referendum - information filing - school town of munster · note: debt approved by referendum is...
TRANSCRIPT
SCHOOL TOWN OF MUNSTER
LAKE COUNTY, INDIANA DEPT OF LOCAL
INFORMATION PROVIDED TO THE DEPARTMENT
OF LOCAL GOVERNMENT FINANCE IN ACCORDANCEWITH INDIANA CODE 6-1.1-20-3.6(1) IN CONNECTION WITH THE
2017-2020 MUNSTER SCHOOL BUILDING RENEWAL/RESTORATION,TECHNOLOGY UPGRADE AND SAFETY PROJECT
Dated January 30. 2017
1. The name of the political subdivision and the county or counties in which itlevies a property tax. The name of the political subdivision is School Town ofMunster, Lake County, Indiana (the "School Corporation"), and it levies propertytaxes in a portion of Lake County, Indiana.
2. The cost per square foot of any buildings being constructed as part of thecontrolled project. No buildings are being constructed as a part of the 2017-2020 Munster School Building Renewal/Restoration, Technology Upgrade andSafety Project. Instead, this project involves the renovation, restoration, upgrade,improvement and equipping, including, but not limited to, technology equipmentupgrade of all or a portion of the basic site and building components, includingsafety and accessibility improvements at all or any portion of all of the schoolbuildings operated by the School Corporation, including, but not limited to, EadsElementary School, Elliot Elementary School, Frank Hammond ElementarySchool, Wilbur Wright Middle School and Munster High School. The renovationand restoration work is being done at average square footage cost of $52.86 persquare foot.
3. The effect that approval of the controlled project would have on the politicalsubdivision's property tax rate. The School Corporation has preliminarilyapproved two different repayment terms and structures for financing of thecontrolled project, both of which are set forth on Exhibit A and Exhibit B attachedhereto. One repayment term and structure involves a repayment of the financingof the controlled project over a maximum term of approximately ten years (the"10 Year Repayment"), and one repayment term and structure involves arepayment of the financing of the controlled project over a maximum term oftwenty years (the "20 Year Repayment"). Under the 10 Year Repayment, thetotal interest cost to be paid on the bonds issued to finance the controlled projectwould be $13,783,111, based on the assumed interest rates of between 3.15% and4.85%, the maximum annual debt service/Jease payment to be paid would be$7,472,000, the aggregate maximum annual debt service/lease payments over theterm would be $61,355,367, and the property tax rate effect of the controlledproject would be $0.4309 per $100 of assessed valuation which is based on themaximum annual debt service/lease payment of $7,472,000 and the currentcertified net assessed valuation, including the net assessed valuation for taxableproperty located in all allocation areas within the School Corporation's
JAN 3 OZ017
>EPT OF LOCA
GOV FINANCE
geographical boundaries, of $1,647,176,265. Under the 20 Year Repayment, thetotal interest cost to be paid on the bonds issued to finance the controlled projectwould be $29,593,578, based on the assumed interest rates of between 3.15% and5.65%, the maximum annual debt service/lease payment to be paid would be$4,315,000, the aggregate maximum annual debt service/lease payments over theterm would be $77,894,188, and the property tax rate effect of the controlledproject would be $0.2489 per $100 of assessed valuation which is based on themaximum annual debt service/lease payment of $4,315,000 and the currentcertified net assessed valuation, including the net assessed valuation for taxableproperty located in all allocation areas within the School Corporation'sgeographical boundaries, of $1,647,176,265. For this and additional informationregarding the tax rate effect of the controlled project, please see Exhibit A andExhibit B attached hereto.
4. The maximum term of the bonds or lease. Under the 10 Year Repayment, themaximum term of any series of bonds is not expected to exceed ten years and onemonth, and the maximum term of any corresponding lease or leases oramendment or amendments to one or more leases is not expected to exceed elevenyears. Under the 20 Year Repayment, the maximum term of any series of bondswill not exceed twenty years, and the maximum term of any corresponding leaseor leases or amendment or amendments to one or more leases will not exceedtwenty-two years.
