September 14, 2016 at 8:25 p.m.
Change to bond nets SA $2 million
South Adams Schools
Change to bond nets SA $2 million
BERNE — South Adams Schools has added nearly $2 million to its construction fund thanks to refinancing a bond issue.
“We did really, really well with the interest rates,” superintendent Scott Litwiller told the South Adams School Board on Tuesday.
The school corporation had issued $23,325,000 in 2008 to fund the construction of the elementary and middle school addition at an interest rate of 5.027 percent. By refinancing the $18,310,000 balance that remained, the school corporation was able to get an interest rate of 2.49 percent.
The net result, Litwiller said, is $1,976,719 deposited into the construction fund.
A number of renovation projects at the school complex in Berne are currently under consideration that would make use of those dollars.
“It was a very successful re-funding,” said school board attorney Tim Baker, who worked with financial firm Umbaugh and Associates to direct the refinancing process.
Board members heard no public comment during a hearing on the corporation’s 2017 budget, which totals $15,674,481. Of that amount, property taxes will provide $5,309,378 at a projected tax rate of $1.5418 per $100 assessed valuation. Adoption of the budget is expected at the board’s Oct. 11 meeting.
Litwiller told board members that 2017 student enrollment figures will be nailed down Friday, which is the official count day for the Indiana Department of Education.
“We did really, really well with the interest rates,” superintendent Scott Litwiller told the South Adams School Board on Tuesday.
The school corporation had issued $23,325,000 in 2008 to fund the construction of the elementary and middle school addition at an interest rate of 5.027 percent. By refinancing the $18,310,000 balance that remained, the school corporation was able to get an interest rate of 2.49 percent.
The net result, Litwiller said, is $1,976,719 deposited into the construction fund.
A number of renovation projects at the school complex in Berne are currently under consideration that would make use of those dollars.
“It was a very successful re-funding,” said school board attorney Tim Baker, who worked with financial firm Umbaugh and Associates to direct the refinancing process.
Board members heard no public comment during a hearing on the corporation’s 2017 budget, which totals $15,674,481. Of that amount, property taxes will provide $5,309,378 at a projected tax rate of $1.5418 per $100 assessed valuation. Adoption of the budget is expected at the board’s Oct. 11 meeting.
Litwiller told board members that 2017 student enrollment figures will be nailed down Friday, which is the official count day for the Indiana Department of Education.
Preliminary numbers show enrollment up about 16 students, but those numbers are subject to change daily.
“I don’t know really if we’re up or down,” said Litwiller. “I’m still hesitant until Friday.”
In other business, the board:
•Scheduled high school commencement for 2 p.m. May 28, the Sunday of Memorial Day weekend. School officials had polled parents of seniors, and the May 28 date was preferred.
•Set fees for driver’s education at the same rate as last year, $320 for South Adams students and $380 for non-South Adams students.
•Heard a report from Susie Amstutz on the Migrant Education Resource Center.
“Our program continues to grow,” Amstutz said.
The number of students served during the regular school year has grown to 205, up from 124 during the 2013-14 school year.
•Was told 44 percent of South Adams High School students are taking part in athletics this fall.
A report on other extracurricular participation is expected at a future board meeting.
“We want to see the percentage of students involved in extracurricular activities continue to rise,” said Litwiller.
•Learned that while there has been some interest in the former school property at the northwest corner of the intersection of U.S. 27 and Indiana 218, nothing firm has developed.
•Hired Terry Steury as a bus aide; Tina Miller and Jane Miller as high school tutors; Michael Baer, Jeff Bradtmiller, Cindy Sprunger and Kelsey Sprunger as middle school tutors; Emilie Walter as a part-time special education aide; Diane McClung as a migrant student aide; and Emily Cook, Alissa Goldsworthy and Sheri Litwiller as migrant tutors.
•Approved leave for Betsy Minnich.
•Accepted a $300 donation from the Jefferson Alumni Association to the athletic department.
“I don’t know really if we’re up or down,” said Litwiller. “I’m still hesitant until Friday.”
In other business, the board:
•Scheduled high school commencement for 2 p.m. May 28, the Sunday of Memorial Day weekend. School officials had polled parents of seniors, and the May 28 date was preferred.
•Set fees for driver’s education at the same rate as last year, $320 for South Adams students and $380 for non-South Adams students.
•Heard a report from Susie Amstutz on the Migrant Education Resource Center.
“Our program continues to grow,” Amstutz said.
The number of students served during the regular school year has grown to 205, up from 124 during the 2013-14 school year.
•Was told 44 percent of South Adams High School students are taking part in athletics this fall.
A report on other extracurricular participation is expected at a future board meeting.
“We want to see the percentage of students involved in extracurricular activities continue to rise,” said Litwiller.
•Learned that while there has been some interest in the former school property at the northwest corner of the intersection of U.S. 27 and Indiana 218, nothing firm has developed.
•Hired Terry Steury as a bus aide; Tina Miller and Jane Miller as high school tutors; Michael Baer, Jeff Bradtmiller, Cindy Sprunger and Kelsey Sprunger as middle school tutors; Emilie Walter as a part-time special education aide; Diane McClung as a migrant student aide; and Emily Cook, Alissa Goldsworthy and Sheri Litwiller as migrant tutors.
•Approved leave for Betsy Minnich.
•Accepted a $300 donation from the Jefferson Alumni Association to the athletic department.
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