•April 13, 2016•

Sullivan schools moved to finance health life safety approved projects, issuing $2,140,400 in bonds from school funds and another $2,140,400 sold as general obligation bonds.

Keeping it all in the district First Mid-Illinois Bank of Sullivan purchased the general obligation bonds at a 2.84 percent tax exempt rate.

District financial advisor Tim King told board members at the April 11 meeting that rates were better than expected, enabling the school district a 14 year payback plan.

By financing part of the HVAC and roofing projects for the elementary, middle school and high school with district funds, the school will generate $300,000 in interest income over the bond term, at 2.5 percent, King explained.

The total amount financed including the $123,000 previously issued comes to $4,263,800.

Board members approved both motions unanimously.