5. The maximum principal amount of the bonds or the maximum lease rentalfor the lease. Under the 10 Year Repayment, the maximum principal amount ofthe bonds is not expected to exceed $47,510,000, the maximum annual principaland interest to be paid on any of the bonds being issued plus the annual leaserental paid by the School Corporation is $7,472,000 (which is net of any fundsreceived by the School Corporation or any local building corporation from theUnited States of America as a result of the bonds being issued under one or morefederal tax credit programs), and the maximum total principal and interest to bepaid on the bonds being issued plus the maximum total lease rental paid by theSchool Corporation over the entire term of the lease or leases or amendment oramendments to one or more leases, not excluding any fiinds of the SchoolCorporation or the local building corporation being used to pay interest, is$61,355,367 (which is net of any funds received by the School Corporation or anylocal building corporation fi'om the United States of America as a result of thebonds being issued under one or more federal tax credit programs). Under the 20Year Repayment, the maximum principal amount of the bonds will not exceed$48,175,000, the maximum annual principal and interest to be paid on any of thebonds being issued plus the annual lease rental paid by the School Corporation is$4,315,000 (which is net of any fiinds received by the School Corporation or anylocal building corporation fi'om the United States of America as a result of thebonds being issued under one or more federal tax credh programs), and themaximum total principal and interest to be paid on the bonds beingissued plus themaximum total lease rental paid by the School Corporation over the entire term ofthe lease or leases or amendment or amendments to one or more leases, not
excluding any funds of the School Corporation or the local building corporationbeing used to pay interest, is $77,894,188 (which is net of any funds received bythe School Corporation or any local building corporation from the United Statesof America as a result of the bonds being issued under one or more federal taxcredit programs).
6. The estimated interest rates that will be paid and the total interest costsassociated with the bonds or lease. Based on estimated interest rates that will bepaid in connection with the bonds ranging from 3.15% and 4.85% under the 10Year Repayment, the total interest cost associated therewith is not expected toexceed $13,783,111, not including any anticipated capitalized interest paid on thebonds. Based on estimated interest rates that will be paid in connection with thebonds ranging from 3.15% and 5.65% under the 20 Year Repayment, the totalinterest cost associated therewith will not exceed $29,593,578, not including anyanticipated capitalized interest paid on the bonds.
7. The purpose of the bonds or lease. The purpose of the bonds and lease are tofinance the costs of the 2017-2020 Munster School BuildingRenewal/Restoration, Technology Upgrade and Safety Project as described inmore detail in the resolution adopted by the Board of School Trustees of theSchool Corporation on December 19, 2016. A signed copy of this resolution isattached hereto as Exhibit B. For even more detail, go to www.munster.kl2.in.us.
8. The current and proposed square footage of school building space perstudent. For this information, please see Exhibit C attached hereto.
9. The enrollment patterns within the School Corporation. For this information,please see Exhibit D attached hereto.
10. The age and condition of the current school facilities. For this information,please see Exhibit C attached hereto.
EXHIBIT A
Sch
oo
lT
ow
no
fM
un
ster
Pro
ject
Hea
ring
Dec
emb
er19
,2
01
6
UM
BA
UG
HIt
'sal
lab
oute
xper
ienc
e
$20,
000
$18,
000
$1
6,0
00
SC
HO
OL
TO
WN
OF
MU
NS
TE
R
EX
IST
ING
DE
BT
SE
RV
ICE
/L
EA
SE
RE
NT
AL
PA
YM
EN
TS
(Un
aud
ited
)
I$1
0,00
0
$8,0
00
•S$6
,000
a
$4,0
00
$2
,00
0
11
11
1•
•2
01
72
01
82
01
92
02
02
02
12
02
22
02
32
02
42
02
52
02
62
02
72
02
8
•Fi
rst
Mor
tgag
eB
onds
,Ser
ies
2008
•Fi
rst
Mor
tgag
eB
onds
,Se
ries
2009
•Fi
rst
Mor
tgag
eB
onds
,Se
ries
2011
A
•Fi
rst
Mor
tgag
eB
onds
,Ser
ies
201
IB"F
irst
Mor
tgag
eB
onds
,Ser
ies
2016
«F
irst
Mor
tgag
eR
efun
ding
Bon
ds,
Seri
es20
16
•Fi
rst
Mor
tgag
eR
efun
ding
Bon
ds,
Seri
es20
08"F
irst
Mor
tgag
eR
efun
ding
Bon
ds,S
erie
s20
14
Not
e:D
oes
not
incl
ude
the
Gen
eral
Obl
igat
ion
Ref
undi
ngP
ensi
onB
onds
,Se
ries
2016
(Tax
able
).
