Kokomo schools eyes $6.1 million for general maintenance

Mar. 7—Kokomo School Corporation intends to take on $6.1 million in debt for renovations and improvements to school facilities.

The project isn't expected to raise taxes as the school corporation is replacing debt it has paid off with new debt, which is the $6.1 million figure.

Specific use of funds will be determined in the coming months. School officials told the Tribune that roofing, site improvements, school buses and updating maintenance vehicles are included.

The funding will come in the form of general obligation bonds. The Kokomo School Board began the process of selling the bonds Monday night.

A general obligation bond, or GO bond, is a simpler way of taking on debt for a school corporation, compared to other funding methods. Essentially, a GO bond is more streamlined and the approval process is quicker.

Kokomo schools could take on more debt via GO bonds — up to $7 million — but opted not to.

"We have the capacity to do some more ... however doing more than that increases the likelihood of increasing the tax rate," Superintendent Mike Sargent told the school board during a planning meeting last week.

The $6.1 million figure keeps the tax rate stable for Kokomo schools. A stable rate ensures the school corporation maintains its share of tax revenue. A school's debt payments come from its debt service fund, which is funded via property taxes.

For its debt service fund, a school only receives enough property tax revenue to cover its debt payments.

If Kokomo schools did not take on more debt, that tax revenue would be redistributed to other tax entities.

Most area school officials hold the philosophy of maintaining a stable tax rate, instead of asking its taxpayers for more money, every time it wants to do a project.

Roofing, softball bids OK'd

The Kokomo School Board accepted bids for a roofing project and to turf the high school softball field Monday.

Sprinturf, a Charleston, South Carolina-based turf company, will install turf at the high school softball stadium after this season. Cost is $593,505, which was less than projections.

The softball field at the high school has undergone significant upgrades over the last few years, but some of those renovations have faced delays. Most work is expected to be completed before the start of this season.

Indianapolis-based roofing contractor Amos Exteriors was selected for the roofing project as was Atlas Building Services of Wabash. Atlas will perform masonry work.

Roofing includes the Administrative Service Center on Washington Street, Elwood Haynes Elementary and Memorial Gymnasium. Masonry work is at the admin building.

Roofing and masonry came in at $935,577, under Kokomo schools' $1 million budget for the project.

"It's a huge benefit with the roofing bids," Sargent said.

Bids to resurface the high school tennis courts were tabled. Sargent said only one bid was received, and it was too high.

Spencer Durham can be reached at 765-454-8598, by email at spencer.durham@kokomotribune.com or on Twitter at @Durham_KT.