321 Board approves $300,000 tax abatement resolution

Staff Writer
Chillicothe Times-Bulletin

The Illinois Valley Central District 321 Board of Education once again approved a resolution to abate a portion of taxes levied for Fiscal Year 2018 at its Jan. 22 meeting.

The district will use $300,000 from its County Schools Facilities Sales Tax revenue to pay the debt service on outstanding bonds issued on Jan. 23, 2013 to help maintain the district’s low tax rate.

“We want to try to maintain, especially in our area, our very low tax rate and try to offset some of the unfortunate EAV decline that we have had,” IVC District Assistant Superintendent Adam Bussard said.

Last January, the board approved a $350,000 resolution to abate taxes with the County Schools Facilities Sales Tax to help maintain the district’s low tax rate.

Following the passage of the tax abatement resolution, the board approved a resolution to issue $3 million in working cash fund bonds for the purpose of increasing its working cash fund.

“We have several roofs needing repaired and several facility projects that need funding and this is our avenue for creating that fund,” Bussard explained to the board before the vote.

The $3 million in working cash fund bonds will go onto the bond and interest payments for the 2019 tax levy and as other bonds are paid off, the $3 million in new bonds should not affect the district’s tax rate Bussard said.

“That should put us at a bond and interest amount to once again — no different than our abating — to maintain our lower tax rate, ideally to the point, where we are at after we are abating our taxes this year,” Bussard said.

In other action, the board approved a $156,000 bid from NES, Inc. for asbestos abatement at Chillicothe Elementary Center and Junior High for the summer of 2019.

The board also approved a bid from Midwest Transit for three new busses. The $251,000 bid is for two 76-passenger busses and one 53-passenger bus.

With the purchase of the three new busses and with the trade in of three current busses, the majority of the district’s fleet will be six to eight years old Bussard said.

The next public meeting of the IVC Board of Education will be held at 6:30 p.m. Tuesday, Feb. 26 in the IVC Library.

- Submitted by IVCHS