GEORGETOWN — School officials have voted to sell $1 million in working cash bonds as one part of a three-part plan to borrow money against future revenues.
Last month, a representative from First Midstate Inc. of Bloomington outlined an option where school officials could issue up to $1.4 million in bonds to generate revenue for the district. Under the option he outlined, the board could issue up to $1 million in new working-cash bonds to act as an internal bank account for the district, up to $250,000 in life-safety bonds to pay for specific repairs or improvements recommended by an architect and approved by the Illinois State Board of Education, and could refinance up to $165,000 in existing funding bonds that were issued at higher interest rates — all without raising the property tax rate in the district by making the new and refinanced bonds due in 2018.
Georgetown-Ridge Farm school board members voted unanimously on Monday to sell the working cash bonds, and Superintendent Jean Neal said that the board will take steps to identify building projects that could be financed with life-safety bonds, as well as steps to refinance the existing bonds.
In other business, the board accepted the resignation of member Lori Key, a six-year veteran of the board. Those interested in serving the remaining year and a half of Key's term should send a letter of intent to the school district's office.