All fine. Good and good. I pledge allegiance to the flag of The United States Of America and to the Republic for which it stands, one nation under God, indivisible, with liberty and justice for all. Thank you. That's perfect, mister. First thing on the, our agenda is for the board to hold a preliminary hearing I'm sorry. Hearing on a proposed bond project. If you're interested in speaking at the hearing, please make sure that you have signed the sign in sheet, and please include your name and address. After presentation by the administration and its advisers, there'll be an opportunity for the public
to make comments about the project. At this specific hearing, we ask that each person limit their comments to the board's established standards and that the topic be limited to the proposed projects under consideration. The notice of this preliminary determination hearing was published as legally required. At this time, I will ask mister Allen to please include your name and address. To extend the presentation by the administration and its advisers, there'll be an opportunity to make comments about this specific area code six one point one Do you have any
questions? Thank you. K. You can get Brightcove. He has said this. Okay. Right. Okay. We will now hear from superintendent McCormick about the process of determining and communicating the project to the community and the need for the project. Thank you, mister Bade. Peru Schools has historic has historically paid for certain capital items out of the operations fund. This bond issue will allow the school corporation to reimburse themselves for those expenditures, which will help alleviate some of the pressures that the operation fund currently faces.
Thank you, mister McCormick. We'll now hear from miss Inure, PCS business manager, about the proposed project how the proposed project meets as just described for those expenditures of the operations. To determine the fund money that has been used rather than expending operation. We will now enter by two million dollars about the proposed project how the proposed project meets as described. Review of the Okay.
Okay. Okay. Additional information. Again, these are ratios that will be, in the resolution of the next hearing. The maximum annual payments for the school corporation as a percentage of your net assessed value is point 76%, And then the direct and overlapping debt, as a percentage of your net assessed value, that is the property tax debt of the city, town, county, township, library, school corporation, all the property tax units that make up a taxing entity for a Peru taxpayer, and we divide that by your net assessed value.
So that's 7% that is that's statutorily required again. So that's why that's in there. Happy to answer any questions that the the board or administration has. The 550,000 interest, is that the twelve year or is it the five year? Five year based on an 8% interest rate. So so significantly higher than than what we would anticipate it We will now open
the public hearing. Remember, if you'd like to speak, please sign in on one of the shoes that's located over there. As I mentioned earlier, we ask that you state your name, address, limit your comments to the proposed project and financing, and keep any comments to the board, establish standards, and avoid being repetitive if possible. We don't have anybody signed in on the sheet. So I would like to thank you all that who participated in this hearing. We appreciate your time and interest in the project and the future of our community. Please note that this is just the first step in the legal process.
No board action is legally required at this hearing. Rather, this hearing is solely to hear public comment. The board will continue to work with the administration and its professionals to look for efficiencies to conserve tax dollars while meeting our educational needs. The board will hold a second public hearing in this boardroom 04/20/2026 at 6PM. Thank you all. We need a motion for that. Motion to adjourn. Motion to adjourn. Second. Second. All those in favor? Okay. That is out of the way. Probably don't need to do the pledge again. No. Since we've already done the pledge of allegiance, I would entertain a motion to accept
the agenda as presented. So moved. Thank you, miss Justice. Second? Second. Thank you, doctor Pennington. Any questions? All those in favor? It is unanimous. Thank you. First off, under personnel, thank you guys for coming. Thank you. See you again. Yeah. See you again. Yeah. Under personnel, mister McCormick's going to review a legal settlement for a previous employee. Mister McCormick, you have it. Thanks, mister Beatty. You have the legal document, the district's litigation with employee former employee number 220820.
That has now been resolved and is is no longer happening. So, no. That's informational. No action is required on your part. But, we worked with legal insurance agents, etcetera, in standard protocol. And, again, that has been resolved at this time. Thank you, mister McCormick. Under b, we have, resignations. As you all know, doctor Quinn submitted his resignation, effective April 1 of this month. I would entertain a motion to accept that resignation.
So moved. Thank you, miss Justice. Second? Second. Any questions or discussion? All those in favor? I would just Oh, I'm sorry. I would just like to thank doctor Quinn for years of shell sharing his intelligence with us. Absolutely. Thank you. Any others? Now all those in favor. It is unanimous. Next, we have the tag payout. Mister McCormick is gonna review that for us. Mister McCormick. Thank you, mister Beatty. I would say, and feel good about well, not good about the tag process. I don't know that anyone does. In the beginning of this process, there there are a number of school districts across
the state that chose not to even take tag dollars because it's such a subjective and, you know, unfair process. So I asked our teachers union if they, wanted us to apply for tag dollars or not, and they said they did. So we did follow their wishes. And then we worked side by side with the, teachers union as well as our building principals had input. Miss Inure was in the room in the meetings as well, and we used the
Department of Education's criteria as well. So we were permitted to give, 20% of our teachers to award tag money to 20%. So for us, that's 19 teachers. And, we did using the criteria, the principal's recommendations, etcetera, we did, whittle that down to 19, and we opted to only give out tier one $3,500 allotments so that
more people, more teachers could get, tag money. And so, that list and packet is in your hands, seeking your approval to disperse that money at this time. Thank you, mister McCormick. I would entertain a motion to accept the tax payout as presented. So moved. Thank you, mister Fuller. Second? Second. Thank you, mister Ellis. Do we have any further discussion or questions? I've seen this done eight different ways in eight years. I don't think it's ever been done right.
And I think if the taxpayers can't have that money, then it should go into the education fund, and we should be able to give them all a raise. I don't think that this is not the way to do it. Thank you, miss Justice. Any other discussions or questions? All those in favor? Opposed? It's flagrant one. Thank you. That is all we have on the agenda. I would entertain a motion to adjourn. So moved. Thank you, miss Justice. We are adjourned.