•February 10, 2016•

By Mike Brothers

Sullivan Community Unit #300 school board approved issuing $123,000 taxable obligation bonds while discussing funding options for $5 million in Life Health Safety Improvements.

Board president Steve Poland asked whether the general obligation bonds issuance was related to the current state budget crisis.

Supt. Brad Tuttle explained that Gov. Rauner’s  economic agenda calls for a property tax freeze which could affect every district’s funding ability in the state.

By issuing the $123,000 in bonds the school tax rate will be partially buffered in the event of a freeze.

The resolution to issue $123,000 in bonds at 2.5 percent interest passed unanimously

Tim King of King Financial Consultants noted that the 15 school districts he represents all are taking the same precautions as Sullivan toward the tax freeze.

King pointed out the $2.5 billion in 0 interest statewide loans for which Sullivan applied to finance the HVAC and roofing repair costs went to Cook and collar counties school districts.     Login or Subscribe to read the rest of this story.