UM
BA
UG
HIt
sal
lab
ou
tex
peri
ence
2016
H.J
.U
mba
ugh
and
Ass
ocia
tes,
Cer
tifie
dPu
blic
Acc
ount
ants
,L
LP.
All
righ
tsre
ser%
'ed.
SCHOOL TOWN OF MUNSTER
ESTIMATED PROJECT COSTS AND FUNDING
Estimated Project Costs: 20 Year Repayment 10 Year Repayment
Hard Construction: $43,205,701 $43,205,701
Soft Construction Costs/Financing Costs (1) 4,969,299 4,304,299
Total Estimated Project Costs $48,175,000 $47,510,000
Estimated Project Funding:
Proposed First Mortgage Bonds, Series 2017 $6,855,000 $6,855,000
Proposed First Mortgage Bonds, Series 2018 41,320,000 40,655,000
$48,175,000 $47,510,000
(1) Soft construction costs include construction related expenses such as general conditions, contingencies,furnishings, architectural and construction management fees, and other miscellaneous items concerning theconstruction project. Financing costs include allowances for capitalized interest, and fees for attorney, bondcounsel, financial advisor, trustee, printing, rating, legal advertising, title insurance, and other miscellaneousexpenses.
UMBAUGHIt's all about experience 2016 H. J. Unibaugh and Associates, Certified Public Accountants. LLP. All rights reseiTed.
Total Project Costs
Par Amount of Bonds
Estimated Repayment Term
Total Estimated Interest Expense (1)
Assumed Interest Rates
SCHOOL TOWN OF MUNSTER
SUMMARY OF FINANCING
Maximum Estimated Annual Lease Rental
Maximum Debt Service Tax Rate (2)
10 Year Repayment
$47,510,000
$47,510,000
10 years, 1 month
$13,783,111
3.15%-4.85%
$7,472,000
$0.4309
(1) Based upon assumed interest rates.(2) Based upon the 2017 certified net assessed value for School Town of Munster, plus TIF assessed value, of $1,647,176,265, with no growth assumed
thereafter. Assumes financial institutions/license excise factor of 5%. Per $ 1GO of net assessed value.
Note: Debt approved by referendum is exempt from property tax caps.
UMBAUGHIt's all about experience 2016 H. J. Umbaugh and Associates, Certified Public Accountants, LLP. All rights resetted.
$20,000
$18,000
$16,000
$14,000
$12,000
•oB
I $10,000o
H
$8,000
$6,000
$4,000
$2,000
SCHOOL TOWN OF MUNSTER
10 Year Repayment ScenarioOUTSTANDING AND PROPOSED DEBT SERVICE/LEASE RENTAL PAYMENTS
Total Interest Expense: $13,783,111
Maximum Annual Payment: $7,472,000
Estimated Maximum Tax Impact: $0.4309
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
• Non-Exempt Debt • Exempt Debt • Proposed First Mortgage Bonds, Series 2017 • Proposed First Mortgage Bonds, Series 2018
UMBAUGHIt's all about experience © 2016 H. J. Unibaugh and Associates, Certified Public Accountants, LLP. All rights reser\ed.
Total Project Costs
Par Amount ofBonds
Estimated Repayment Term
Total Estimated Interest Expense (1)
Assumed Interest Rates
SCHOOL TOWN OF MUNSTER
SUMMARY OF FINANCING
Maximum Estimated Annual Lease Rental
Maximum Debt Service Tax Rate (2)
20 Year Repayment
$48,175,000
$48,175,000
20 years, 1 month
$29,593,578
3.15%-5.65%
$4,315,000
$0.2489
(1) Based upon assumed interest rates.(2) Based upon the 2017 certified net assessed value for School Town of Munster, plus TIF assessed value, of $1,647,176,265, with no growth assumed
thereafter. Assumes financial institutions/license excise factor of 5%. Per $ 100 of net assessed value.
