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Board approves resolution to issue up to $38 million in G.O. bonds to begin referendum work
Summary
After a presentation from PMA municipal adviser, the Kaneland Board authorized a parameters resolution to sell up to $38 million in general obligation bonds to fund referendum projects and refund prior obligations; the vote was 6-0.
The Kaneland Board of Education approved a parameters resolution authorizing the issuance of up to $38,000,000 in general obligation school bonds to fund voter-approved referendum projects and to refund outstanding obligations.
Bob Lewis of PMA, the district's municipal adviser, briefed the board on next steps following the April 1 referendum certification and the statutory petition period. Lewis explained that the parameters resolution establishes maximums (amount, term and a maximum coupon) and delegates authority to two…
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