Board agrees to sell up to $6 million in working cash fund bonds after public hearing

The District 57 Board of Education voted July 17 to approve the sale of working cash fund bonds not to exceed $6,000,000, following a brief public hearing at which no members of the public offered written or oral testimony.

Board President Bennett Hill opened the public hearing and asked for public comment; none was offered. “All persons desiring to be heard have been given an opportunity to present oral and written testimony with respect to the proposed issuance of the bonds,” the president said before the board moved to adjourn the hearing.

The hearing preceded a formal motion to approve the sale. The board then voted unanimously in favor of the resolution to sell the bonds. Members recorded as voting yes included Member Dorner (Doerner), Member Faye, Member Qualta (Qualchek / variant spellings in the record), Member Leto, and Member Nelson; President Bennett Hill also voted yes. There were no “no” votes recorded.

The public hearing and vote followed the board’s standard public-participation procedures described in Board Policy 2:230, which the meeting host read aloud at the start of the community comments section.

The action establishes the board’s intent to issue working cash fund bonds to increase the district’s working cash balance; the meeting record did not specify a definitive sale date, underwriting team, or final bond pricing. The board’s vote at the July 17 meeting authorized the district to proceed under the “not to exceed” amount rather than approving a final sale contract at that time.

Next steps identified in the meeting packet and discussion include finalizing documents and sale timing with the district’s financial advisors and bond counsel. The board did not adopt any new policies in connection with the bond sale during the July 17 meeting.