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Geneva district to take out loan to buy mobile classrooms

The Geneva school district will take out a loan to buy and install mobile classrooms at Geneva High School this summer, rather than using money from its working-cash fund and saving $33,020 on interest.

The board decided it wanted to retain the flexibility to continue using the working-cash fund for other uses, including covering cash flow when income dips throughout the year.

Board member Mike McCormick said the board could always later choose to use money from the working-cash fund to pay off the loan early.

The district will borrow $650,000 from MB Financial Bank, at 2.11 percent interest, to be repaid over five years.

The board also approved buying a used six-classroom, two-restroom mobile unit from Innovative Modular Solution of Oswego for $264,505, plus an $18,918 delivery fee.

The rest of the costs are for installation, landscaping, and possibly adding a canopy.

The unit would be installed on the existing blacktop where the playground for the former Coultrap Elementary School used to be.

The district still needs approval from the City of Geneva and the Kane County Regional Office of Education to add the mobile classrooms.

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