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 KHS Building Corp. Selects Members

April 1, 2009 - The Knightstown High School Building Corporation selected three new members during its March 24 special meeting.

KHSBC members John Means, Tim Sorrell and Greg Stolle were unanimously selected by the KHSBC’s other four members, Jeff Weiland, Cindy Huffman, Janet Buckles and Rob Winters. After more than four years, the building corporation’s membership is now back to the full seven its bylaws require.

Actually, the KHSBC had only been expected to fill two vacancies at last week’s meeting -- those created when former members Stephanie True and Debi Ware resigned in 2004 when they were both elected to the Charles A. Beard School Board. Not long after the meeting started, however, the number of vacancies grew to three when member Bob White announced his resignation.

White, a Ripley Township resident, told his fellow KHSBC members that he’d had difficulty hearing a presentation that a financial consultant made at a March 10 KHSBC meeting. “If I can’t hear, I shouldn’t be making decisions,” White said.

To avoid keeping White any longer than necessary, the other four members promptly voted to accept his resignation. Before leaving, White thanked school board members in attendance for their time and input, saying, “I appreciate that very much and I’m sure there’s many people in the community who do.”

Before deliberations began, Weiland, the KHSBC’s current vice president and highest-ranking officer, said six names had been suggested as possible replacements for the vacancies. That number, however, was quickly reduced to five.

Weiland told the other KHSBC members that the school board had some “pretty significant reservations” about Ware, one of the six on the list, being reappointed to the KHSBC. If there had been some conflict regarding Ware, Huffman suggested she not be considered for a spot, saying she just wanted things to smoothly.

Of the five who remained on the list, Sorrell and Means were the only two in attendance at the meeting. Both were given a brief opportunity to introduce themselves and explain why they wanted to join the KHSBC.

With three boys who presently attend CAB schools, Sorrell, who lives in Ripley Township, said he wanted to take a more active role in the school corporation. Means, a Wayne Township resident who raised two children here with his wife, a CAB teacher for 40 years, said he has “a strong interest in the physical dealings of the school corporation.”

While the KHSBC’s bylaws simply require members to live somewhere in the CAB district, Weiland suggested that one replacement be chosen from each of the district’s three townships. Winters questioned the need to do that, however, saying, “Why does it matter? Let’s just get the people who would serve best and move from there.”

Whether intended or not, the three replacements chosen by the KHSBC -- Sorrell, Means and Stolle, a Greensboro Township resident who was not in attendance -- did end up giving the geographical representation Weiland had proposed. The KHSBC now has two members who live in Wayne Township (Weiland, Means), two who reside in Greensboro Township (Huffman, Stolle) and three from Ripley Township (Winters, Buckles and Sorrell).

Formed in 2001, the KHSBC is a nonprofit entity that was responsible for overseeing construction of Knightstown High School and its financing, and leasing KHS to CAB. While its bylaws require annual meetings, the KHSBC has not done this for several years, possibly since 2004 when True, the president at the time, and Ware resigned to join the school board.

The recent meetings of the KHSBC have been needed to deal with a possible refinancing of the bond issue that helped fund construction of KHS. The CAB School Board approved a resolution last September to refinance the bonds -- a process called refunding -- if interest rates are low enough to bring savings of at least $100,000; the KHSBC must also pass a similar resolution before the refunding can go forward.

In addition to the savings that would come from lower interest rates, refinancing the bonds would also give CAB access to $1.265 million the KHSBC now has in a sinking fund. This money -- along with possibly as much as another $800,000 if the bond repayment period is extended another two years from 2022 to 2024 -- could then be used to address some of CAB’s facility needs.

Winters, who did not attend the March 10 meeting, told the other KHSBC members and CAB Superintendent Gary Storie that he was not comfortable voting on the bond refunding resolution that night. Instead, he said he thought it was important for himself and the three new members to get up to speed on the refinancing issue first.

Storie said he would contact Lonnie Therber, the financial consultant working with CAB on the bond refunding issue and who had given a presentation at the March 10 meeting, to see if he would attend the KHSBC’s next meeting. Storie said he would also see if CAB’s bond counsel, Jane Herndon of Indianapolis law firm Ice Miller, would attend as well.

The KHSBC tentatively scheduled its next meeting for Tuesday, April 14, at 6 p.m. at CAB’s central office, 345 N. Adams St., Knightstown. Persons interested in attending are encouraged to call CAB at 345-5101 to confirm the date, time and location of this public meeting.

 

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