Note: Debt approved by referendum is exempt from property tax caps.
UMBAUGHIt's all about experience © 2016 H. J. Umbaugh and Associates, Certified Public Accountants, LLP. All rights reserved.
$20,000
$18,000
$16,000
$14,000
$12,000
V)
•Oc
I $10,000e
£
H
$8,000
$6,000
$4,000
$2,000
$-
SCHOOL TOWN OF MUNSTER
20 Year Repayment ScenarioOUTSTANDING AND PROPOSED DEBT SERVICE/LEASE RENTAL PAYMENTS
Total Interest Expense: $29,593,578
Maximum Annual Payment: $4,315,000
Estimated Maximum Tax Impact: $0.2489
I
1
1
1
— — — — —
—
iiiiiiiiiiiiiiii
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037
• Non-Exempt Debt • Exempt Debt • Proposed First Mortgage Bonds, Series 2017 • Proposed First Mortgage Bonds, Series 2018
UMBAUGHU s all about experience 2016 H. J. Umbaugh and Associates, Certified Public Accountants, LLP.All rights reseived.
SCHOOL TOWN OF MUNSTER
CALCULATION OF ESTIMATED TAX IMPACT FOR CAPITAL REFERENDUM
Repayment Term
Estimated Combined Interest Expense
Estimated Combined Maximum Annual Payment
$48,175,000
Capital Referendum
(1)20 Years
$29,593,578
$4,315,000
Estimated Combined Maximum Tax Rate Impact (3) $0.2489 $0.4309
Estimated Taxoaver Imoact:
Market Net Assessed
Value of Home Value (4") Annual Monthlv Annual Monthlv
$75,000 $16,500 $41.07 $3.42 $71.10 $5.93
100,000 32,750 81.51 6.79 141.12 11.76
150,000 65,250 162.41 13.53 281.16 23.43
207,500(5) 102,625 255.43 21.29 442.21 36.85
300,000 162,750 405.08 33.76 701.29 58.44
500,000 292,750 728.65 60.72 1,261.46 105.12
$100,000 Commercial/Rental Property $248.90 $20.74 $430.90 $35.91
$47,510,000Capital Referendum
(2)10 Years
$13,783,1 11
$7,472,000
(1) Assumes $6,855,000 issuance in 2017 and $41,320,000 issuance in 2018.(2) Assumes $6,855,000 issuance in 2017 and $40,655,000 issuance in 2018.(3) Based upon the 2017 certified net assessed value of $1,647,176,265, including TIF assessed value of
$173,782,808 per the DLGF. With no growth assumed thereafter. Assumes financial institutions/licenseexcise factor of 5%. Per $100 of assessed value.
(4) Tax impact based upon net assessed valuation of home, which includes the standard deduction, supplementalhomestead deduction and the mortgage deduction.
(5) Median home value within the School Town of Munster, per the U.S. Census Bureau.
UMBAUGHIt's all about experience © 2016 H. J. Umbaugh and Associates, Certified Public Accountants, LLP. All rights reserved.
