Agenda Item
Meeting Date: 6/15/2020 - 6:00 PM
Category: CONSENT ACTION ITEMS
Type: Action
Subject: Approval of a Resolution to Repay and Reborrow a Loan from the Working Cash Fund to the Education Fund
Strategic Plans:
Enclosure:
File Attachment:
Summary: The School Code of Illinois allows for a transfer of funds to
accommodate cash flow conditions. This resolution repays a loan in
the of $7,750,000 from the Working Cash Fund to the Education
Fund. A new loan is approved in the amount of $8,300,000 from the
Working Cash Fund to the Education Fund.
Funding:
Approved in original budget or revised budget
Funds currently available in specified line item
If not currently available in line item, where are funds available
Resolution: WHEREAS, Article 20 of the School Code authorizes transfers from
the Working Cash Fund to any fund of the District for which taxes are
levied; and

WHEREAS, the Board has previously approved loans from the
Working Cash Fund to the Education Fund in the amount of
$7,750,000; and

WHEREAS, in 2018-19 the District received total taxes in the
Education Fund of $69,749,190; and

WHEREAS, the District anticipates collection of total taxes in the
Education Fund during 2019-20 in the amount of $71,594,117;

NOW THEREFORE BE IT RESOLVED THAT:

1. Final repayment shall be made from the Education Fund to the
Working Cash Fund in the amount of $7,750,000; and

2. Upon completion of the action authorized above and in
anticipation of the total taxes to be received during 2019-20 in the
Education Fund; a new loan is hereby approved from the Working
Cash Fund to the Education Fund in the amount of $8,300,000.
Approvals:
Recommended By:
Signed By:
Nathan Fretz - Director
Signed By:
Jennifer E. Gill - Superintendent
Vote Results:

Original Motion
Member Michael Zimmers Moved, Member William Ringer seconded to approve the Original motion 'WHEREAS, Article 20 of the School Code authorizes transfers from
the Working Cash Fund to any fund of the District for which taxes are
levied; and

WHEREAS, the Board has previously approved loans from the
Working Cash Fund to the Education Fund in the amount of
$7,750,000; and

WHEREAS, in 2018-19 the District received total taxes in the
Education Fund of $69,749,190; and

WHEREAS, the District anticipates collection of total taxes in the
Education Fund during 2019-20 in the amount of $71,594,117;

NOW THEREFORE BE IT RESOLVED THAT:

1. Final repayment shall be made from the Education Fund to the
Working Cash Fund in the amount of $7,750,000; and

2. Upon completion of the action authorized above and in
anticipation of the total taxes to be received during 2019-20 in the
Education Fund; a new loan is hereby approved from the Working
Cash Fund to the Education Fund in the amount of $8,300,000.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0.
The motion Carried 7 - 0
   
Judith Johnson     Yes
Scott McFarland     Yes
Michael Zimmers     Yes
Anthony Mares     Yes
William Ringer     Yes
Micah Miller     Yes
Tiffany Mathis     Yes