Georgetown-Ridge Farm school board OKs bond sale to generate cash
GEORGETOWN – School officials voted Monday to sell about $2 million in bonds to generate money for the district and to restructure some older, higher-interest bonds.
Georgetown-Ridge Farm school board members voted to sell $535,000 in working cash bonds for the district, which will be repaid within three years, and to sell $1.47 million in bonds at a lower interest rate to pay off older, higher-interest bonds. According to Superintendent Greg Irwin, the restructuring of the older bonds will extend the repayment date by two years, but will keep the bond and interest tax rate for the district the same and will save the district $40,400 in interest payments.
"This is a win-win for us," Irwin said.
In other business, Irwin said that the district recently received $254,000 in local property taxes from Vermilion County, which allowed the school board to repay $25,000 to the district's working cash fund that was loaned to the district's education fund last month.
Irwin said that despite the positive news, serious program and personnel cuts may result if the state does not soon pay what it owes to the district. He estimated that the district is still owed about $400,000 by the state.
Irwin said the board is considering all options, including cuts in transportation, athletics, non-certified staff, teaching staff and administrative staff.
"Cuts are going to happen all over," he said. "The financial situation is becoming a huge problem in a hurry."
Irwin said the closure of one of the district's four schools is also technically a possibility, but described that sort of decision as "drastic" and "a worst-case scenario" that would require a great deal of consideration by the board.
In other business, Irwin said that members of the negotiating teams of both the school board and the Georgetown-Ridge Farm Education Association would meet with insurance company representatives on Feb. 16 to discuss employee insurance policies.
The board's current three-year contract with about 160 members of the union expires on June 30. Irwin said that recent meetings with the two teams have gone well.
The board also set Georgetown-Ridge Farm High School graduation for 2 p.m. May 16 and Mary Miller Junior High School graduation for 7 p.m. May 20. Both ceremonies will take place in the Georgetown-Ridge Farm High School gymnasium.
The next regular school board meeting is scheduled for 7 p.m. on Feb. 22.
Thanks a lot for the kind of perfect topic about this topic. It’s good to buy an essay about e okul this good topic. I Write a good article. Thank you. I'm still waiting for this kind of writing you would always güzel sözler follow. I hope you'll continue to write articles of this aşk sözleri type. But I can not enjoy this beautiful, sometimes in e okul writing. Difficult to reach your site. Ilgilenirmisiniz with this issue. Waiting for your interest in other articles e-okul . In the meantime, I'm trying to improve my English version if you excuse e okul me if I have errors. wish you good work.
Comments
News-Gazette.com embraces discussion of both community and world issues. We welcome you to contribute your ideas, opinions and comments, but we ask that you avoid personal attacks, vulgarity and hate speech. we reserve the right to remove any comment at its discretion, and we will block repeat offenders' accounts. To post comments, you must first be a registered user, and your username will appear with any comment you post. Happy posting.