The Carmel Clay Schools Board of Trustees is holding a work session at 7 p.m., March 9 at the Educational Services Center.
The administration is proposing the sale of $12,080,000 of General Obligation Bonds which would be repaid over the next four years. This action will result in providing funds needed in the areas of facilities and technology.
According to a news release sent from the school, this action will also support efforts to manage the Debt Service tax rate over the next 10 years. For planning purposes the Administration assumes a facility will need a major renovation approximately every 30 years. Carmel Elementary and Cherry Tree Elementary will be due for major renovations in 2018 and 2019.
Therefore in addition to the sale of $12,080,000 of General Obligation Bonds in 2015, the Administration has also projected the possible sale of an additional $20,000,000 of General Obligation Bonds in 2019.
The Debt Service Tax Rate in 2014 was $.32, according to the release, and the rate decreased to $.29 in 2015. If these bonds are sold, the rate will return to $.32 in 2016 & 2017 and then decline to $.29 through 2023.
