2026-243

NOTICE OF HEARING ON PROPOSED AMENDMENT TO LEASE METROPOLITAN SCHOOL

DISTRICT OF MOUNT VERNON

You are hereby notified that a public hearing will be held before the Board of Education (the “Board”) of Metropolitan School District of Mount Vernon (the “School Corporation”) on October 19, 2026, at the hour of 5:30 p.m. (Local Time) at the Mount Vernon Senior High School, 700 Harriett Street, Mount Vernon, Indiana, upon a proposed Amendment to Lease (the “Amendment”) to be entered into between Mt. Vernon of Posey County Multi-School Building Corporation (the “Building Corporation”), as lessor, and the School Corporation, as lessee. The meeting will also be available to stream live from www.mvschool.org.

The proposed Amendment on which the hearing will be held amends the existing Lease Agreement originally executed April 17, 2017 (the “Lease”). The Amendment extends the term of the Lease, increases the rent payable thereunder and adds real estate to the property which is subject to the Lease (the “Leased Premises”), in exchange for the renovation of and improvements to the Leased Premises. The Amendment extends the term of the Lease to December 31, 2048, or the final maturity of the Building Corporation’s Bonds, whichever is the first to occur, and provides for rent during renovation for an amount up to $1,113,000 per payment payable on June 30 and December 31 beginning on June 30, 2027, until completion of the construction, renovations of and improvements to the Leased Premises. Thereafter, the Lessee agrees to pay rental for the Leased Premises at the rate of $2,226,000 per year during the term of the Lease. The first full rental installment shall be due on the day that the Leased Premises are completed and ready for occupancy or December 31, 2029, whichever is later.

As additional rental, the School Corporation shall maintain insurance on the Leased Premises as required in the Lease, shall pay all taxes and assessments against such Leased Premises, as well as the cost of alterations and repairs, and shall pay rebate amounts to the United

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States Treasury, if necessary. After the sale by the Building Corporation of its Ad Valorem Property Tax First Mortgage Bonds, Series 2026 (the “Bonds”) to pay for the cost of the renovation and improvements, including any other expenses incidental thereto, the annual increased lease rental stated above shall be reduced to an amount equal to the multiple of $1,000 next higher than the sum of principal and interest due on the Bonds in each twelve-month period ending on January 15 plus $5,000, payable in equal semiannual installments.

The Lease gives an option to the School Corporation to purchase the Leased Premises on any lease rental payment date.

The Leased Premises to be renovated pursuant to the Amendment is a portion of the Mount Vernon High School Building, which is within the School Corporation’s boundaries. The plans and the estimates for the cost of the renovation and improvements, as well as a copy of the proposed Amendment, are available for inspection by the public on all business days, during business hours, at the Administration Building of the School Corporation, 1000 W. Fourth Street, Mount Vernon, Indiana.

At such hearing all persons interested shall have a right to be heard upon the necessity for the execution of the Amendment, and upon whether the increased lease rental provided for therein to be paid to the Building Corporation is a fair and reasonable rental for the proposed construction, renovations and improvements to the Leased Premises. Such hearing may be adjourned to a later date or dates, and following such hearing the Board may either authorize the execution of the Amendment as originally agreed upon or may make modifications therein as may be agreed upon with the Building Corporation.

Dated: September 16, 2026.

Brian Williams Secretary, Board of Education Metropolitan School District of Mount Vernon

Published in the Posey County News on September 16, 2026 - hspaxlp