Tipp City Exempted Village Schools proudly announces the successful sale of approximately $78 million in bonds as part of the $87 million voter-approved bond levy passed in March 2024.
"This critical step in funding the district's new PK-8 school building project is a significant milestone in paving the way for future generations of students," said Aaron Moran, superintendent of Tipp City Exempted Village Schools.
Despite challenging market conditions, the district worked closely with Municipal Advisor Bradley Payne and Underwriter Baird to aggressively price the bonds, securing the best interest rates. This effort will significantly benefit the Tipp City community by reducing the tax burden. As a result of the sale, the millage rate has been reduced from the approved 8.68 mills to 7.68 mills, a full mill lower than anticipated.
In addition to the immediate financial savings, the district has also ensured flexibility by maintaining the option to refinance the debt after seven years. This could lead to further savings if interest rates decline in the future.
"We are incredibly pleased to have completed this important phase of the project," said David Stevens, treasurer of Tipp City Exempted Village Schools.
He continued, "This bond sale allows us to move forward with our new school and represents a significant financial benefit to our community. By reducing the millage rate and maintaining flexibility for future refinancing, we've secured a win for everyone."
This successful bond sale marks a significant step toward constructing a new PK-8 educational facility and making improvements to Tippecanoe High School.