EXHIBIT B
8616 COLUMBIA AVENUE
MUNSTER, INDIANA 46321
RESOLUTION NO. 750
RESOLUTIONS OF THE BOARD OF SCHOOL TRUSTEES OF THESCHOOL TOWN OF MUNSTER, LAKE COUNTY,INDIANA
WHEREAS, the Board of School Trustees (the "Board") of the School Town ofMunster,Lake County, Indiana (the "School Corporation"), has given consideration tocertain renovation,restoration, upgrade, improvement and equipping projects at the existing school facilitiesoperated by the School Coiporation as set forth in detail on F.vhihit A attached hereto(collectively, the "2017-2020 Munster School Building Renewal/Restoration, TechnologyUpgrade and Safety Project"); and
WHEREAS, pursuant to Indiana Code § 6-1.1-20-3.5, if the Board proposes to imposeproperty taxes to pay debt service on bonds or lease rentals on any, renovation, improvement,remodeling or alteration project, which is not excluded under Indiana Code § 6-1.1-20-1.1, itmust conduct a public hearing on the preliminary determination to proceed with such projectprior to the Board*s adopting any resolution orordinance maldng a preliminary determination toissue such bonds orenter into such lease; and
WHEREAS, pui^uant to Indiana Code § 20-26-7-37, a public hearing must beheld if theBoard proposes to construct, repair or alter a school building at a cost of more than $1,000,000that would befinanced by alease agreement, issuing bonds, orany other available method; and
WHEREAS, notice ofsaid hearings have been given inaccordance with Indiana law; and
WHEREAS, interested people have been given the opportunity topresent testimony andask questions concerning the 2017-2020 Munster School Building Renewal/Restoration,Technology Upgrade and Safety Project, and this Board has heard public input at a publichearing held this date concerning the 2017-2020 Munster School Building Renewal/Restoration,Technology Upgrade andSafety Project; and
WHEREAS, the Board, being duly advised, finds that it is in the best interests of theSchool Corporation and its citizens for the purpose offinancing all orany portion ofthe 2017-2020 Munster School Building Renewal/Restoration, Technology Upgrade and Safety Project toissue one or more series of geneml obligation bonds (collectively, the "General ObligationBonds") and/or enter into negotiations with one or more Indiana nonprofit school buildingcorporations (collectively, the "Building Corporation") to acquire all orany portion ofany ofthe^cilities operated ortobe operated by theSchool Corporation, and enter into a lease or leases oran amendment or amendments to an existing lease or existing leases (collectively, the "Leases")with the Building Corporation, as lessor, for all or any portion ofthe facilities operated or to beoperated by the School Coiporation, in order to better serve the residents of the SchoolCorporation, by allowing the Building Corporation to issue first mortgage bonds in one ormoreseries (collectively, the "First Mortgage Bonds"), which First Mortgage Bonds and GeneralObligation Bonds (collectively, the "Bonds") will not exceed an original aggregate principalamount ofForty-Eight Million One Hundred Seventy-Five Thousand Dollars ($48,175,000); and
WHEREAS, the Boardexpects to pay for certain costs of the 2017-2020 Munster SchoolBuilding Renewal/Restoration, Technology Upgrade and Safety Project or costs related to the2017-2020 Munster School Building Renewal/Restoration, Technology Upgrade and SafetyProject(collectively, the "Expenditures") prior to the issuance of the Bonds, and to reimburse theExpenditures with proceeds of the General Obligation Bonds and/or the proceeds received bytheSchool Corporation uponthe issuance of the First Mortgage Bonds; and
WHEREAS, the Board desires to declare its intent to reimburse the Expenditurespursuant to Treas. Reg, § 1.150-2 and Indiana Code §5-l-14-6(c).
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SCHOOL TRUSTEESOF THE SCHOOLTOWN OF MUNSTER, LAKE COUNTY, INDIANA, AS FOLLOWS:
Section 1. The Board hereby makes a preliminary determination that there exists aneed for the 2017-2020 Munster School Building Renewal/Restoration, Technology Upgradeand Safety Project Accordingly, the Board herebymakes a preliminary determination that to theextent permitted by law the Board will take all of the necessary steps to issue the GeneralObligation Bonds and/or enter into the Leases with the Building Corporation for all or anyportion of the facilities operated or to be operated by the School Corporation, pursuantto whichthe Building Corporation and the SchoolCorporation will finance all or anyportion of the 2017-2020 Mimster School Building Renewal/Restoration, Technology Upgrade and Safety Project.The School Coiporationand the Building Corporation will finance all or any portion of the 2017-2020 Munster School Building Renewal/Restoration, Technology Upgrade and Safety Projectthrough the issuance of one or more series of the Bonds. The total mayimiim original aggregateprincipal amount of the Bonds will not exceed $48,175,000, or such greater amount in the caseof the issuanceofany first mortgage bonds all or a portion of which will be used to refund all orany portion of the First Mortgage Bonds. Each of the series of the Bonds issued will have amaximum term not to exceed twenty (20) years from the date such series of Bonds are issued.Each of the Leases with respect to each series of First Mortgage Bonds will have a maximumterm not to exceed twenty-two (22) years. The proposed term of each of the Leasesor addendumthereto will begin on the date each such Lease or addendum thereto is recorded by the SchoolCorporation and the Building Corporation in connection with the 2017-2020 Munster SchoolBuilding Renewal/Restoration, Technology Upgrade and Safety Project
