RSS FeedThe News-Gazette.com: Unit 4 issues building bonds
CHAMPAIGN – The Champaign school district has issued $86.7 million in building bonds, the first school district in Champaign County to sell bonds to be repaid by the countywide school facilities sales tax.
The bonds were sold Thursday, and the district received a slightly lower interest rate than expected, said Chief Financial Officer Gene Logas. That means the district saved $4 million in interest, he said.
"We did very well," Logas said. "They were sold at a very competitive rate."
The district benefited from the stock market being down on Thursday, he said, with more people looking to put money into bonds.
The bonds will be repaid from the district's share of the sales tax money. The sales tax went into effect in January, and school districts expect to begin receiving money from it in April.
The Champaign school district plans to use the bond money to build a new Washington Elementary School, remodel and expand Garden Hills Elementary School, build a new elementary school in Savoy, and renovate several other elementaries. It will also use a portion of the money to abate the property taxes that would have paid the principal and interest on previously issued building bonds.
The school board will vote on a resolution to abate property taxes levied in 2009 in the amount of almost $1.28 million when it meets Monday night. The board meets at 7 p.m. at the Mellon Administrative Center, 703 S. New St.
"No taxpayer will pay a single penny for any of the previously outstanding construction bonds," Logas said.
The outstanding bonds were used to build Stratton and Barkstall elementary schools and to remodel Central High School.
The board will also vote on the design for the new Washington Elementary School on Monday. The school will be a magnet school with a theme of Science, Technology, Engineering and Math.
It will also review the design for Garden Hills, which will be a magnet school with a focus on international education and the fine arts. And the board will consider putting out a Request for Qualifications for an architect for the new Savoy school.
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