Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Funding Transfer topic
No spam. Unsubscribe anytime.
Board approves $965,950 transfer to cover bond-related operations and abatement
Summary
After a public hearing, trustees approved transferring $965,950 from the Working Cash Fund to the Operations & Maintenance Fund and adopted an annual abatement directing the treasurer to use district funds to pay bonds reissued in 2022.
The Board of Education for Brookfield LaGrange Park School District 95 approved a resolution authorizing the transfer of $965,950 from the Working Cash Fund to the Operations & Maintenance Fund to cover anticipated operations and bond-related costs.
The transfer was the subject of a public hearing opened by the board and later closed by unanimous motions. The board also adopted an annual abatement resolution instructing the township treasurer to move the transferred funds to pay debt service on outstanding bonds; the minutes note the bonds were reissued in 2022 and cite a Debt Service Extension Base of $1,079,890.66. "This resolution directs the township treasurer to move the $965,950 from the Working Cash Fund to the Operations & Maintenance Fund to pay for the bonds," the minutes state. Trustees voted unanimously to carry both the transfer and abatement resolutions.
