U46 closer to issuing bonds for second year

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Updated: February 12, 2012 8:13AM

ELGIN — The School District U46 Board of Education has declared its intent to issue bonds for a second time in as many years.

That brings the Elgin district one step closer to back-to-back bond issuances after it previously had not borrowed money in nearly a decade.

U46 still must hold a public hearing — and a second vote ­— before issuing those bonds, spokesman Tony Sanders said. The school board voted Monday night to set that hearing for its meeting 7 p.m. Monday, Feb. 6, at the U46 Educational Services Center, 355 E. Chicago St.

If passed, that would give the district permission to issue up to $20 million in working cash fund bonds. It follows a $25 million working cash fund bond issuance in March, the first since 2003.

Board member Jennifer Shroder asked, “if, by some miracle, we don’t need $20 million,” the school district could borrow a smaller amount.

Jeff King, chief operations officer of U46, said the district still would sell all the bonds.

The sale of those working cash fund bonds would take place in March, according to the district.

The bond proceeds would be used for roofing and paving projects, chillers, boilers, elevators, lighting and energy management systems for those district buildings, the district has said. That money likely would last the school district four to five years.