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Oak Park board hears overview of voter bond options, timeline and state loan program
Summary
Municipal advisor Mr. Nelson briefed the Oak Park Board of Education on how voter-approved bonds work, allowable uses, debt limits and the state School Bond Qualification Loan Program; no action was taken.
Municipal advisor Michael Nelson presented an overview of voter-approved school bonds to the Oak Park Board of Education at the special meeting on April 22, explaining how an approved bond gives the district upfront capital that must be repaid by a dedicated bond property tax levy.
Nelson told board members the community votes on a “not to exceed” bond amount and an accompanying description of allowable projects. He said, “after the voters approve the bond issue...we actually have a sale date when investors give us bids for interest rates” and the district receives proceeds into a restricted account for capital work such as roofs, security improvements,…
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