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Mahomet-Seymour approves sale of $4.8 million health, life and safety bonds; funds to pay short-term projects including Lincoln Trail roof
Summary
Mahomet-Seymour CUSD 3 approved a resolution to sell $4.8 million in general obligation health, life and safety bonds to Webster Bank; district expects proceeds March 6 and will use money for short-term safety and security projects, including a Lincoln Trail roof repair contract.
Mahomet-Seymour CUSD 3’s Board of Education voted Feb. 18 to sell $4.8 million in general obligation health, life and safety bonds to Webster Bank and to move forward with related projects, including a planned roof replacement at Lincoln Trail Elementary.
The board approved a resolution authorizing the sale of the bonds; district staff and the board’s financial advisor described the borrowing as short-term, with repayment scheduled over roughly two years and no net increase to the district’s tax rate because other levy elements are declining. Anne Noble of Stifel, the district’s financial advisor, told the board Webster Bank offered the lowest bid and a rate of roughly 3.87 percent. “You will receive…
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