The Business Offices of District 65 and 202 have collaborated in a joint venture to secure lines of credit for their respective school districts, said District 65 officials on Dec. 13. Due to the late issuance of property tax bills by Cook County, the Districts will receive property tax revenues later than usual and were required to set up lines of credit to borrow funds to finance operations pending receipt of the tax revenues.
Dr. Mary Brown and Bill Stafford, CFO’s of their respective Districts, worked together to obtain bids for the lines of credit and secured the best deal with local bank, First Bank Evanston, to borrow funds at the rate of 1.49%, should they be needed. Additionally, the Districts are sharing legal services for these lines of credit to reduce costs. Both Districts consider this a win-win and an effort to keep reducing costs in these hard economic times, said District 65 officials.