By SHEILA SELMAN
sheila.selman@goshennews.com
DUNLAP, Ind. — The financial minds involved in the Concord Community Schools’ current building project have updated the cost estimates based on the bids that were received in February.
Curt Pletcher of the financial advisory firm Umbaugh, Plymouth, told board members Monday night there were some changes in construction-related costs and changes in the bond market.
Concord is still looking at the same project size and will ultimately finance the same amount of money, but it’s just a different configuration, he said.
The tax rate is not expected to be any higher than the $55 cents per $100 of assessed valuation than originally planned, Pletcher said.
Concord will go through three series of bonds instead of two because some of the projects will not start until 2010.
Because bonds will not be issued in one chunk, the interest rate earnings Umbaugh had originally anticipated will be about $775,000 less. And by going through three series of bonds, there is an additional cost of about $75,000.
Another factor in the reconfiguration of costs is the underwriter’s discount/bond insurance, which increased by $71,000 because of the subprime mortgage lending crisis. Because of the subprime situation, the bond market is now down to only two players, Pletcher said.
So for series A bonds, Concord will have an estimated bond issue of $48 million, which is basically the new junior high school.
The bond sale will be March 19, with the project completion date April 2010.
The second series of bonds will be the renovation of the existing junior high school Bids will be received in October/November and bonds will be sold in December. The estimated amount of bonds to be issued is $9.495 million
The third phase is renovation/additions to the existing elementary buildings. Bids will be received in November 2009, with bonds being sold in December 2009. The estimated bond issue for that phase is $4,170,000.
Pletcher said that repayment of the three phases will be spread out over several years — until 2017. If the current rate of an assessed valuation growth of 4 percent per year continues to hold, then taxpayers should not see their rates increase beyond the 55 cent mark.
Roofing needs at the high school will also need to be addressed this year, Pletcher said. A bond issue totaling $1.95 million will also need to be issued this year and will be paid off in 2009.
In other matters, board members:
• Approved a fee of $340 for driver’s education. The rate was increased by $5 from last year. The class will only take place, though, if there is a minimum enrollment of 36 students.
• Honored several science fair winners.
• Heard that the annual Dollars for Scholars Phone-A-Thon kicked off Monday and will continue through Wednesday. The phone-a-thon generates about $30,000 for Concord scholarships.
• Heard from Assistant Superintendent for Curriculum Wayne Stubbs about the latest initiatives concerning data teams. Data teams are groups of teachers who look at how to improve classrooms and student test scores. Stubbs also explained that Concord has developed a database to track progress at each of the schools.
• Approved the resignations of Dawn Bond as East Side Elementary School’s nurse and Lauren Martin as the high school freshman and junior varsity cheer coach.
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Advisers reconfigure bonds for project
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