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Morton District 201 board authorizes up to $102 million in limited-tax bonds
Summary
The Morton District 201 Board unanimously approved a resolution authorizing issuance of up to $102,000,000 in General Obligation Limited Tax School Bonds and a levy of a direct annual tax to pay principal and interest.
The J. Sterling Morton High School District 201 Board of Education voted Feb. 11 to authorize the issuance of general obligation limited tax school bonds in an amount not to exceed $102,000,000.
The resolution, described in the meeting minutes as providing for “the issue of not to exceed $102,000,000 General Obligation Limited Tax School Bonds” and for the levy of a direct annual tax to pay principal and interest, passed after Member Fernando Godinez moved the item and Member Sandra Tomschin seconded. The motion carried with aye votes from all recorded members; Member Maria A. Gallegos was absent.
Board members did not record additional discussion in the open minutes beyond the motion and unanimous vote. The bond authorization places the district on record to issue debt in one or more series for capital needs; the minutes do not specify the projects to be financed or the timing of bond sale.
