District news
School pays off its 7.25% building bond with a bank loan
What happened
In October and November 2025, the board approved paying off its Series A building bonds with a loan from First Merchants Bank. The loan was set to close December 1, 2025. The school's FY2023 audit shows the bond was a $7.23 million Indiana Finance Authority bond at 7.25% interest.
Why it matters to families
The building debt is one of the school's biggest long-term costs. The new loan has a variable rate, so future payments can change with interest rates.
The evidence
The November 19, 2025 minutes say the loan to pay off the bond was scheduled to close December 1, 2025. The October 14, 2025 minutes record approval of the resolution to redeem the bonds. The November 24, 2025 minutes record approval of the loan documents. The rate and term details come from the meeting recording (auto-captions) and the posted audit.
The source
November 19, 2025 regular meeting minutesSee the full record for Discovery Charter School.
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