The Independent-News, Volume 117, Number 44, Walkerton, St. Joseph County, 26 March 1992 — Page 16

- THE INDEPENDENT NEWS - MARCH 26, 1992

JOHN GLENN SCHOOL BOARD MINUTES (continued from Page 1) School board attorney John Peddycord revieweddd the budget and the terms of the lease for the Board members. The proposed budget provides for construction cost of $8,730,302.26; architect, $675,500.00; construction manager, $327,386.33; general conditions, $200,000.00; contingency fund, $174,606.05; land acquisi-

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Remonstrance Petition Signing Yqu Will Make The Difference Hundreds Have Already Signed Jack ™ a E Ryan Ben or Margarette Smith LINLuLN TOWNSHIP POLK TOWNSHIP 586-2784 After 6:00 p.m. 784-2236 Anytime Dean or Shirley Anderson Bob or Jessie Schaeffer JOHNSON TOWNSHIP UNCOLN TOWNSHIP 586-3510 Anytime 586-3795 Anytime Al or Diane Heim LIBERTY TOWNSHIP 656-8774 Anytime Fair Oil — Pit Stop Restaurant — Jack’s Citgo North Liberty Elevator - North Liberty Tractor Video Shop LAST WEEK TO SIGN — MARCH 28 — LAST DATE~ Let Your Voice Bo Heard!

tion, $25,000.00; miscellaneous and local legal, $70,000.00; issuance cost, $131,000.00; capitalization, interest and underwriting cost, $1,165,883.46; for a total budget of $11,499,678.10. Mr. Peddycord reviewed the reasons for entering into a lease agreement with the Building Corporation in order to provide funding for the new middle school and reviewed the terms of the lease between John Glenn Middle School Building Corporation, the Lessor, and the John Glenn School Corporation, the Lessee, including the terms of the lease which provide for lease rental

payments for 20 years beginning December, 1994. Jim Merten, representing City Securities, presented a financing plan that provided for tailored lease payments and scheme. Annual lease rental payments would range from $975,000.00 per year up to $1,450,000.00 per year. It was estimated that a debt service tax rate of $1.68 would be needed to meet this lease rental agreement and current bond payment obligations. Superintendent David McKee statedd that it is possible to assume the payments on the new middle school without a significant increase in the Debt Service tax rate because of scheduled and early retirement of current indebtedness. He also presented information on how future maintenance and facility improvements and additional cost associated with opening of the new middle school could be met without increase in overall tax rate. The public was then invited to make comment to the Board on the proposed new middle school project and/or lease agreement. Twenty-six persons addressed the School Board during a two hour and 15 minute period. Ten persons spoke in favor of the project and 16 spoke against the project. Those speaking for the new middle school addressed the overcrowded conditions at Urey Middle School and how current facilities restrict educational opportunity for students. Many of those speaking in opposition to the project as it has been presented stated that they believed there was a need to provide better facilities for the middle school students. Much of the disagreement focused on the cost of the proposed new middle school and the impact it would have on the overall tax rates. The School Board was requested to review an alternative that would be less costly than the proposed new middle school. Some voiced concerns to a

grade 6-7-8 organization of a middle school. Following the public input, School Board members were given an opportunity to comment and Board member Mr. Patrick spoke against the lease as not being in the best interest of the taxpayers of the School Corporation. School board attorney Mr. John Peddycord stated that notice of this meeting had been published in The Independent-News, the PilotNews, and the South Bend Tribune on Thursday, February 20, 1992. Mary Kay Millar made a motion, seconded by Don Ludwig, to approve notices of this meeting and proofs of publication. Following the reading of a resolution to adopt a lease agreement between the John Glenn Middle School Building Corporation and the John Glenn School Corporation by secretary Mary Kay Millar, a motion was madde by Don Ludwig and seconded by Nilas Miller to adopt said resolution. A roll call vote was taken with Board members Jean Ann Beem voting aye, David Hostetler voting aye, Gene Knowlton voting aye, Don Ludwig voting aye, Mary Kay Millar voting aye,

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Nilas Miller voting aye and Dan Patrick voting nay. The motion passed six to one. A copy of the resolution is attached to the minutes along with Exhibits A and B. NEXT MEETING DATE The next School Board meeting will be March 10, 1992 at 7:30 p.m. at North Liberty Elementary School. This will be a regular session. ADJOURNMENT Jean Ann Beem adjourned the school board meeting at 11:44 p.m. (Editor’s note: Copies of the resolution and Exhibits "A” and “B” are a part of the minutes in the office of the superintendent of schools and are open to the public.) BEARS, BEARS EVERYWHERE! The Walkerton Library story hour is being invaded by bears — Teddy Bears. Come in and listen to different stories about some famous bears and make a teddy bear to take home. Invite a Teddy Bear friend to come along! Story hour is on Saturday from 11:00 a.m. to 12:00 noon for children ages 4 and up. For more information, stop in or call the Library at 586-2933.