Dist. 15 board is mortgaging future
On March 10th the District 15 school board passed a resolution to bond $27 million dollars of working cash.
This was done under the recommendation of one bond company, with no further bids from other firms. The board majority (Chapman, Ekeberg, Bokor and Babcock) passed this resolution 4-3. Since then, questions have come to light.
The lack of competitive bids is problematic. Board members are not specialists in bond financing, and yet the majority is willing to take the advice of only one bidder, when opening the bid to competitors may have given the board other, less expensive, options. But we will never know because that door has been closed by the board's hasty vote.
This board has failed the taxpayers who elected them, by refusing to solicit competitive bids and comprehensive financial advice before voting to plunge our district deeper into debt. All of this is a clear violation of board policy as outlined on their Web page, "Policy 4:55".
Both Tim Millar and Sue Quinn argued against the working cash bonds, and said the costs of the bonds were not provided, and the board was making a decision about the bonds without knowing the cost.
President Chapman asked what savings existed in restructuring this 2001 CAB bond debt. The expert from the bond company, William Blair, said there is no savings to the taxpayer by refinancing these bonds.
A more precise statement is the resolution is costing the taxpayer money while he is in the midst of the greatest financial crisis of our generation. The bond resolution will cost $51 million over its 20-year lifetime.
The board is failing to meet its obligation to constituents by addressing the problem that brings it to deficit spending in its 2011 budget year. Our board has overextended district finances, and we can no longer pay bills without going back to the taxpayer for more money.
Sign the petitions to stop this bond sale. Make this board address their cash flow problems before they mortgage this generation and our children's.
On Facebook, search for "ccsd 15 Put Bonds on the Ballot".
Lisa Cadwallader Neal
Rolling Meadows