Legal Notice – Parke County, SWP Community School Corporation, Preliminary Determination

NOTICE OF PRELIMINARY DETERMINATION OF SOUTHWEST PARKE COMMUNITY SCHOOL CORPORATION

Owners of real property, and registered voters residing in, the School District of the Southwest Parke Community School Corporation (the “School Corporation”), are hereby given notice that the Board of School Trustees of the School Corporation (the “Board”), having held meetings and two separate public hearings pursuant to Indiana Code 6-1.1-20-3.1 and Indiana Code 5-3-1, on November 4, 2024, at 7:00 p.m. at the Riverton Parke Jr./Sr. School Library located at 4907 South Coxville Road, Montezuma, Indiana 47862, adopted a resolution (the “Resolution”) making a preliminary determination to undertake (i)(a) construction and acquisition of school safety upgrades, including but not limited to fencing at Riverton Parke Junior Senior High School and Rosedale Elementary School, (b) leveling the cafeteria floor at Riverton Parke Junior Senior High School, (c) restroom upgrades and renovations at all School Corporation facilities, (d) carpet replacement, ceiling tile replacement and upgrades, and painting at all School Corporation facilities, and (e) other related upgrades, equipping and renovations ((i)(a) though (e) collectively, the “Project”), and (ii) to the extent permitted by law to take all of the necessary steps to finance all or a portion of the costs of the Project by issuing general obligation bonds of the School Corporation (the “Bonds”).

The total maximum original aggregate principal amount of the Bonds will not exceed
$650,000. The Bonds will mature not later than January 15, 2026. Based on the estimated interest rates that will be paid in connection with the Bonds of 6.00% per annum, the total interest cost associated therewith will not exceed $35,000, not taking into account any funds of the School Corporation being available for capitalized interest. The School Corporation’s certified total debt service fund tax levy for 2024 (which is the most recent certified tax levy) is
$1,245,898 and the School Corporation’s debt service fund tax rate for 2024 (which is the most recent certified tax rate) is $0.4463 per $100 of assessed value. The School Corporation’s estimated total debt service fund tax levy for 2025 is $1,501,747 and the School Corporation’s estimated debt service fund tax rate for 2025 is $0.4851 per $100 of assessed value. The estimated total maximum debt service fund tax levy for the School Corporation and the estimated total maximum debt service fund tax rate for the School Corporation after the issuance of the Bonds are anticipated to occur no earlier than 2025 and will be $1,501,747 and
$0.4851 per $100 of assessed value, respectively, as a result of the payment of the debt service on the Bonds.

The estimated amount of the School Corporation’s debt service levy and rate that will result during the following 10 years if the School Corporation issues the Bonds, after also considering any changes that will occur to the debt service levy and rate during that period on account of any outstanding bonds or lease obligations that will mature or terminate during that period is as follows:

Estimated Total Estimated Total
Year Debt Service Levy Debt Service Rate
2024 1,245,898 0.4463
2025 1,501,747 0.4851
2026 998,044 0.3224
2027 998,044 0.3224
2028 998,044 0.3224
2029 998,044 0.3224
2030 998,044 0.3224
2031 998,044 0.3224
2032 998,044 0.3224
2033 998,044 0.3224
2034 998,044 0.3224
2035 499,022 0.1612

Note: It is anticipated that the Bonds will mature on January 15, 2026.

The result of the School Corporation’s current and projected annual debt service payments divided by the net assessed value of taxable property in the School Corporation is 0.49%. The result of the sum of the School Corporation’s outstanding long-term debt plus the outstanding long term debt of other taxing units in the School Corporation divided by the net assessed value of taxable property in the School Corporation is 4.41%.

Any owners of real property within the School District of the School Corporation and/or registered voters residing in the School District of the School Corporation who want to initiate a petition and remonstrance process against the proposed debt service for the Bonds must file a petition requesting the application of a petition and remonstrance process with the Parke County Voter Registration Office which complies with Indiana Code 6-1.1-20-3.1 not later than thirty (30) days after the date of publication of this notice.

EXECUTED this 6th day of November, 2024.

SOUTHWEST PARKE COMMUNITY
SCHOOL CORPORATION

By: D.J. Harkrider, Secretary