Public Schools

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
  • Lease financings
  • Referendum public questions (capital project and operating referenda)
  • Petition/remonstrance races
  • Pool financings
  • 516 Loans
  • 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.

Building Corporations

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

Restructuring Bonds

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.

Representative Experience

  • $27,185,000 Noblesville High School Building Corporation Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2013 – Bond Counsel
  • $25,505,000 Northwest Allen County Middle School Building Corporation
  • Ad Valorem Property Tax First Mortgage Refunding and Improvement Bonds, Series 2013  – Bond Counsel
  • $19,800,000 Mooresville Consolidated School Building Corporation Ad Valorem Property Tax First Mortgage Bonds, Series 2013B - Bond Counsel
  • $31,695,000 Hamilton Southeastern Consolidated School Building Corporation Ad Valorem Property Tax First Mortgage Refunding Bonds, Series 2012A
  • Crawfordsville Tuttle School Building Corporation $1,000,000 Bond Anticipation Note (2012); 1,350,000 Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2012; $15,550,000 Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2013A1;  and $19,450,000 Unlimited Ad Valorem Property Tax First Mortgage Bonds, Series 2013A2 – Bond Counsel

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