Based on estimated interest rates that will be paid in connection with the Bonds rangingbetween three and fifteen hundredths percent (3.15%) and five and sixty-five hundredths percent(5.65%) per annum, the total interest cost associated therewith, not excluding any funds of theSchool Corporation or the Building Corporation being used to pay capitalized interest, will notexceed $29,593,578 (whichamount is net of any funds received by the SchoolCorporationor theBuilding Corporation from the United States of America as a result of any or all of the Bondsbeing issued under one or more federal tax credit programs). Including interest costs, themaximum ATinnaT principal and interest to be paid on the Bondsplus the maximum annual leaserental to be paid by the SchoolCorporation imder the Leases is $7,472,000 (which amount is netof any funds received by the School Corporation or the Building Corporation from the UnitedStates of America as a result of any or all of the Bonds being issued under one or more federaltax credit programs), and the maximum total principal and interest to be paid on the Bonds plusthe total lease rental paid by the School Corporation over the term of the Leases, not excludingany funds of the School Corporation or the Building Corporation being used to pay capitalizedinterest, is $77,894,188 (which amount is net ofany funds received by the School Corporation or
theBuilding Corporation from theUnited States of America as a result of anyor all of theBondsbeing issued imder one or more federal taxcredit programs).
The School Corporation's certified total debt service fund tax levy (exempt and non-exempt) for 2015 pay 2016 is $9,477,134, and the School Corporation's debt service fund taxrate (exempt and non-exempt) for 2015 pay 2016 is $0.6384 per $100 of assessed value. Theestimated total maximum debt service fund tax levy (exempt and non-exempt) for the SchoolCorporation and the estimated total maximum debt service fbmd tax rate (exempt and non-exempt) for the School Corporation after the issuance of the Bonds are anticipated to occur noearlier than 2018 pay 2019 and will be $10,902,500 and $0.7007 per $100 of assessed value,respectively, as a result of the payment of the debt service on the General Obligation Bonds andthe lease rentals underthe Lease and takinginto account the payment ofprincipal and interestonthe current obligations paid from School Coiporation's exempt and non-exempt debt servicefunds. The percent of Ae School Coiporation's outstanding long term debt, together with theoutstanding long term debt of other taxing units that include any of the territory of the SchoolCorporation, compared to the net assessed value of taxable property within the SchoolCorporationis approximately fourteen and eighty-sevenhimdredths percent (14.87%).
The estimated completion date of the 2017-2020 Mimster School BuildingRenewal/Restoration, Technology Upgrade and Safety Project is December, 2020. The Boardestimates that the operational costs associated with the 2017-2020 Munster School BuildingRenewal/Restoration, Technology Upgrade and Safety Project will have no negative impact onthe School Corporation's tax rate upon completion of the 2017-2020 Munster School BuildingRenewal/Restoration, Technology Upgradeand SafetyProject.
Section 2. A notice of the foregoing preliminarydeterminations set forth in Section 1of this resolution shall be given in accordance with Indiana Code § 6-1.1-20-3.5. In the eventthat a sufficient petition requesting the application of the local public question process to theBonds and/or the Leases related to the 2017-2020 Munster School BuildingRenewal/Restoration, Technology Upgrade and Safety Project has been filed as set forth inIndiana Code § 6-1.1-20-3.5, (a) the School Corporation shall file a request with the LakeCounty Election Board that a special election be held on the earliest possible date permittedunderIndianaCode § 6-1.1-20-3.6 with the xmderstanding that the School Corporation shall payfor the cost of holding such special election, and (b) the question recommended to be submittedby the Lake County Auditor to the registered voters at the election conducted under IndianaCode § 6-1.1-20-3.6 shall be as follows: "Shall the School Town of Mimster, Lake County,Indiana, issue bonds or enter into a lease to finance the 2017-2020 Munster School BuildingRenevral/Restoration, Technology Upgrade and SafetyProjectwhich includes restoration, repairand renovation work at all of the school buildings, including, but not limited to, Eads ElementarySchool, Elliot Elementary School, Frank Hammond Elementary School, Wilbur Wright MiddleSchool and Munster High School, and which is estimated to cost not more than $48,175,000 andis estimated to increase the property tax rate for debt service by $0.4309 per $100 of assessedvaluation?"
