NOTICE OF PRELIMINARY DETERMINATION On June 13, 2016, after conducting a public hearing, the Board of School Trustees of New-Albany-Floyd County Consolidated School Corporation (the "School Corporation") adopted a preliminary determination pursuant to Indiana Code 6-1.1-20-3.5 to issue bonds and enter into a lease agreement to fund the construction and equipping of a new Green Valley Elementary School and Slate Run Elementary School and renovation and equipping of Prosser Career Education Center, New Albany High School, Floyd Knobs Elementary School, Greenville Elementary School, Highland Hills Middle School, Scribner Middle School, and Hazelwood Middle School (the "Project"). The lease shall be for a maximum term of 21 years with a maximum lease rental of $7,000,000 and the general obligation bonds shall be for a term of 2 years with a maximum debt service of $3,090,000. The combined debt service in any year will not exceed the aggregate maximum amount of $7,000,000. The Project will be financed with a general obligation bond issue and a building corporation bond issue with a maximum principal amount of $87,000,000 bearing estimated interest rates of 1.00% to 5.50% and a total estimated interest cost of $48,919,197 over the term of the related bond issue. The debt service levy for the School Corporation is currently $15,971,823 based upon a rate of $0.5408 per $100 of assessed valuation. The financing of the Project will result in an estimated maximum increase of $0.2086 to the debt service levy rate for the school corporation. However, due to the refinancing of outstanding bonds and the retirement of existing debt, it is expected that the net impact to the tax levy and rate will be $0.00 or less. The School Corporation estimates that the annual cost of operating the Project will be $211,874. The School Corporation does not expect to appeal for a new facility adjustment for an increased permissible tuition support levy to pay the estimated cost of operating the Project. The result of the School Corporation's current annual debt service payments divided by the School Corporation's net assessed value of taxable property within the School Corporation is 0.5408%. The result of the School Corporation's projected annual debt service payments divided by the School Corporation's net assessed value of taxable property within the School Corporation is 0.5408%. The result of the sum of the School Corporation's outstanding long term debt plus the outstanding long term debt of any other political subdivision included in the territory of the School Corporation divided by the new assessed value of taxable property within the School Corporation is 3.98%. The School Corporation has adopted a resolution requesting the public question concerning the approval of the financing of the Project be placed on the November General Election ballot. New Albany-Floyd County Consolidated School Corporation June 30, 2016 hspaxlp
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