Quincy schools get working-cash bonds
Wed, 21 Mar 2012 02:04:24 GMT —
Voters in the Quincy School District on Tuesday approved the proposal that would allow the School Board to issue a $6.2 million working cash bond.
The board voted 4-3 in November to issue the bonds as a way to address debt the district has suffered for several years.
A petition drive by the Concerned Citizens of School District 172 sought to have the issue placed on Tuesday's primary ballot.
The funding will provide $2.2 million to eliminate the education fund deficit, which is part of the deficit-reduction program mandated by the Illinois State Board of Education. The other $4 million will help the district's cash flow and eliminate the need for it to take out an annual line of credit.
Of the 6,610 voters in 52 precincts in the Quincy School District, 3,836 voted in favor of the bonds while 2,774 voted against the measure.
The board is also expected a number of personnel cuts at Wednesday's regular school board meeting. The meeting begins at 7 p.m. in the round room at Baldwin Intermediate School.