G-RF board takes next step toward issuing bonds
GEORGETOWN — The Georgetown-Ridge Farm school bistrict held a hearing this week to get public input on a plan to sell up to $1.25 million in bonds for the district, and officials hope to be able to complete the transaction as early as January.
Superintendent Jean Neal said the hearing was the latest step in a process that started in the spring to borrow money for the district against future revenues.
In May, a representative from First Midstate Inc. of Bloomington outlined an option where school officials could issue up to $1,415,000 in bonds for the district. Under the option he outlined, the board could issue up to $1 million in new working-cash bonds, up to $250,000 in life-safety bonds, 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.
There were no public comments at Monday's hearing.
Neal said the district can now submit the proposed life-safety projects — which include new front doors and a resurfaced parking lot at Pinecrest Elementary School, tuckpointing work and new bleachers at Mary Miller Junior High School, and tuckpointing work, replacing a boiler and replacing some windows at Georgetown-Ridge Farm High School — to the state for approval.
Neal expects an answer in five to eight weeks, and then the school board can vote to sell the bonds. She said the board will likely sell all the bonds at once, instead of selling the working cash and life-safety bonds in different months.