Members of the Flossmoor District 161 Board of Education passed a resolution declaring the intention to issue $13 million in working cash fund bonds. The vote took place during the July 5 meeting.
During the June 12 board meeting, Bob Lewis of PMA Securities presented the plan which allows the district to sell working cash bonds up to $13 million. This does not obligate the district to sell the full amount immediately but grants the flexibility to sell bonds up to that value. The final decision on the amount of bonds to be sold will be determined by the board in the coming months.
The resolution’s primary purpose is to increase the working cash fund of the district to provide the necessary financial means to support future initiatives and projects. Over the summer, the administration will collaborate with experts to develop a comprehensive plan for construction work and obtain accurate project estimates. This information will enable the board to make an informed decision on the final amount of working cash bonds to be sold in the fall.
According to board documents, the passing of this resolution aligns with a strategic plan goal that focuses on resource equity and aims to ensure the fair and effective utilization of resources for the educational success of students. Increasing the working cash fund is expected to provide a foundation for the implementation of various initiatives and programs that benefit students in the district.
The board has directed that notice of its intention to issue the bonds be published by law.
In other news, the board also voted to approve the purchase of 900 Chromebooks for students in kindergarten, third and sixth grades.
There were no public comments from community members at the July 5 meeting.