In the recent past, I wrote a letter to the editor about a cash flow problem at Kaneland School District 302. I wanted to save teachers jobs, so I advocated the teachers defer their pay increases and the School Board defer payment of principal on a bond, paying only the interest until such time as the cash flow problem improved.
Subsequently, I learned that the bond (officially known as “Certificate of Participation Agreement”) was issued under the condition that repayment would be made from impact fees because the money received from the bonding company could only be used for capital improvements (the capital improvements at the time were for additions to the John Stewart and Blackberry Creek schools). Further, there would be an additional interest payment of $346,611 and the indebtedness would not be finalized until 2016, an addition of two years.
I apologize if I created the impression our School Board was not acting in the best interest or preserving teacher’s jobs. They were between a rock and a hard place and their options were extremely limited. They acted in a proper manner to use taxpayer’s money judiciously. Thank you Kaneland District 302 School Board.
H. Jack Hansen