Ice Miller has worked with virtually every Indiana school corporation as bond counsel over its 100+ year history. In Indiana, we have three lawyers who dedicate almost 100 percent of their time to property tax borrowings which school corporations undertake. We work hard to build relationships and trust with our school clients. We recognize that each financing is important and demands the utmost attention, whether it is a $250,000, $2,000,000 or $90,000,000 borrowing.
Over the last five years, we have worked on 519 deals with Indiana school corporations totaling more than $3.797 billion.
We have served as bond counsel for school corporations on such matters as:
General obligation bond financings
Referendum public questions (capital project and operating referenda)
Equipment lease financings
Tax anticipation notes/warrants
Original and continuing disclosure, as required by SEC rules and regulations
In working with so many school corporations, we have accumulated vast resources of supplemental materials to assist superintendents, business managers, board members and local counsel in understanding the details of the financings and the required legal steps. A small sampling of such materials is:
Memorandum on the role of the building corporation
Sample letter to send to staff prior to a referendum
Executive summary of the lease hearing
Sample agenda and explanation of a 1028 hearing or project hearing
Diagram of a refunding
For copies of such materials, please contact one of the primary contacts on this page.
Ice Miller builds communities by working with K-12 public schools on project financing needs ranging from minor upgrades to the construction of new campuses. Since 1990 alone, we have served as bond counsel for more than 500 public school corporations on more than 1,800 bond issues, aggregating more than $18.128 billion.
Under Indiana law, a "building corporation" may be formed as part of a lease financing process to assist certain Indiana taxing units, including schools, libraries, counties and muncipalities in constructing and financing a project. A building corporation owns the facility constructed with bond proceeds and leases the facility back to the taxing unit. In this manner, the building corporation acts as an "on behalf of" issuer of bonds for the taxing unit.
Distressed Unit Appeal Board
The Indiana General Assembly adopted legislation forming the Distressed Unit Appeal Board in 2008 to assist governmental units who were experiencing distress. That legislation was later amended to provide the DUAB with authority to oversee and authorize the restructuring of debt by school corporations.
Ice Miller has more experience than any other firm in representing clients before the Distressed Unit Appeal Board
Ice Miller has assisted the first school corporation in obtaining voter approval through a referendum to restructure bonds.
We have served as bond counsel on the restructuring of bonds for Franklin Township Community School Corporation, Mt. Vernon Community School Corporation and Zionsville Community School Corporation. Through these restructurings, the school corporations have created "increment" which is being used to pay the annual cost of transportation, bus replacement and capital projects.
Restructurings tend to involve complex legal and practical issues and Ice Miller has demonstrated that we have the experience, knowledge and where with all to tackle these tough issues in order to benefit our clients.