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On Oct. 24, the District 65 School Board adopted a resolution of intent to issue $20 million in bonds pursuant to Section 19-8. Mary Brown, chief financial officer, said the bonds may be issued in 2012 and 2013 to finance building projects and technology.
The 2012 Capital Projects
Mary Brown, chief financial officer, said the District is planning roof replacements at Haven, Lincolnwood, Oakton and Washington schools and masonry work at Haven and Oakton schools for the summer of 2012, at an estimated cost of $7.2 million.
In addition, she said the District is planning life safety and infrastructure work in the summer of 2012 including asbestos abatement and floor tile replacement at Chute, Haven and Lincoln; air handler units at Kingsley and Rhodes; unit ventilators at Orrington; air conditioning the auditoriums at Chute, Haven and Nichols; and updating automatic building controls at nine schools, at an estimated cost of $5.5 million.
In addition, the District is planning to replace the dividing door in the gym at Kingsley for about $100,000; and needs $1.5 million to fund capital technology in 2012, Dr. Brown added.
The total estimated cost for these projects is $14.7 million, which includes amounts to pay the cost of issuing bonds and for in-house projects.
Sources of Funds
The District estimates it will have $1.2 million left over from the issuance of $12 million in bonds in June, after deducting $9.6 million for Lincoln School, $0.8 million for technology, $0.3 million in in-house projects, and $0.1 million for bond issuance fees. Thus, the District will need $13.5 million to pay for the projects planned for 2012.
Dr. Brown said that approval of the resolution of intent will allow the Board to issue up to $20 million in bonds to fund these and other similar projects in the future.
Sections 19-8 and 19-9 of the School Code provide a process for school districts to issue bonds to pay claims against the district without a referendum. After adopting and publishing a notice of intent to issue such bonds, the district may sell the bonds unless a petition is filed, within 30 days, signed by 10 percent of the registered voters in the district requesting that the issue be submitted to a referendum.