College to issue general obligation bonds
The board approved a resolution related to the issuance of $1,905,000 in general obligation community college bonds for the purpose of increasing the working cash fund of the district. There will be no tax levy increase associated with the bond issuance. The bonds will be issued to increase the working cash reserves of the college in light of delayed payments received from the State of Illinois. In addition, the revenue could be used to fund future growth opportunities identified by the board.
In a related action, the board voted to retain the services of Chapman & Cutler LLP as bond counsel and First Midstate Inc. as bond underwriter for the issuance.
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