During Monday night’s meeting, the Bond Country Unit 2 Board of Education received a presentation regarding the issuance of two bond issues.
Tim King from King Financial Consulting of Monticello talked to the board about passing the bonds without increasing property taxes. No referendums are necessary.
The board approved motions to publish their intent to issue up to $2.2 million of working cash fund bonds and up to $11 million in general obligation bonds to pay for the costs of improving school sites and altering, repairing and equipping school buildings and facilities.
King recommended paying off some of the district’s current debt with the working cash bond issue, which would help Unit 2 if the state creates tax caps in the near future.
The general obligation bonds would be financed with the facility sales tax that was approved by voters a few years ago.
The state is also preparing to begin a Capital Development Plan that would provide construction grants to schools.
Click below to hear Unit 2 Superintendent Wes Olson address the district’s need for building improvements:
Olson said the facilities sales tax has been a major advantage to the school district. He said it has allowed the district to keep up with projects they wouldn’t have been able to otherwise. He said the possibility has always existed for those funds to be used for something bigger.
Click below to hear his comments:
The board could possibly address the bond issues at its January meeting.