Roadblock issued in Greater Clark facility plan – The Courier

Greater Clark County Schools, which is attempting to issue bonds to fund school renovation projects, has “artificially divided” several large projects into smaller ones in order to qualify for a funding mechanism that doesn’t require taxpayer approval, a state evaluation has found.

The findings, released Thursday by Indiana’s Department of Local Government Finance, complicate matters for the district, which had planned to exercise its ability to borrow a series of bonds – a total of $14 million – for 13 different renovation projects without voter or taxpayer approval. Use of this funding mechanism is common and allowed by the state as long as no single project exceeds $2 million. The district’s school board signed off last month on a list of projects it hoped to fund in

... read more at: http://www.courier-journal.com/story/news/local/indiana/2016/05/05/roadblock-issued-greater-clark-facility-plan/83986188/