The Plymouth Community School Board approved two documents in order to move forward with building improvement projects.
Washington Elementary, Riverside Elementary and Plymouth High School will see improvements in roofing, lighting and HVAC systems. Parking lot paving is also included in the additional $2 million General Obligation Bond Issue.
The board members adopted a preliminary bond resolution to pay for the cost of maintenance and improvements to the corporation at a cost not to exceed $2 million.
The board also approved the declaration of official intent to reimburse those expenditures. If the school corporation has any preliminary costs in advance of the bond proceeds, the declaration of official intent allows the reimbursement of those costs from the bond proceeds after the bond closing. This is a requirement by the Internal Revenue Service in order for this to occur.
The board unanimously approved both documents to proceed with the improvement projects as scheduled.
