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Prospect Heights board opens hearing and declares intent to issue up to $20 million in funding bonds
Summary
At its Aug. 14 meeting the Prospect Heights School District 23 board opened a public hearing and adopted a resolution declaring its intent to issue not-to-exceed $20,000,000 in funding bonds to pay outstanding district claims; no public comment was offered and motions passed unanimously.
The Prospect Heights School District 23 Board of Education on Aug. 14 opened a public hearing and adopted a resolution declaring its intent to issue funding bonds not to exceed $20,000,000 to pay claims against the district.
During the hearing, Superintendent Don Angelaccio and Liz Hennessey of Raymond James provided an overview of the proposal and financing purpose. The board recorded no public comments during the hearing. The board voted 6-0 to open the hearing (motion by Dr. Spencer Long; seconded by Tracey Morrissey) and later voted 6-0 to close it (motion by Dr. Long; seconded by Brynn Nordmark).
The resolution adopted by the board instructs the district to publish formal notice and explains the 30-day petition process that could require a public referendum if at least 10% of registered voters submit a petition. The resolution also authorizes steps to call the district's outstanding Certificates for redemption as part of the financing process.
Board President Rebecca McClaney presided over the legal resolution and roll-call vote. The board did not set sale terms at the meeting and said further proceedings, including formal bond sale actions, will follow the statutorily required notice period and any petition activity.
