Finance options for facility projects were discussed by members of the Prairie Central Board of Education’s Finance Committee during a special meeting Tuesday afternoon in Fairbury.
Anne E. Noble, managing director for Stifel Public Finance, told the members in attendance that working cash bonds give the most flexibility. A bond of $7 million over two years is being proposed for the full board to consider.
Noble presented information on how to continue to bond money to pay for extensive repairs while not bringing the tax rate up.
“With this plan, that will accomplish that,” Prairie Central Superintendent Paula Crane told Fairbury News following the meeting. “The tax rate won’t go down either. We are planning on a flat tax rate and that’s kind of what we’ve said this whole time.”
Crane does not want the district to get behind on projects and would like to see work done while they know they can still get it done.
“Prices are going to go up; you don’t know what interest rates are going to do,” she said.
Once the board lays out a future plan again, then the district will move forward to decide the next step after this.
Noble feels the two-year borrowing makes sense for the district currently.
It takes three board meetings to sell bonds along with a 30-day petition period. This includes the resolution of intent, a public hearing at the January meeting and the bond sale approval in February.
“Approving the resolution doesn’t obligate you to sell the bonds,” explained Noble. “It gives you the option.”
According to Crane, it makes sense financially to borrow from the ed fund.
“This is what we were comfortable with.”
This Thursday’s regular Dec. 19 school board meeting is when the full board is expected to decide whether to pursue a referendum again in the upcoming election cycle or a future one. January 13 is the deadline to put it on the ballot for April which is the only opportunity for residents to vote in 2025. The next opportunity is March 2026 followed by the gubernatorial election in November 2026.
One of the action items will include a resolution declaring the intention to issue $7 million Working Cash Fund Bonds for the purpose of increasing the District’s Working Cash Fund and directing a notice of such intention be published in the manner provided by law.
The Prairie Central Board of Education meets at 7 p.m. Thursday in the Prairie Central High School library in Fairbury.
