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L-S Building Corporation approves amendment to bond lease

Tuesday, January 29, 2013

The Board of Directors of the Linton-Stockton High School Building Corporation approved an amendment to the bond lease to include an additional renovation project.

The Linton-Stockton School Corporation Board of Trustees voted to move forward with an additional project at the regular session Jan. 21.

Jeffery J. Qualkinbush, attorney with Barnes and Thornburg LLP, said the amendment ensures repayment to the Building Corporation.

"This (amendment) puts in place the obligation to the school to pay them the amount sufficient from the bonds issued. The Building Corporation is the entity who issues the bonds and turns the money over to the school," Qualkinbush explained.

Qualkinbush explained savings and grant money from the previous projects will help fund the lighting and ceilings project in the elementary school.

Under this project plan, the heating and cooling systems will be updated in the elementary and junior high school. The elementary will also have the ceilings lowered to be more energy efficient and the lighting in the classrooms and multipurpose room will be updated.

According to information provided by Qualkinbush, the Community Conservation Grant received in December freed up $125,000 in the first round of grant money.

The $150,000 grant was received with the help of Craig Martin, Manager of Business Development at Emcor, which the school has a contract with for the building project.

As a stipulation for the grant, $25,000 has to be used for education about energy conservation.

Approximately $498,525 was left from the second round of bonds due to the 2012 Middle School Project bids coming in below the anticipated cost by $348,525 and not using approximately $145,000 in technology equipment and loose furnishings.

Money was released from the Operation Fund in the amount of $38,424.76 due to the excess lease payments at the time the first two bonds were issued.

Qualkinbush said the difference between the original budget for the projects and the three changes experienced is $661,948.76.

He added the bids received for the 2013 Middle School Project came in at approximately $348,525 less than anticipated, which will begin the new project with $1,010,473.76 possible available funds.

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