Superintendent Christopher Winchell updated the John Glenn School Board on the status of an ongoing facilities project that began in 2019 during Tuesday’s meeting.
The school board members were presented with updated blueprints for Walkerton Elementary School and informed them that there were three action items that the members would need to vote on in this meeting in order to proceed. The first step in the process was to determine the need for a $10 million bond and a $10 million building project. They have foregone a lengthy process of recognizing the current state of the facility and putting together a plan to address the issues found.
The members voted unanimously by all present that the need for this project was there.
The next action was to approve the Form of Leave agreement. There are two different ways the school system can borrow money. The first is a General Obligation bond. This is a no collateral bond with a statutory limit based on assessed value. The John Glenn School Corporation would only get an estimated $2 million to $3 million. There is also a Lease Rental bond. In this bond, they can mortgage a portion of the building as collateral.
The board members voted unanimously by all present to approve of acquiring a Lease Rental bond in order to get the full amount of funds needed.
John Glenn technically cannot lease the building to themselves, but they can create an entity to which the building would be leased. The final step in the process would be for the school board to re-approve the John Glenn High School Building Corporation as an entity that has the authority to hold a lease.
The board members voted unanimously by all present for the approval of the establishment of the John Glenn High School Building Corporation as its own entity.
There is room in the schedule, but the bond sale is anticipated to be June 6. The project should be ready for review by July 11, and bids should start coming in around August 8. With bids hoping to be accepted by August 15, renovations may begin by the start of the next school year.
