Schools
District 210 to Vote on Second Short-Term Loan to District 113A
District 210 is expected to vote on an intergovernmental agreement to purchase tax anticipation warrants from District 113A at its regular meeting Monday night.
The Board of Education is expected to decide Monday night whether it will move forward with another short-term loan to .
During its regular monthly meeting, the District 210 board will consider a resolution to purchase $5 million in tax anticipation warrants from District 113A, which has been relying on short-term borrowing to pay its operational expenses since depleting its cash reserves in June 2009.
The most recent round of TAWs is necessary for District 113A to meet its financial obligations in July, .
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The resolutions for the sale were approved by District 113A .
, PMA financial representative Don Weber informed District 113A board members that all 25 banks approached about purchasing TAWs from the district declined.
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Weber said District 113A had "no other option" but to once again work with District 210 to secure short-term borrowing.
Late last year District 113A was confronted for the first time with the possibility of not being able to secure $5.5 million in TAWs borrowing to pay its bills in January. Both boards , marking the first time that two Illinois school districts had completed an intergovernmental sale and purchase of TAWs.
The District 210 Board of Education will meet at 7 p.m. in the district board room at Lemont High School, 800 Porter St.
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