Quincy School Board votes to issue working cash bonds
Tue, 15 Nov 2011 02:20:07 GMT —
The Quincy School Board voted four to three to issue $6.2 million dollars in working cash bonds Monday night.
Financial officer Bud Martin told the board that the bonds would eliminate a $2.2 million dollar deficit in the Education Fund and a $4 million cash deficit.
The Quincy School District is set to have a $312 surplus in its ed fund.
However, late payments from the State of Illinois is expected to put the district in the red again this year unless action is taken now.
There was quite a bit of emotional debate among school board members.
Monday's action does not raise taxes or create new debt.
Voters have 30 days to create a petition if they would like the working cash bond issue to appear on a ballot.
Otherwise, the working cash bonds will be issued as planned.