Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Finance Bonds topic
No spam. Unsubscribe anytime.
Public opposes $32 million working-cash bond as board closes hearing; board adopts tax-levy certifications
Summary
At its Dec. 15 meeting School District U-46 opened a hearing on a proposed $32 million working-cash bond, heard an in-person public comment urging rejection and then closed the hearing. The board proceeded to adopt Truth in Taxation certification and approved routine bills and consent items.
Cody Holt, an Elgin resident, urged the School District U-46 Board of Education on Dec. 15 to reject a proposed $32,000,000 working-cash bond and to “vote no on the property tax increase,” saying “investment bankers … love deals like this” and warning taxpayers would shoulder decades of higher taxes.
After receiving the public comment, the board president said all who wished to be heard had been given an opportunity. A motion to close the hearing on the issuance of the working-cash bonds was moved and seconded and approved by roll-call vote.
Separately, district finance staff presented the administration’s estimate of the 2025 tax levy, describing a 4.99% increase and showing an estimated levy figure in the packet of $402,594,331 and a tax-extension estimate of approximately $365,361,897. Administration asked the board to adopt Truth in Taxation compliance documents; the board adopted those certifications by roll-call vote.
Board members also approved the itemized bills presented by administration totaling $99,156,360.74 and approved a lengthy consent agenda that included personnel actions, project change orders and settlement agreements.
Votes at a glance
- Motion to close the hearing on working-cash bond issuance: approved (roll-call: Miss Kirk — Yes; Miss Khan — Yes; Miss Nolan — Yes; Miss Schwartz — Yes; Miss Thomas — Yes; President Owens — Yes). - Approval of itemized bills ($99,156,360.74): approved (same roll-call). - Adoption of Truth in Taxation documents and certification of the tax levy: approved (same roll-call). - Consent agenda (personnel, contracts, change orders): approved (same roll-call).
Why it matters
The working-cash bond would provide the district with short-term liquidity and is structured so proceeds are available for later capital needs after abatement; public comments opposing the bond signaled local taxpayer concern about debt and future tax burdens. The Truth in Taxation certifications set the district’s process for issuing levy requests to the county and frame conversations about property-tax impacts ahead of the 2026 tax cycle.
What’s next
The parameters resolution authorizing a separate working-cash bond sale (a distinct board resolution discussed during the meeting packet) sets sale limitations but requires administrative execution of final sale documents to proceed. The district will post required Truth in Taxation materials and follow statutory notice processes.
