Princeville may issue bonds

By NICK VLAHOS
For the Weekly Post}

PRINCEVILLE – If Princeville School Board members foresee some financial rainy days for the district, they appear ready to acquire an umbrella.

During its meeting Oct. 15, the board authorized the initial step regarding a potential bond issue of up to $1.3 million. That doesn’t mean bonds will be issued, according to Superintendent Tony Shinall. He said he doesn’t believe the district will need to raise additional cash during the current academic year.
But once the bond-authorization process is completed, probably in December, the board will be able to act on it for the ensuing three years.

“At some point, I believe we’ll use them,” Shinall said regarding bonds. “I feel confident that we’re OK without it (for now), but it’s something that we definitely need to have, because the prices of everything are going up. You don’t know when something is going to stop working and you’ve got a $50,000 bill.”

Last month, board members discussed bond-issuing authority as they approved a 2025 fiscal-year budget that had a shortfall of about $550,000. A representative of Kings Financial Consulting Inc. of Monticello offered possible bond options.

“This is just a tool to have in case we need it. The board needed to do it this year or next year, so we just figured, ‘Let’s do it now and be ready,’” Shinall said about bond authorization.

“There’s nothing that obligates the board to do anything and nothing that obligates the board to do the full $1.3 million.”

A public hearing regarding a bond issue is probable next month. In December, the board is expected to consider a bond-sale resolution.

In other business, the board approved a $47,738 proposal from H&H Industries, Inc., of Elmwood to provide and install new lighting in the high school gymnasium and in six classrooms that surround the junior-high collaboration center.

The lights might be installed during Thanksgiving and winter breaks, according to Shinall.
Also approved was an FFA trip Nov. 21 to a leadership conference at Fair Oaks Farms near Rensselaer, Ind.

Following closed session, the board authorized hiring Brandon Baer as a bus driver and Aaron Clemons as high school boys basketball freshman coach.