DECATUR, Ill. (WAND) - To help fund its BOLD facilities plan, Decatur Public Schools approved bonds of as high as more than $18 million.
The Build Better Opportunities for Learning in Decatur (BOLD) program was approved in 2019. The district has said the plan, which involves combining some schools, expansions of schools and other changes, is mean to "provide all students with an equitable learning experience no matter where they live and create a more sustainable future for District No. 61."
Readers can learn more about the BOLD plan here.
The district said the BOLD plan was funded by Health Life Safety funds associated with the decommissioning of Durfee Technology Magnet School and the old Johns Hill school and the issuing of working cash bonds. A document from the Jan. 12 school board meeting packet said the district had previously issued $9,110,000 in working cash bonds and $31,235,000 in health life safety bonds.
The bonds unanimously approved Tuesday night as part of the roll call action items on the agenda are the final working cash bond issuance for the BOLD plan, the document said. The bonds are "to not exceed" $18.89 million.
DPS plans to sell the bonds in late January "if market conditions are conductive," per the document. Funds would be received upon closing, which has the approximate date of Feb. 18.
DPS officials said the bonds will be issued "for the purpose of increasing the Working Cash Fund of the District (and) providing for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds." The approved resolution allows for the sale of the bonds to Stifel, Nicolaus & Company Inc.