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BY JOAN CARREON
Times Correspondent | Wednesday, September 19, 2007 | (No comments posted.)
LANSING | Sunnybrook Elementary District 171 will have a public hearing next month to gather input on its plan to issue bonds to pay for some capital improvements.
The School Board on Monday adopted resolutions giving notice of its intent to issue working cash and funding bonds.
About $1.25 million in debt certificates are to be issued to pay for heating and cooling work and permanent classroom walls at Heritage Middle School and roof work at Nathan Hale Elementary School.
The district also plans to use about $3.1 million in Qualified Zone Academy Bonds to improve the heating and cooling system at Nathan Hale and make technology and communication system upgrades at both schools.
A public hearing on the proposed sale of the bonds will be held during the board's Oct. 22 meeting.
As planned, the debt certificates and a portion of some outstanding working cash bonds will be refinanced and rolled into refunding bonds in December to make room for the issuance of the $3.1 million in Qualified Zone Academy Bonds as working cash bonds.
In other financial matters, the board held a public hearing on, and later adopted, a $12.44 million budget for this year. The spending plan includes a total of $15.12 million in revenue, including the $4.35 million in proposed bond money.
On the revenue side, Director of Finance and Technology Phil Conboy said the district is projecting it will receive a 5 percent increase in General State Aid this year.
Last year's total actual revenues were $12.37 million.
Adding to this year's financial uncertainties is whether property tax receipts will arrive in time for the district to make its Dec. 1 bond and interest payment, Conboy said.
The second installment of property tax bills from the Cook County treasurer's office typically are sent out Sept. 1 but have not yet gone out.
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