The Northeast Dubois County School Corporation board approved the issuance of a $2 million bond to pay for the repair of the damaged intermediate school gymnasium.
The bond includes the cost of issuance which include underwriting fees, attorney fees and title insurance. This will give the corporation $1.75 million for the project. The Bond will be paid over a ten-year repayment plan. As the corporation debt service is reduced and the referendum increase comes off the books, the tax rate is not expected to increase due to the bond issuance.
The gymnasium and school were damaged during unprecedented flooding that occurred during a torrential downpour in August of 2021.
While damage to the kitchen and equipment is covered by the corporation’s insurance, the gymnasium repairs are not covered nor are the improvements around the school property that will help mitigate future flooding issues.
Here is a story outlining those improvements.
The board presented Superintendent Bill Hochgesang with a plaque and a gift for his service to the school corporation over his 35-year career. In the last ten, he has served as the corporation’s superintendent. He told the board that his time with the school corporation has fulfilled all of his goals as a teacher, coach, principal and superintendent. Dr. Tara Rasche was approved as the corporation’s next superintendent earlier this year.