Effingham Unit 40 board approves resolution authorizing up to $37 million in debt, issues $36.22 million certificates

The Effingham Unit 40 Board of Education voted to move forward with a financing plan for new construction and facility improvements, approving a resolution that authorized issuance of general obligation debt certificates not to exceed $37,000,000 and an installment purchase agreement evidencing $36,220,000 in certificates.

Board members described the action as the mechanism to fund a new building and district facility work. A motion to approve the resolution and related installment purchase agreement was made by Chad Thompson and seconded by Erica (surname recorded in the meeting as "Erica Ropaul"). The board then adopted the resolution by roll-call vote.

The roll-call sequence recorded in the meeting transcript shows the following recorded yes votes in sequence: Chad Thompson (yes), Gesha (yes), Brandon Duncan (yes), Erica (yes), Andrew D. Johnson (yes), Jill (yes), Jane (yes). The motion carried.

The resolution as read into the record contained two amounts: the authorization “not to exceed $37,000,000” and an installment-purchase agreement and issue described in the record as $36,220,000 of general obligation debt certificates, limited tax, series 2025. The meeting record does not include additional detail on purchaser, interest rate, repayment schedule or a finalized closing date; those details were not specified in the transcript and will be set as the sale is finalized.

Board members scheduled no further action on the financing within the same meeting; administration will follow up with required sale and disclosure steps.