MSD Martinsville board approves GO bond resolutions to fund high-school and elementary projects
March 19, 2026 | MSD Martinsville Schools, School Boards, Indiana
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At a public meeting, the MSD Martinsville Schools board approved resolutions authorizing proposed projects for the high school/middle school and an intermediate elementary school and adopted a general-obligation (GO) bond resolution paired with an additional-appropriation resolution to allow bond proceeds to be added to the district budget.
Jay Staley, the district’s municipal adviser with Baker Tilly, told trustees the state formula for GO borrowing — certified net assessed value divided by three and capped at 2 percent — yields "a little over $15 million" of permitted borrowing under the example he presented. He said the district currently has about $2.4 million of GO bonds outstanding and described remaining GO-bond capacity "a little over $12.5 million." Staley walked the board through modeled five-, 10- and 15-year repayment schedules and the corresponding debt-service payments.
Staley also presented estimated homeowner impacts using the district’s median home value, which he identified as about $163,000. Under a shorter-term repayment scenario he showed, the median homeowner’s annual tax impact would be roughly $82.96; under a 15-year schedule the illustrative impact fell to about $34 annually.
Board members moved through the formal agenda items and voted to approve the high-school project 1028 resolution, the intermediate elementary 1028 resolution and the GO-bond resolution paired with the additional-appropriation resolution. The chair announced each motion passed by voice vote after the motions and seconds were recorded on the record.
Votes at a glance
- High-school 1028 resolution: approved (motion passed by voice vote).
- Intermediate elementary 1028 resolution: approved (motion passed by voice vote).
- GO-bond resolution (paired additional appropriation): approved (motion passed by voice vote).
The board also approved claims and administrative resolutions that included the claims-approval resolution (listed as Resolution 2026-43) and several administrative items. Many grant acceptances and curriculum recommendations were approved on the consent portion of the agenda; details of those approvals are recorded in the meeting minutes. The board adjourned the session after completing the listed business.
What happens next: approval of the GO-bond resolution and paired appropriation enables the district to proceed with bond issuance steps; staff and advisers will determine final term and structure when the bonds are issued.
Jay Staley, the district’s municipal adviser with Baker Tilly, told trustees the state formula for GO borrowing — certified net assessed value divided by three and capped at 2 percent — yields "a little over $15 million" of permitted borrowing under the example he presented. He said the district currently has about $2.4 million of GO bonds outstanding and described remaining GO-bond capacity "a little over $12.5 million." Staley walked the board through modeled five-, 10- and 15-year repayment schedules and the corresponding debt-service payments.
Staley also presented estimated homeowner impacts using the district’s median home value, which he identified as about $163,000. Under a shorter-term repayment scenario he showed, the median homeowner’s annual tax impact would be roughly $82.96; under a 15-year schedule the illustrative impact fell to about $34 annually.
Board members moved through the formal agenda items and voted to approve the high-school project 1028 resolution, the intermediate elementary 1028 resolution and the GO-bond resolution paired with the additional-appropriation resolution. The chair announced each motion passed by voice vote after the motions and seconds were recorded on the record.
Votes at a glance
- High-school 1028 resolution: approved (motion passed by voice vote).
- Intermediate elementary 1028 resolution: approved (motion passed by voice vote).
- GO-bond resolution (paired additional appropriation): approved (motion passed by voice vote).
The board also approved claims and administrative resolutions that included the claims-approval resolution (listed as Resolution 2026-43) and several administrative items. Many grant acceptances and curriculum recommendations were approved on the consent portion of the agenda; details of those approvals are recorded in the meeting minutes. The board adjourned the session after completing the listed business.
What happens next: approval of the GO-bond resolution and paired appropriation enables the district to proceed with bond issuance steps; staff and advisers will determine final term and structure when the bonds are issued.
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