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Board adopts Common Debt Fund resolution under Revised School Code
Summary
The Lake Shore Board adopted a resolution to establish common debt retirement funds and combine monies for investment consistent with Section 1223 of the Revised School Code; the motion passed unanimously on May 18.
The Lake Shore Board of Education unanimously adopted a Common Debt Fund Resolution authorizing the establishment and maintenance of one or more common debt retirement funds and permitting the combining of monies for investment purposes in accordance with Section 1223 of the Revised School Code. The motion was made by Susan DeLong, seconded by Kenneth Gulock, and passed 7–0.
Board adoption of the resolution authorizes district fiscal officers to manage debt retirement funds and pool monies for investment under the cited statutory authority. The board did not record additional financial details or projected dollar amounts for the pooled funds during the meeting; any implementation steps will be handled by the district business office under the applicable statutory framework.
