LSC 1 of 29 state schools to get interest refund from Indiana Bank Bond

Indiana extended the property tax deadline by 60 days in 2020, and that delayed the LSC from getting some funds.

Posted: Jul 15, 2021 3:57 PM
Updated: Jul 15, 2021 6:09 PM

LAFAYETTE, Ind. (WLFI) — The Lafayette School Corporation is one of 29 state school corporations getting money back from the Indiana Bond Bank.

Indiana extended the property tax deadline by 60 days in 2020, and that delayed the LSC from getting some funds.

In the summer of 2020, schools were able to get loans through I-B-B for pandemic-related cash-flow problems.

LSC got a $1 million loan to cover the gap but accrued more than $11,000 in interest.

It was paid back, along with the $1 million loan at the end of 2020.

IBB was able to get a grant to help refund some of the interest paid, and LSC was reimbursed all but $715.

Chief Financial Officer Eric Rody said the program was much needed at the time.

"The delayed payment basically filled the gap for a temporary period of time and, basically, we could go on about business as usual," Rody explained.

The corporation will not be doing anything different with the money because it's not considered additional funding.

It will go back into the corporation's debt service account.

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