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Post by blankcheck on Mar 20, 2009 7:16:52 GMT -6
BTW- According to the Daily Herald, