The sale of up to $5-million in working cash bonds will be considered by the Galesburg school district tonight.
The Board of Education is looking at ways to help cover their obligations – which according to district officials may become difficult with their fund balances projected to get to the point those obligations cannot be covered.
According to district documents, the board would be making a resolution which declares the board’s intent to issue working cash bonds.
However, no bonds will be issued tonight. If the board approves the resolution, those bonds could be issued at any time during a three year period.
As the fund balances continue to be spent down, the district may have the need for additional funding to meet obligations.
The board will discuss the matter starting at 7 o’ clock tonight at Lincoln School.