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Board approves temporary $3 million loan and pursues $50,000 ISBE maintenance grant
Summary
Board approved a temporary intra-fund loan to cover bond payments until property-tax receipts arrive and affirmed pursuit of a capped ISBE maintenance grant to offset tuckpointing work; the loan will be repaid after tax collections.
Board members approved a short-term cash-management resolution authorizing a transfer (temporary loan) from the educational fund to the debt service fund to cover a bond payment due before property-tax receipts arrive.
According to finance committee materials, "the referendum debt service payment is due on 12/01/2025," and the administration proposed a temporary loan of $3,000,000 to cover that payment; officials said the loan will be repaid once tax collections are processed after Dec. 15.
Finance committee also reviewed active tax-increment financing (TIF) districts that affect the district’s revenue streams and reported on local development activity in Park Ridge, Des Plaines, Niles and Rosemont. Administrators additionally noted the district will apply for a 2026 ISBE maintenance grant to help offset planned tuckpointing work at Maine South; the grant has a cap of $50,000.
The board moved and approved the loan and related resolutions by roll call. Trustees and administrators said they expect the loan to be repaid promptly after receipt of tax collections and that the grant, if awarded, would reduce the capital cost to the district.
