Roofs and HVAC systems needed

•November 11, 2015•

By Mike Brothers

Facing a little more than $5 million in needed HVAC upgrading and roof repairs Sullivan Community Unit 300 board members explored funding options at the regular Monday, Nov. 9 meeting.

Tim King of King Financial Consultants presented some options utilizing  health life safety bonds.

King explained, with existing debt expiring, the district could maintain its $380,000 annual payment toward bond payback.

“With your fund balances you also have the ability to purchase your own bonds,” King continued, noting Monticello school district self-funded health life safety bonds in January.

Sullivan fund balances totaling $6 million in education and transportation could be used with the district earning between 1.3 and 1.9 percent interest on the loan.

“One advantage to partially funding the bonds from existing funds is the balance could be borrowed locally at competitive rates,” King said.

Supt. Brad Tuttle asked about the option of selling bonds to cover a portion of the project.

King noted if the district needed to raise funds to reimburse or add additional funds, they could sell bonds to raise cash in 30-60 days.

Tuttle explained the district is looking at various funding options which will be discussed at the winter board planning session.

A public hearing concerning the intent of the board to issue $5 million in health life and safety bonds was held following King’s presentation.     Login or Subscribe to read the rest of this story.