The Superintendent of the School Corporation (the "Superintendent") or his designee isauthorized to make any and all changes or modifications to the form of the questionrecommended to the Lake County Auditor and the Lake County Election Board which theSuperintendent or his designee deems necessary or desirable to convey the purposes and goals of
the 2017-2020 Munster School Building Renewal/Restoration, Technology Upgrade and SafetyProject and the intentions of the Board.
Section3. The Board hereby declares its official intent that to the extent permitted bylaw, to issue the General Obligation Bonds and/or execute the Leases with Ae BuildingCorporation, and to request the BuildingCorporationto issue the First MortgageBonds in one ormore series or issues, which First Mortgage Bonds, together with the original aggregate principalamoimt of the General Obligation Bonds will not exceed an original aggregate principal amountof approximately Forty-Eight Million One Hundred Seventy-Five Thousand Dollars($48,175,000), and to reimburse costs of the 2017-2020 Munster School BuildingRenewaiyRestoration, Technology Upgrade and Safety Project consisting of the Expendituresfrom proceeds ofthe sale ofsuch Bonds.
Section4. Any and all actions previously taken by any member of the Board, theSuperintendent or his designee in cormection with the foregoing preliminary determinations,including, but not limited to, publication of the notice of the public hearing held in connectionwith such preliminary determinations, be, and hereby are, ratified and approved.
PASSED AND ADOPTED this 19"^ day ofDecember, 2016.
BOARD OF SCHOOL TRUSTEES OF
THE SCHOOL TOWN OF MUNSTER, LAKE COUNTY, INDIANA
A . —
ATTEST:
r.
Secretary ofme Board of School Trustees
F.YHTRTT A
2017-2020 Munster School Building
Renewal/Restoration. Technology Upgrade and Safety Project
The 2017-2020 Munster School Building Renewal/Restoration, TechnologyUpgrade and SafetyProject will include, but not be limited to, all or any portion of the following, and as neededbased on extensiveanalysis and review by the School Corporation's staff:
I. Eads Elementary School: (a) replacement and/or upgrade of all or any portion of theexisting heating and air conditioning system and controls, all or anyportion of the aircirculation andventilation systems and controls and allor anyportion of theelectricaland plumbing systems and lighting and plumbing fixtures throughout the entirefacility, (b) repair and/or replacement of all or a portion of the roofand other exteriorportions of the facility, (c) installation of general site and parking lot improvements,and (d) renovation of (i) the facility entrance to provide for a more secure entrance tothe facility, and (ii)areas throughout the facility to address infirastructure and generalprogramming needs.
n. Elliot Elementary School: (a) replacement and/or upgrade of allor anyportion of theexisting heating andairconditioning system and controls, all or any portion of the aircirculation andventilation systems and controls and all or anyportion of theelectricaland plumbing systems and lighting and plumbing fixtures throughout the entirefecility, (b) repair and/or replacement of all or a portion of theroofand other exteriorportions ofthe facility, and (c) renovation of (i) the facility entrance to provide for amore secure entrance to the facility, and (ii) areas throughout the facility to addressinfirastructure and generalprogrammingneeds.
TTT Frank Hammond Elementary School: (a) replacement and/or upgrade of all or anyportion of the existing heating and air conditioning system and controls, all or anyportion of the air circulation and ventilation systems and controls and all or anyportion of the electrical and plumbing systems and lighting and plumbing fixturestin:oughout the entire facility, (b) repair and/or replacement of all or a portion of theroof and other exterior portions of the facility, (c) installation of general site andparking lot improvements, and (d) renovation of (i) the facility entrance toprovide fora more secure entrance to the facility, and(ii) areas throughout the facility to addressinfi:astructure and general programming needs.
