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Oak Park D97 authorizes up to $12 million in tax anticipation warrants, approves working-cash loan
Summary
The Oak Park Elementary School District 97 Board of Education on Oct. 14 approved two measures to protect the district’s cash flow amid delayed Cook County property-tax collections: a resolution authorizing issuance of up to $12 million in taxable tax anticipation warrants and a companion resolution to loan funds from the working-cash fund to the bond-and-interest fund.
The Oak Park Elementary School District 97 Board of Education on Oct. 14 approved two measures to protect the district’s cash flow amid delayed Cook County property-tax collections: a resolution authorizing the issuance of not-to-exceed $12 million in taxable tax anticipation warrants and a companion resolution authorizing a loan from the working-cash fund to the bond-and-interest fund.
District finance staff told the board the county reported the delay stems from a Cook County software migration that has slowed transfers from the county clerk and treasurer. Administrators said the district believes the specific software migration is a discrete cause but cautioned similar delays could…
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