The Distrcit 205 Board of Education approved their intent to authorize bonds for the construction of a new Silas Willard Elementary, Monday night.
The project was decided after much discussion surrounding the renovation of the existing building or constructing a new facility. The board selected Wells Fargo to handle the bond issuance which includes $12-million in fire safety and prevention bonds.
In addition, $7-million in general obligation bonds will be issued for the project.
Assistant Superintendent for Finance and Operations David Black says the matter is pretty straight forward.
“The way that this will work is we approve this [Monday night] and then Wells Fargo Securities gets busy, they arrange buyers and then we have a special meeting June 3rd to approve the sale of those bonds at which point, Chapman and Cutler, the bond attorneys will be here to answer any questions you may have,” says Black.
There is a process included in the issuance of bonds the district has been considering over the last few months.
Wells Fargo was selected to represent the district on the bond sale after a competitive presentation and bidding process.
The issuance will help equip the new school and improve the site in preparation for construction.