May 7, 2018 at 5:25 p.m.
Board OKs work on lots
Jay School Board
Board OKs work on lots
Parking lots and drives at East and General Shanks elementary schools will get an overhaul this summer in advance of consolidation this fall.
Jay School Board awarded the paving contract to Muhlenkamp Building Corp., Coldwater, Ohio, this morning in a rare special session.
Muhlenkamp was the low bidder at $1,173,468. Milestone Contractors, Portland, submitted a bid of $1,385,525.
Approval came on a 5-0 vote, with board members Corey Gundrum and Beth Krieg absent.
Superintendent Jeremy Gulley said the 7 a.m. meeting would help speed the process so that work could begin on the two sites as soon as possible. Muhlenkamp Building Corp. was also awarded the contract for building renovations at East Elementary.
Gulley said he expected both buildings to be used by the school corporation for many years. This fall the two buildings will accommodate students from Judge Haynes Elementary School, which is closing at the end of the school year.
Board members also gave 5-0 approval to a lease agreement with the Jay Schools Building Corporation for the East building.
Attorney Phil Frantz walked the board through the “convoluted” system used in Indiana to finance school building construction projects.
Under that system, the East building will be deeded to the building corporation, which will then lease the property back to Jay Schools. Lease payments from Jay Schools will be used to pay off bonds issued by the building corporation.
“That’s how it works,” said Frantz. “This is a process used every place.”
Gulley added, “We’ve done this in Jay County a number of times.”
Board members also approved financing for the purchase of nine new school buses this morning. Purchase of the buses had been approved at a prior meeting, but business manager Brad DeRome presented details on financing today.
The purchase will be paid for via a loan through the Indiana Bond Bank and US Bank, which submitted the lowest interest rate and fee among six banks. The total to be borrowed is $811,362. US Bank’s interest rate was 3.255 percent plus a $1,400 fee.
Other loan proposals were received from First Merchants Bank, Huntington Bank, Key Bank, Regions Bank and Crossroads Bank.
Jay School Board awarded the paving contract to Muhlenkamp Building Corp., Coldwater, Ohio, this morning in a rare special session.
Muhlenkamp was the low bidder at $1,173,468. Milestone Contractors, Portland, submitted a bid of $1,385,525.
Approval came on a 5-0 vote, with board members Corey Gundrum and Beth Krieg absent.
Superintendent Jeremy Gulley said the 7 a.m. meeting would help speed the process so that work could begin on the two sites as soon as possible. Muhlenkamp Building Corp. was also awarded the contract for building renovations at East Elementary.
Gulley said he expected both buildings to be used by the school corporation for many years. This fall the two buildings will accommodate students from Judge Haynes Elementary School, which is closing at the end of the school year.
Board members also gave 5-0 approval to a lease agreement with the Jay Schools Building Corporation for the East building.
Attorney Phil Frantz walked the board through the “convoluted” system used in Indiana to finance school building construction projects.
Under that system, the East building will be deeded to the building corporation, which will then lease the property back to Jay Schools. Lease payments from Jay Schools will be used to pay off bonds issued by the building corporation.
“That’s how it works,” said Frantz. “This is a process used every place.”
Gulley added, “We’ve done this in Jay County a number of times.”
Board members also approved financing for the purchase of nine new school buses this morning. Purchase of the buses had been approved at a prior meeting, but business manager Brad DeRome presented details on financing today.
The purchase will be paid for via a loan through the Indiana Bond Bank and US Bank, which submitted the lowest interest rate and fee among six banks. The total to be borrowed is $811,362. US Bank’s interest rate was 3.255 percent plus a $1,400 fee.
Other loan proposals were received from First Merchants Bank, Huntington Bank, Key Bank, Regions Bank and Crossroads Bank.
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