The Board of Education of Illini Central CUSD#189 will hold a public hearing to discuss the sale of Alternate Revenue bonds that will be used to fund a building addition. The hearing will held on Thursday, October 17 at 7:00 pm in the Grade School Library. The Board is expected to take action on a motion to approve a Resolution of Intent to Sell Bonds later in that same meeting.
The Board is considering the issuance of up to $4 million in bonds.
Bond revenue will be combined with district fund balances to construct an $8.2 million addition. The Board is seeking construction of a 24,000 square foot addition that will house a new grade school office with a secure entry, a collaborative commons area allowing for flexible learning spaces, a gymnasium designed to accommodate both grade school activities and middle school athletics, a 2,400 square foot fitness center, restrooms and a concession space able to serve both indoor and outdoor events. Also included in the plan is renovation of the high school office area to provide a secured entryway for both the middle and high school. Plans for the addition can be found on the district’s website.
Alternate Revenue bonds are paid for through the Mason County School Facilities Sales Tax. The district will pledge to use $300,000 of sales tax revenue to fund the annual bond payment. If the district issues the maximum of $4 million, it will face a twenty year payback period. However, a $2 million issuance would be paid off in nine years. Last year, the district received over $310,000 in sales tax receipts. Alternate Revenue Bonds are not funding by the property tax levy. As a result, there is no impact on the property tax rates for district landowners.
Revenue from the County School Facilities Sales Tax can only be used to fund new construction, additions, and renovations, improved safety and security for buildings, and abatement of debt. These funds cannot be used for instructional costs, curriculum, or personnel expenses. Illini Central has used other sales tax revenue to construct the track and field facility and to replace the roof on the high school
Any questions can be directed to Mike Ward, superintendent at 217-482-5180.