EDUCATED

VIEW

NOTICE OF HEARING ON PROPOSED LEASE

FRANKLIN COMMUNITY SCHOOL CORPORATION

You are hereby notified that a public hearing will be held before the Board of School Trustees (the "Board") on October 21, 2024 at the hour of 6:00 p.m. (Local Time) at Franklin Community Middle School, Franklin, Indiana, upon, a proposed Lease Agreement (the "Lease") to be entered into between Franklin Community Multi-School Building Corporation (the "Building Corporation"), as lessor, and Franklin Community School Corporation (the "School Corporation"), as lessee.

The proposed Lease upon which hearing will be held is for a term of twenty-two (22) years, commencing with the acquisition of title to a portion of the Custer Baker Intermediate School building to be renovated by the Building Corporation. The Lease provides for rental during renovation in the amount of up to $4,111,500 per payment payable on June 30 and December 31 beginning on June 30, 2025 until completion of renovations. Thereafter, the Lease provides for a maximum annual rental of $8,223,000, payable on June 30 and December 31 of each year during the term of the Lease, commencing with the completion of the building or June 30, 2027, whichever is later. As additional rental, the School Corporation shall maintain insurance on the building as required in the Lease, shall pay all taxes and assessments against such property, as well as the cost of alterations and repairs, and shall pay rebate amounts to the United States Treasury, as necessary. After the sale by the Building Corporation of its ad valorem property tax first mortgage bonds to pay for the cost of the building, including the acquisition of the sites thereof and other expenses incidental thereto, the annual rental shall be reduced to an amount equal to the multiple of $1,000 next higher than the sum of principal and interest due on such bonds in each twelve-month period ending on January 15 plus $5,000, payable in equal semiannual installments.

The Lease gives an option to the School Corporation to purchase the property on any rental payment date.

A portion of Custer Baker Intermediate School building will be renovated as the Leased Premises and is located at 101 West State Road 44, Franklin, Indiana in the School Corporation. The drawings, plans and specifications, including the estimates for the cost of said renovation as well as a copy of the proposed Lease, are available for inspection by the public on all business days, during business hours, at the Administration Building of the School Corporation, 998 Grizzly Cub Drive, Franklin, Indiana 46131-1398.

At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of the Lease, and upon whether the Lease rental provided for therein to be paid to the Building Corporation is a fair and reasonable rental for the proposed building. Such hearing may be adjourned to a later date or dates, and following such hearing the Board of the School Corporation may either authorize the execution of the Lease as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.

Dated this 17th day of September, 2024.

/s/ Secretary, Board of School Trustees

Franklin Community School Corporation

c/o Roger A. Young, #1454-41

YOUNG AND YOUNG

40 W. Court St., Suite D

Franklin, IN 46131

(317) 736-7117

4895-7520-2779.1

Pursuant to Indiana Code § 6-1.1-20-5, notice is hereby given that the Board of School Trustees of the Franklin Community School Corporation has preliminarily determined to enter into a lease agreement and issue bonds in one or more series of bonds in the aggregate principal amount of $19,050,000 to fund the 2025 Maintenance & Improvement Projects including the renovation of and improvements to school facilities, including site, playgrounds and outbuilding improvements, HVAC and roofs and the purchase of equipment, buses and technology.

Dated: September 17, 2024

/s/ Board of School Trustees                                      

Franklin Community School Corporation

Notice is hereby given pursuant to Indiana Code § 6-1.1-20-3.5 that the Board of School Trustees (the "Board") of Franklin Community School Corporation (the "School Corporation") did, on August 19, 2024, make a preliminary determination to issue bonds and enter into one or more lease agreements (the "Lease") for the 2025 Pre-School & Improvement Projects including the construction of a new Pre-School Center, renovation and improvements to school, site and athletic facilities and the purchase of real estate, equipment, buses and technology (the "Project"). The Lease will be for a maximum term of 22 years with a maximum annual Lease rental of $10,294,000. The maximum annual Lease rental has been estimated based upon an estimated principal amount of bonds of $40,000,000, estimated interest rate of 5.50%, and total estimated interest costs of $27,094,238.

As required by Indiana Code § 6-1.1-20-3.5(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 0.95%; 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 6.70%. 

The School Corporation's current debt service levy is $16,335,310 and the current debt service rate is $0.7999. After the School Corporation enters into the proposed Lease and the bonds are issued, the gross debt service levy will increase by a maximum of $10,294,000 and the gross debt service rate will be impacted by a maximum of $0.5041. However, as existing obligations mature, the anticipated net increase to the Debt Service Fund tax rate is expected to be $0.0000 above the current rate. 

The estimated amount of the School Corporation's debt service levy and rate that will result during the following 10 years if the School Corporation enters into the lease and issues the bonds, after considering any changes that will occur to the debt service levy and rate during that period  on account of any outstanding bonds or lease obligations that will mature or terminate during that period: 

Year                                Estimated Total Debt Service Levy (1)                                       Estimated Total Debt Service Rate (2) 

2024                  $16,335,310 (3)                                             $0.7999 (3) 

2025                  17,055,795                                                      0.7900 

2026                  17,055,795                                                      0.7900 

2027                  11,995,453                                                      0.5556 

2028                  10,346,372                                                      0.4792 

2029                   8,787,772                                                       0.4070 

2030                   5,919,203                                                       0.2742 

2031                   5,926,752                                                       0.2745 

2032                   5,921,090                                                       0.2742 

2033                   5,919,203                                                       0.2742 

2034                   3,335,626                                                       0.1545 

2035                   3,335,626                                                       0.1545 

(1) Based upon a miscellaneous revenue factor of 5.64%. 

(2) Based upon 2024 certified net assessed values. Assumes 5.7% net assessed valuation growth in 2025 per Policy Analytics, and no annual NAV growth thereafter. 

(3) Per the School Corporation's 2024 Budget Order.

The Project involves the opening of new school facility space and the School Corporation expects to annually incur an additional cost of $345,000 to operate such new facility space. The purpose of the Lease is to provide for the Project. 

If a valid petition pursuant to Indiana Code § 6-1.1-20-3.5 is received within 30 days from the publication of this notice, the proposed debt service or lease payments must be approved in an election on a local public question held under Indiana Code § 6-1.1-20-3.6. 

Dated August 19, 2024. 

/s/ Board of School Trustees
Franklin Community School Corporation

Pre-K Center Bond

Municipal Advisor Presentation 

Franklin Community Schools (Corporation) is requesting proposals for upgrades to their security cameras. The primary objective of this request for proposal is to identify interested vendors (Vendor) who are highly qualified in security cameras. The secondary objective is to provide a competitive means by which to select a qualified vendor. Each Vendor should deliver/mail a physical copy of the final proposal to the address indicated below and also e-mail a copy of the final proposal to the Corporation at erate@franklinschools.org before or on Monday, October 21, 2024 at 1:30 p.m.

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