Plainfield Schools To Sell $9.33M In Bonds For Capital Projects

Plainfield IL

26 March, 2021

2:05 PM

Description

PLAINFIELD, IL — With an estimated $4.8 million in scheduled and anticipated capital projects slated for this summer and more to come in the next three years, the Plainfield School District will sell more than $9.3 million in working cash bonds after board members approved the move this week. The sale of the $9.335 million in working cash bonds was approved by the Board of Education as its meeting earlier this week. The sale of the bonds will offset the impact of the coronavirus pandemic that is being felt by the district not only this year, but that officials anticipate to affect the district for years to come until the economy can recover. After the $4.8 million in projects is taken care of this summer, the remainder of the funds will be used over the next three years, the district announced Friday. The district has its Aa2 bond rating affirmed by Moody's, which represents the third highest grade available. Using the proceeds of the bond sales to fund the capital projects will allow other revenues to be fed into the district's Education Fund, the district said. The Education Fund covers costs of daily operating costs, including salaries, student programs and support services for students. The bond sale will provide the district flexibility and will allow the district to avoid putting off needed capital project and improvement projects. It also protects the Education Fund for its intended use, according to Tony Arbogast, the district's assistant superintendent for business and operations.