TIPP CITY — At a special meeting held Friday evening, the Tipp City Schools Board of Education took the first step toward placing a bond issue on the May ballot, approving the first resolution declaring the necessity of the bond.
The board voted unanimously to declare the necessity of a 27-year bond issue generating $35.75 million, with an interest rate of 4.82 percent. The Miami County Auditor will set the millage of the bond issue, but it is estimated to be 5.4 mills.
“I like this and I think we should do this,” board member Corine Doll said of the funding option the board voted to pursue Friday.
Board member Theresa Dunaway said the board should “make the best decision with the information that we have.”
Plans for the project include the expansion of L.T. Ball Intermediate School to house pre-kindergarten through fifth grade.
The district has been working with the Ohio Facilities Construction Commission on the project through its Expedited Local Partnership Program.
The district is eligible for 35 percent matching funds from the state. The program enables districts to move ahead with portions of their facilities projects and be reimbursed for part of the cost.
Mike Burns of bond counsel Robert W. Baird & Co. said the bond issue would ask for a lower millage rate for new taxes for the first five years of the bond until the high school is paid off in 2024. The district would not pay on the principle of the bond issue until then.
The project and the ELPP funding program are the topics of a community meeting planned for 6:30 p.m. on Tuesday, Jan. 15, at L.T. Ball Intermediate School.
Reach Cecilia Fox at email@example.com.