Notice of Adoption of Preliminary Determination

Notice is hereby given pursuant to Indiana Code § 6-1.1-20-3.1 that the Board of School Trustees (the “Board”) of Goshen Community Schools (the “School Corporation”) did, on August 26, 2024, make a preliminary determination to issue bonds for the renovation of and improvements to school facilities, including HVAC improvements at Goshen Junior High School and other schools, roofing repairs, deferred maintenance improvements, site improvements, and the purchase of equipment and technology (collectively, the “Project”).  The bonds will have a maximum maturity of three (3) years, a maximum principal amount of $7,585,000, and estimated interest rates ranging from 2.00% to 6.00% resulting in total estimated interest costs of $627,000.

As required by Indiana Code § 6-1.1-20-3.1(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 0.96%; 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 6.54%.

The School Corporation’s current Debt Service Fund levy is $15,737,729, the current total Debt Service tax rate (including the referendum-approved exempt rate) as of the date hereof is $0.7748, and the current non-exempt Debt Service tax rate as of the date hereof is $0.4846.  After the bonds are issued, the gross Debt Service Fund levy will increase by a maximum of $5,053,000 and the gross Debt Service Fund tax rate will increase by a maximum of $0.4242.  However, as existing obligations mature, the anticipated net increase to the Debt Service Fund tax rate is expected to be $0.00 above the current Debt Service Fund tax rate.

The estimated amount of the School Corporation’s Debt Service Fund levy and tax rate that will result during the following ten years if the School Corporation issues the bonds, after considering any changes that will occur to the Debt Service Fund levy and tax rate during that period on account of any outstanding bonds or lease obligations that will mature or terminate during that period, is as follows:

The purpose of the bonds is to provide for the Project.

Any owners of real property within the School Corporation or registered voters residing within the School Corporation who want to initiate a petition and remonstrance process against the proposed issuance of the bonds must file a petition that complies with Indiana Code § 6-1.1-20-3.1 subdivisions (4) and (5) not later than 30 days after the publication of this notice.

Dated August 28, 2024.

/s/ Mario Garber

Secretary, Board of School Trustees

Goshen Community Schools