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Working cash bonds a possibility for Clinton school district
By Kevin Barlow
kevin.barlow@yahoo.com
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CLINTON — The Clinton school district may consider issuing working cash bonds to assist with potential cash flow difficulties.

The board learned Tuesday it could issue working cash bonds to bring in $795,000 a year or $2.3 million over two years without affecting the tax rate.

Kevin Hyde, a representative of First Mid-State in Bloomington, told the board the cash bonds could help with ongoing state budget problems, which have caused delays in receiving revenues from the state.

“Working cash bonds can provide additional financial stability and it would keep your tax rate basically the same,” Hyde said.

The board would have to pass a resolution and hold a public hearing before issuing the bonds. Two years ago, the board considered a similar measure, however, opposition to the plan led to its dismissal.

The board did not discuss whether or not to begin the process of issuing the bonds.

The board learned that the district is in better financial shape than it was a few years ago, thanks in part to a number of cost-cutting measures. The board approved the district’s recent audit and was informed the school has received a financial rating of 3.5 out of 4.0, placing it in the upper tier for similar-sized schools.

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Reader comments on this story - 5 total

Note: All views and opinions expressed in reader comments are solely those of the individual submitting the comment, and not those of the Pantagraph or its staff.

Woodford Pundit wrote on Oct 18, 2007 1:36 PM:

" So, 'To Woodford Pundit' is saying the voters have already shot down 2 requests for more money and the only way 'around' the voters' wishes is this approach? Those pesky voters/taxpayers. Don't they know that their opinion doesn't amount to a hill of beans? "

To Clinton Mom wrote on Oct 17, 2007 12:53 PM:

" The article is saying that the issuance of the bonds would bring in $795,000 for the first year or a total of $2.3 million over 2 years, not $795,000 per year. Understand bonds and how they work before putting a comment on here. "

To Woodford Pundit wrote on Oct 17, 2007 8:41 AM:

" They have asked for a "honest referendum" but the people in Clinton have voted it down twice now. I would say this is the only way the school district can be financially stable because they were forced to. "

Clinton Mom wrote on Oct 17, 2007 8:22 AM:

" 795,000 + 795,000 = 2.3 million? Is this the new Math? "

Woodford Pundit wrote on Oct 17, 2007 4:29 AM:

" It's just magic! 'The board learned Tuesday it could issue working cash bonds to bring in $795,000 a year or $2.3 million over two years without affecting the tax rate.' Oh, the RATE won't change. They're still gonna spend 2.3 more millions. Hmm . . . wonder where that money's coming from. Oh, yeah, borrowing . . . heck, just come out and ask for more money. It's called an honest referendum. "
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