MISHAWAKA, Ind. (WSBT) — School City of Mishawaka is looking to the future, with multiple repair projects on Wednesday night’s school board agenda.
Board members unanimously approved a new contract for piping replacement at LaSalle Elementary School.
That project is expected to exceed $1 million dollars.
It’s also not the only repair project the district is looking to complete.
The board is looking to make infrastructure improvements across the district (WSBT Photo).
The board is looking to make infrastructure improvements across the district, including adding new hydronic piping at LaSalle Elementary school to ensure proper cooling and heating throughout the classrooms, as well as fixing portions of the roof at Mishawaka High School and John Young Middle School.
But those projects come at a steep cost.
What we’ve discovered is that those have been failing or very close to failing, probably for the last several years. I hope our taxpayers will be proud. We’ve certainly stretched and got every amount of utilization out of those,” said Dr. Theodore Stevens, School City of Mishawaka Superintendent.
The funds for the Lasalle project are already secured through a prior general obligation bond.
Since the school district’s existing debt service lease rental payments are decreasing each year, they’re allowed to issue new debt, or take on more projects.
That’s where the district is looking to secure a maximum bond of $7.15 million to fund additional building repairs.
The board is looking to make infrastructure improvements across the district (WSBT Photo).
A general obligation bond is:
- issued by a school district or local government to fund large-scale projects
- strictly used for physical infrastructure
- approved by local voters and repaid through property taxes
Superintendent Stevens said taxpayers shouldn’t be concerned as these bonds will be repaid over ten years.
The board is looking to make infrastructure improvements across the district (WSBT Photo).
It does not add new taxes to the taxpayer. It’s within the taxes that they already pay. And when we do a project, we pay off that project, it then opens up just like that home equity line of credit, it then opens up that debt service for us so that then we can get approval to do another round of projects,” said Superintendent Stevens.
Tonight was the first hearing of the district looking to secure a new bond, and at their next meeting in August, the school board will formally vote to move forward with securing that $7 million bond if they see fit.