GOSHEN — Goshen Community Schools is moving forward with plans to upgrade LED lighting and heating, ventilation and air conditioning systems at several buildings.
School board members on Monday approved multiple resolutions needed for the corporation to authorize the issuance of $5.1 million general obligation bond for school facility improvements.
Superintendent Diane Woodworth told the board the funds would primarily be used for updating heating, ventilation and air conditioning systems at the high school and West Goshen Elementary while also getting LED lighting for those two facilities.
The high school’s estimated cost would be $2.1 million and West Goshen’s is balanced at $1.3 million, she said.
The money would also be used for equipment, vehicles, technology and site improvement, according to the resolution.
The estimated hard and soft construction costs of the proposed project comes to $5.02 million, the resolution states, while the costs of issuance paid from bond proceeds are expected to be $80,000, resulting in a total estimated project cost of $5.1 million.
The $5.1 million will be funded by a general fund obligation issue with an anticipated gross impact on the Debt Service Fund Tax Rate of $0.0507 per $100 assessed valuation based on the school corporation’s current assessed valuation of $1.3 billion.
However, due to the upcoming maturity of the school corporation’s other obligations, the anticipated net impact on the Debt Service Fund Tax Rate is expected to be $0 above the current rate.
“This bond will end up being tax neutral because we are paying off the previous bonds,” Woodworth said. “So with this one, by the time it rolls on, it’s tax neutral in terms of property taxes.”
The high school heating, ventilation, and air condition system is expected to be completed by the summer of 2020. The rest will be phased over the next three years, according to Kelley Kitchen, director of finance for the corporation.