The North Judson-San Pierre School Board last night took action to pay off existing debt and rebuild their rainy day fund in the midst of declining revenue from the state. They’re taking advantage of an available $1.43 million bond capacity to issue general obligation bonds without an increase to their annual debt service payment.
Interim Superintendent Dr. Robert Boyd says $600,000 will be used to pay in arrears utility bills from the past couple of years that were paid out of the general fund. The rest of the money will be used to upgrade the lighting system in the middle and high schools and rework the HVAC control systems in both buildings. Boyd says doing so will save the corporation money over the long term.
An additional appropriation will be required in order to spend the money, since it is not part of the existing budget. Since N.J.-S.P.’s school board is appointed, the county council must approve that appropriation at their next meeting, which is Monday, May 16. The corporation’s bond counsel anticipates the bond sale will take place toward the end of May, depending on market conditions.