Bonding debt is on school board's agenda
TONIGHT: The District 56 Board of Trustees will discuss in closed session whether to issue a $700,000 bond, repayable by property taxes.
The board has been called to a special meeting at 6 pm at Clinton High School (professional development room). An agenda notice says the meeting will be conducted in executive session for “personnel considerations, contractual matters, and finance - consideration of bond resolution.” Action(s) as necessary for items from executive session will be done after return to open session.
The district’s bond limit is $3,953,746 - out of that, $700,000 will be considered for paving, sidewalks and school safety (plus any other action authorized by the bond act, and the cost of issuing the bonds).
District 56 currently has these bond obligations: 2013 outstanding balance $1,581,000; 2014 outstanding balance $13,920,000; and 2016, outstanding balance $20,020,000.
State law ties bond debt to the assessed value of property which, in District 56’s case for Sept. 2018 assessment, is $49,421,829 (minus fee in lieu of taxes property, $6.8 million).
The District 56 Board of Trustees’ regular monthly meeting is the 4th Monday - Aug. 26, 7:30 pm at Clinton High School.