Notice is hereby given pursuant to Indiana Code § 6-1.1-20-3.1 that the Board of School Trustees (the "Board") of Northwestern School Corporation (the "School Corporation") did, on July 14, 2025, make a preliminary determination to issue bonds for the renovation of and improvements to facilities throughout the School Corporation, including deferred maintenance improvements, site improvements and the purchase of devices, equipment and technology (collectively, the "Projects"). The bonds will have a maximum maturity of 8 years, a maximum principal amount of $1,550,000, and estimated interest rates ranging from 2.00% to 6.00%, resulting in total estimated interest costs of $195,708.
As required by Indiana Code § 6-1.1-20-3.1(b)(1), the following information was available to the public at the public hearings on the preliminary determination: (i) the School Corporation's current and projected annual debt service payments divided by the net assessed value of taxable property within the School Corporation, which is 0.55%; and (ii) the sum of the School Corporation's outstanding long term debt plus the outstanding long term debt of other taxing units that include any other territory of the School Corporation divided by the net assessed value of taxable property within the School Corporation, which is 6.26%.
The School Corporation's current Debt Service Fund levy is $3,826,993 and the current rate is $0.4261. After the bonds are issued, the gross Debt Service Fund levy will increase by a maximum of $1,000,000 and the gross Debt Service Fund tax rate will increase by a maximum of $0.1113. However, as existing obligations mature, based upon current assumptions the anticipated net increase to the School Corporation's total tax rate is expected to be $0.0459 above the current rate.
The estimated amount of the School Corporation's Debt Service Fund levy and tax rate that will result during the following ten years if the School Corporation issues the bonds, after considering any changes that will occur to the Debt Service Fund levy and tax rate during that period on account of any outstanding bonds or lease obligations that will mature or terminate during that period, is as follows:
Year | Estimated Total Debt Service Fund Levy | Estimated Total Debt Service Fund Tax Rate |
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2025 | $3,826,993 | $0.4261 |
2026 | 4,317,651 | 0.4667 |
2027 | 4,396,082 | 0.4614 |
2028 | 4,201,178 | 0.4281 |
2029 | 4,013,153 | 0.3970 |
2030 | 4,110,722 | 0.3948 |
2031 | 4,227,820 | 0.4001 |
2032 | 4,368,816 | 0.4073 |
2033 | 4,514,063 | 0.4146 |
2034 | 4,651,457 | 0.4209 |
2035 | 4,734,704 | 0.4284 |
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The purpose of the bonds is to provide for the Projects
Any owners of real property within the School Corporation or registered voters residing within the School Corporation who want to initiate a petition and remonstrance process against the proposed issuance of the bonds must file a petition that complies with Indiana Code § 6-1.1-20-3.1 subdivisions (4) and (5) not later than 30 days after the publication of this notice.
Dated July 17, 2025.
/s/ Secretary, Board of School Trustees
Northwestern School Corporation