Background – CUSD 200 $10,000,000 Bonds

Last year 60% of voters said “NO” to the  Jefferson Early Childhood Center referendum,  which was “urgent.”   Now, d200 plans to borrow $10,000,000 to repair other schools.  The district actually has a list of at least $40 million in on-going maintenance projects that should be done, $10 million of which they designated as urgent.  Jefferson will be on top of that.  Why hasn’t the district been keeping up with this all along?  How have they spent all the tax revenue?

 

Past Borrowing:

District 200 borrowed as non-referendum, working cash bonds the following:

  • $11 million in 2002,
  • $19.5 million in 2004 and another
  • $20 million in 2009

 

In addition, we passed a couple referendums

  • 1999, $35 million for eight elementary schools & one middle school  ($52 million in projects – $17 million from fund balances)
  • 2003, $72 million for Wheaon-Warrenville South & Wheaton North and
  • 2008, $58 million. for Hubble Middle School.

 

$10 million bonds will cost $13 million:

The district already has escalating payments for bond repayment.  Repayment for the new bonds will be after existing bonds are paid.  Thus, by the time the district has repaid the bonds with interest, $10 million in bonds is projected to cost the taxpayers $13 million.

 

The January 8, 2014 presentation to the board, in which PMA presented borrowing options is available at http://cusd200.org/cms/lib7/IL01001538/Centricity/Domain/12/010814%20Wheaton%20200%20Presentation.pdf

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