Last month, the Carmel Clay Schools board of trustees reduced a bond to pay for facility renovations and other projects from $59 million to $55 million.
So, at their Nov. 4 meeting, school board members said they were surprised to see a resolution tied to the bond appropriating an additional $10 million. The meeting agenda states the resolution will appropriate bond proceeds, but school board members – and the district’s chief finance officer – questioned the amount.
CCS Associate Superintendent Roger McMichael, who oversees finances, said additional appropriations beyond bond amounts typically cover issuance costs and related expenses. He found the $10 million amount to be unusually high but said he trusted the advice of the district’s bond counsel from Barnes & Thornburg…