IV. Wilbiu* Wright Middle School: (a) replacement and/or upgrade of all or any portionof the existing heating and airconditioning system and controls, all or any portion ofthe air circulation and ventilation systems and controls and all or any portion of theelectrical and plumbing systems and lighting and plumbing fixtures throughout theentire facility, (b) repair and/or replacement of all or a portion of the roofand otherexterior portions of the facility, (c) installation of general site and parking lotimprovements, and (d) renovation of (i) the facility entrance to provide for a moresecure entrance to the fecility, and (ii) areas throughout the facility to addressin&astructure and general programming needs.
A-1
EXHreiTC
School Town of Munster Data
FacilityOriginal Date
of
Construction
Age of Facilty
(years)Facility
Condition
Total Existing
Square Footage
Total Proposed
Square Footage
Estimated
Construction
Cost
Average Cost of
Construction per
SF
Munster High School 1958 59 Fair 401,950 401,950
Wilbur Wright Middle School 1971 46 Fair 168,566 168,566
James 6. Eads Elementary School 2003 14 Good 86,000 86,000
Ernest R. Elliott Elementary School 2005 12 Good 75,000 75,000
Frank H. Hammond Elementary School 1968 49 Poor 85,798 85,798
Total 817,314 817,314 S 43,205,701 $ 52.86
EXHIBIT D
DMS JJQ4573800v3
SC
HO
OL
TO
WN
OF
MU
NS
TE
RE
NR
OL
LM
EN
T
Sep
tem
ber
AD
MC
ou
nt
20
00
-12
00
1-2
20
02
-32
00
3-4
20
04
-52
00
5-6
20
06
-72
00
7-8
20
08
-92
00
9-1
02
01
0-1
12
01
1-1
22
01
2-1
32
01
3-1
42
01
4-1
52
01
5-1
62
01
6-1
7
KD
G2
14
22
02
28
20
52
22
23
02
20
24
32
14
22
32
12
24
32
20
24
51
90
19
72
47
12
42
27
62
48
24
72
32
25
22
70
25
02
69
21
62
47
22
62
71
21
72
55
20
12
27
22
83
24
62
50
26
22
54
25
22
58
29
02
57
25
72
28
26
52
38
29
12
28
26
82
14
32
52
29
82
75
27
22
73
27
62
52
25
82
92
26
52
66
25
22
67
24
83
04
23
82
79
42
71
28
13
15
28
92
89
28
53
01
26
42
78
29
32
71
28
32
60
28
12
53
30
62
53
52
94
29
32
89
32
52
98
29
73
11
32
32
62
28
53
02
29
12
96
26
82
89
26
43
14
63
02
30
63
20
31
33
45
33
03
23
32
83
49
27
93
02
33
23
19
32
12
86
30
52
89
72
86
31
03
21
33
53
29
34
93
43
34
53
44
35
52
92
31
73
48
32
93
20
29
43
07
82
67
28
83
25
34
23
44
32
43
67
35
83
49
35
53
52
29
73
23
35
03
35
32
12
98
93
54
30
03
34
37
63
85
41
24
04
43
34
12
40
84
14
40
83
63
36
53
98
37
93
78
10
34
53
51
31
43
39
37
23
89
41
84
14
42
94
13
40
34
18
42
13
53
36
23
92
37
7
11
29
93
42
35
43
20
33
93
64
38
34
07
39
44
27
40
63
90
39
24
08
34
73
59
38
8
12
31
82
95
33
73
58
31
03
44
39
73
76
41
73
91
41
94
08
39
73
91
41
03
71
35
9
13
00
00
00
00
00
00
00
00
18
To
tal
3,7
27
3,8
06
3,9
10
3,9
83
3,9
92
4,1
04
4,2
47
4,2
89
4,2
66
4,1
67
4,1
14
4,1
30
4,1
15
4,0
67
3,9
77
3,8
95
3,9
48