school’s budget so the money can be spent.
Peterson said the third document is a reimbursement resolution created by the Internal Revenue Service. It establishes that the school is borrowing on a tax-exempt basis, and acknowledges that the money will be utilized for projects that are “purposeful for tax exemption” and that any money given to the school is reimbursement for an appropriated expense. He said that the IRS put that resolution in place to keep individuals from abusing the system.
All three resolutions were approved unanimously by the school board members. The request to make an additional appropriation now has to go before the Starke County Council at their next meeting on May 21st. If that is approved, the school can move forward with the process. Dr. Zupin said that if all goes according to plan, they can expect to see the money from the bond issuance in mid-June
Tuesday, April 24, 2018
North Judson-San Pierre School Board to Consider General Obligation Bond
Posted on April 24, 2018
Author Jacque Ryan, WKVI
North Judson-San Pierre Superintendent Dr. Annette Zupin recently informed school board members that the school’s existing debt is about to drop significantly in 2019. First covered during their work session on April 4th, Zupin reviewed the matter during last Tuesday’s school board meeting.
She said in order to maintain the school’s current rate, additional debt has to be taken on.
She explained, “The debt service fund is for annual debt obligations and really is helpful for schools because it’s a way for us to maintain our school facilities, buy some equipment and make sure that we have what our students need.”
Dr. Zupin is proposing taking out a general obligation bond worth $1.1 million that would be paid off over the next 3 years starting in 2019. She reiterated that the school’s tax rate would remain unchanged and added that general obligation bonds are easier to issue, buy and sell than lease rental bonds.
The superintendent said that some proposed purchases include updated surveillance equipment for the elementary school as well as some technology upgrades.
Zupin told board members, “What I would like to do is purchase 360 MacBook Airs. That would be 12 carts of 30, 6 in each building, that way each grade level has access to them,” She went on, “and 60 iPads, 2 carts of 30 for our kindergarten and first grade because those are easier for them to use.”
According to Superintendent Zupin, the total estimated cost for the technology and security upgrades would be around $400,000. She said that leaves more than half a million dollars from the bond issuance that could be set aside for potential projects or needed repairs that may pop up down the line.
No official actions were taken last Tuesday but a bond resolution will be considered during the board’s next meeting on May 15th.
Author Jacque Ryan, WKVI
North Judson-San Pierre Superintendent Dr. Annette Zupin recently informed school board members that the school’s existing debt is about to drop significantly in 2019. First covered during their work session on April 4th, Zupin reviewed the matter during last Tuesday’s school board meeting.
She said in order to maintain the school’s current rate, additional debt has to be taken on.
She explained, “The debt service fund is for annual debt obligations and really is helpful for schools because it’s a way for us to maintain our school facilities, buy some equipment and make sure that we have what our students need.”
Dr. Zupin is proposing taking out a general obligation bond worth $1.1 million that would be paid off over the next 3 years starting in 2019. She reiterated that the school’s tax rate would remain unchanged and added that general obligation bonds are easier to issue, buy and sell than lease rental bonds.
The superintendent said that some proposed purchases include updated surveillance equipment for the elementary school as well as some technology upgrades.
Zupin told board members, “What I would like to do is purchase 360 MacBook Airs. That would be 12 carts of 30, 6 in each building, that way each grade level has access to them,” She went on, “and 60 iPads, 2 carts of 30 for our kindergarten and first grade because those are easier for them to use.”
According to Superintendent Zupin, the total estimated cost for the technology and security upgrades would be around $400,000. She said that leaves more than half a million dollars from the bond issuance that could be set aside for potential projects or needed repairs that may pop up down the line.
No official actions were taken last Tuesday but a bond resolution will be considered during the board’s next meeting on May 15th.
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