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Elmhurst’s Locally Owned and Operated Hometown Newspaper
VOL. 17 • NO. 31
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TAKE ONE
THURSDAY, JULY 25, 2019
School Board moves forward on referendum borrowing Lower interest rates make timing good for purchase of G.O. bonds
By Chris Fox FOR THE ELMHURST INDEPENDENT
At their meeting held on July 16, District 205 Board members voted unanimously to approve a resolution providing for the issue of up to $60 million in general obligation (G.O.) school bonds. The issue is related to the passage of the referendum in the election of Nov. 6, 2018. Voters in that election approved a proposition to borrow $168.5 million to pay for renovations and additions to district facilities.
rates had fallen a full one percent. Collins stated that following the approval of the referendum, the Board could have approved a bond sale of $25 million in January 2019. The board at that time decided to use funds from its fund balance to pay expenses related to the approved referendum, and reimburse the fund balance at a later date. Collins stated during the July 11 special meeting that interest rates are back down to
“generational lows.”
Financial advisor offers overview Elizabeth Hennessy, managing director of Raymond James, spoke at both the July 11 special meeting and at the July 16 regular meeting. A financial advisor to the district, Hennessy said on July 11 that the district was in a great environment to issue bonds. She said the district
could lock in low interest rates if it chose to issue bonds. She noted that the maximum bond issue the district could currently issue is $60 million. Hennessy also noted that the district is currently paying off existing debt from previous bond issues unrelated to the November 2018 referendum. Leading up to last year’s referendum, the district informed residents that its passage would add an average of about $150 to the annual
property taxes of a district homeowner of a home with a market value of $500,000. Hennessy said that since then, the district’s tax base has grown, causing that projected figure of $150 to drop to about $138. Hennessy said that by locking in $60 million of referendum-related bonds at the current low rates, the district’s taxpayers could realize a
See BOARD, Page 5
Lower interest rates create good timing for bonds In a special board meeting held on July 11, Board member Jim Collins noted that since November, interest
Elmhurst Cycling Classic takes place Friday By Dee Longfellow FOR THE ELMHURST INDEPENDENT
Ride with Ride with Ride the with the car #1#1 carca the #1 insurer in insurer in Police conduct Neighborhood Roll Call insurer in Illinois. Illinois. SUBMITTED PHOTO Elmhurst Independent
On July 9, the Elmhurst Police Department held one of its summer Neighborhood Roll Call events at the corner of Orchard and Kenilworth. Pictured here are the officers along with the residents who came out to hear what they said. A special thanks to Catey Cohen who provided the photo.
Illinois.
See CYCLING, Page 5
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The 7th Annual Superior Ambulance Elmhurst Cycling Classic is coming to town on Friday, July 26, bringing amateur and professional bike racers from around the country and the world to compete on a 1.2mile circuit surrounding Elmhurst College. Starting and ending at the Wilder Mansion, the competition will feature some racers who will compete at speeds in excess of 30 mph. Race day will run from about 9:45 a.m. until 7 p.m. There will be no night race this year.
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