This post was contributed by a community member. The views expressed here are the author's own.

Schools

Woodland Board of Education considers issuance of Working Cash bonds

Gurnee--The Woodland Board of Education approved a resolution declaring an intent to issue Working Cash bonds at the November 18 Board of Education meeting.

The Working Cash bonds would help the district fund capital equipment expenses such as computers, copiers and school buses over the next six years. This would reduce the district's use of operating revenues in its Education Fund, Operations and Maintenance Fund and Transportation Fund by approximately $1.6 million per year. Refinancing existing debt would provide tax relief to residents by reducing the tax levy by $8 million over the next four years. The refinancing of the debt would extend total bond and interest payments an additional five years through 2030.

The amount for consideration is approximately $9.9 million. This figure my vary depending on interest rates. Tax rate reductions of $2 million per year would occur with the Spring 2011, 2012, 2013, and 2014 tax bills. The savings would be estimated at approximately $100 to the taxpayer of a $300,000 home.

Find out what's happening in Grayslakewith free, real-time updates from Patch.


This fall, the Board of Education held two Strategic Plan meetings regarding the long-term financial direction of the district. Over 60 committee members made up of staff and community members participated in the meetings. During the October meeting, the idea of refinancing district debt was suggested by the participants during the breakout discussions.

As a next step, the Board will hold a public hearing at 7:30 p.m., December 16 at the Educational Support Center, 1105 N. Hunt Club Road, Gurnee. The public is invited to attend and provide comment to the Board of Education at that time.

Find out what's happening in Grayslakewith free, real-time updates from Patch.

                                                                                # # # 

--
Jennifer Tempest Bova
Public Information Specialist
Woodland Community Consolidated School District 50
1105 N. Hunt Club Road
Gurnee, Illinois 60031
(847) 596-5604
"Learning...to find solutions"

Visit us on the web: http://www.dist50.net
Sign up for Special Delivery: http://www.dist50.net/delivery.html
Follow us on Twitter: http://www.twitter.com/District50News

We’ve removed the ability to reply as we work to make improvements. Learn more here

The views expressed in this post are the author's own. Want to post on Patch?