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WORKING CASH BOND PRESENTATION- OCTOBER, 15, 2018

This information was presented at the October 15, 2018 School Board Meeting to help determine the best course of action moving forward for Peotone CUSD 207U in regards to working cash bond issues.

The Board voted to proceed with issuing working cash bonds to provide $4.4 million in proceeds (half of what was originally being considered). The goal is for this to cover anticipated operational deficits for FY2020 and FY2021 while the district makes plans to put a referendum question on the ballot in March 2020. The goal of a referendum would be to increase the operational tax rate to provide necessary funds to run the district without the use of working cash bonds in the future.

The possibility of voters approving an increase in the limiting tax rate comes at an opportune time because it coincides with referendum debt issued to build Peotone High School being fully repaid, meaning a rate increase would be partially or completely offset by the automatic reduction of the Bond and Interest portion of the tax extension.

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DISTRICT HEALTH UPDATES

Peotone Community Unit School District 207-U is one of the geographically largest school districts in the Chicago Metropolitan Area. The village of Peotone is located 43 miles (69 km) south of Chicago, Illinois.

Peotone CUSD 207U serves students from the south, central and eastern region of Will County, and a small portion of northwestern Kankakee County. This includes Green Garden, Manhattan, Peotone, Rockville, Will and Wilton townships.

Peotone CUSD 207U is comprised of five school buildings:

~ The Connor Shaw Center – District Office and Preschool Program

~ Peotone Elementary School – Kindergarten through Third Grade

~ Peotone Intermediate Center – Fourth and Fifth Grade

~ Peotone Junior High School – Sixth through Eighth Grade

~ Peotone High School – Ninth through Twelfth Grade