District 57 approves bond resolutions to fund capital projects and working cash

Mount Prospect School District 57’s Board of Education voted June 18 to approve two resolutions that authorize borrowing for capital work and to increase the district’s working cash fund.

The board approved a resolution “providing for the issue of not to exceed $35,000,000 general obligation school bonds” to pay for capital projects laid out in the referendum voters previously approved, and a separate resolution declaring the district’s intention to issue $6,000,000 in working cash fund bonds. Both measures were put to voice roll call and recorded as approved by the board.

Board President Bennett Hill opened the motions and the board proceeded to roll-call votes. Member Nelson, Member Doerner, Member Faye, Member Kwalchak and Vice President Choke were recorded as voting “Yes” on each resolution. Both actions were carried as presented.

The resolutions instruct district staff to levy an annual tax sufficient to pay principal and interest on the general obligation bonds and to publish the required notice of intent for the working cash fund bonds as provided by law. Board members did not request amendments during the public motion and vote.

Board policy and the district’s financial staff will now move forward with the administrative steps required to sell the bonds and complete the legal notice processes. The board’s approval sets the authorization level and the legal direction to proceed; specific sale terms and purchaser selection will be handled subsequently through the district’s finance process and brought back to the board as required.

The board approved both resolutions during the June 18 meeting as part of unfinished business and recorded the votes on the record.