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Thursday, December 17, 2015
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‘Only right for the taxpayers’ Bureau Valley Board considers interest free bonds By Eric Engel eengel@bcrnews.com
MANLIUS — The Bureau Valley Board of Education convened Tuesday, Dec. 15, to discuss the inclusion of the community in their choices and their responsibility to take advantage of financial opportunities. Superintendent Stephen Endress said PARCC test results have been made public, and Bureau Valley students performed well, lining up next to state and national averages. A 10-year building analysis was completed for the high school, and no items were reported as priorities concerning immediate repair, a byproduct of the relatively new building.
The board members, however, spent the majority of Tuesday’s meeting discussing qualified school construction bonds. Endress was recently made aware of the opportunity for Bureau Valley to qualify, but the application window for the bonds is only open until Jan. 15, 2016, so it was moved to the front burner for serious discussion. The money that supports these bonds came from the federal government in 2009, but it’s been held by the state until now due to political issues on the state level, Endress explained. If the district is awarded this opportunity, they could issue bonds that would reimburse them on any interest they spend on projects, essentially an interest free bond up to 20 years.
“Although we don’t have to commit to doing any projects or get into any contracts, we do have to show the Illinois State Board of Education (ISBE) we have the ability to do these projects,” Endress said, indicating each district applying would have to list the projects they could possibly delve into in the near future, and the state board hopes to award authority to issue the bonds by February or March 2016. The ISBE is going through a set of criteria to rank districts from those with the most needs, based off the following criteria: • Lowest available local resources per pupil. • Highest percentage of 2013 total tax rate over median tax rate per district. • Lowest building capacity per student weighted by
Bureau Valley Page 4
Paper thin
PES Superintendent Tim Smith: ‘They owe us money.’ By Eric Engel eengel@bcrnews.com
PRINCETON — The Princeton Elementary School (PES) board met Monday, Dec. 14 to “bond” their financial needs to their monetary assets. A public hearing was held concerning the intent of the board of education to sell $395,000 in funding bonds to be used to lease 10 new school busses. No members of the public were present, but Superintendent Tim Smith still stated the bonds would be paid off throughout a 10-year term. Kevin Heid, managing director at Stifel Public Finance, attended the meeting to explain the details in the issuance of $2,995,000 in taxable general obligation school bonds by PES for the purpose of increasing the working cash fund of the district. Heid said they received one bid from Centrue Bank and felt it to be competitive and fair. They will close on the bonds Jan. 7, 2016, at which point the money will be available to the district. Heid said total interest costs to the district will be 3.18 percent, including all costs of issuance, and the average life of the bonds is 1.4 years. Heid commented on the tough sledding in the Illinois market right now. People are not wanting to buy Illinois bonds regardless of who it is because of what’s going on at the state level.
PES Page 4 Year 169 No. 150 Two Sections - 28 Pages
BCR photo/Dave Cook
Ryan Sondgeroth shows some of the complex circuitry contained within the head of a full-size R2-D2 droid which he has constructed throughout the last couple of years. This Star Wars favorite, along with many other items, will be on display inside the Prouty Building before the local premier of “Star Wars: The Force Awakens” on Thursday, Dec. 17.
In a galaxy far, far away ... ... In a building named Prouty By Dave Cook dcook@bcrnews.com
PRINCETON — There will be an impressive collection of Star Wars memorabilia and replicas on display from 3 to 6 p.m. Thursday, Dec. 17, in the Prouty Building in Princeton. Scheduled specifically to appeal to fans waiting in line for the nearby premier of “Star Wars: The
Force Awakens” at Princeton’s Apollo Theater at 7 p.m., fans will not want to miss this event. Featuring ephemera from the collection of Ohio, Ill., resident Peter Wentworth-Shields, who worked in the art department during the first Star Wars BCR photo/Dave Cook film (1977), this collection is guaranteed The opening page of an original “Star Wars” script. No one
Star Wars Page 2
involved foresaw the impact this film would have on not only movies, but merchandising and pop culture.
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