SUMMARY OF SALE
August 12, 2021
School Facilities Construction and Improvement Bonds, Series 2021
General Obligation – Unlimited Tax | Tax Exempt | Non‐Bank Qualified
About the Project
This is an extensive remodel of the Indian Hill Middle School Campus.
Authorization & Purpose
The Bonds are authorized by a resolution of the Board passed on June 22, 2021. The electors of the School District approved the issuance of bonds in the amount of $77,000,000 at the election held on May 4, 2021, and the Bonds are issued pursuant to such voted authority. The Bonds are unlimited tax general obligation bonds issued for the purpose of constructing, adding to, renovating, remodeling, furnishing, equipping and otherwise improving school district buildings and facilities, and acquiring, clearing, equipping and otherwise improving school district building and facility sites and retiring the Outstanding Notes previously issued for such purposes. The bond issue will be used primarily to finance upgrades to the District’s facilities, including the replacement of Indian Hill Middle School; the replacement of the Indian Hill Elementary School wing; necessary replacement of mechanical equipment throughout the District; and security upgrades throughout the District.
Under the terms of the Lease, the School District is obligated during each Lease Term to pay on each Lease Payment Date the Base Rent payable on that Lease Payment Date, plus any Additional Rent due on such date. The Base Rent due on each Lease Payment Date equals the amount of the Principal Portion and the Interest Portion evidenced by the Certificates becoming payable on the ensuing payment date.
The Bonds are voted general obligation debt of the School District. The basic security for payment of the Bonds is the requirement that the School District levy ad valorem property taxes outside the ten‐mill limitation, which taxes are unlimited as to rate and amount, to the extent necessary to pay the anticipated debt service on the Bonds as the same becomes due, and to the extent that such debt service on the Bonds is not paid from other sources.
The Bonds are also secured by a pledge of the full faith and credit of the School District. This pledge includes all of the funds of the School District, except those prohibited from use by the Ohio Constitution, State or federal law, or specifically limited to another use.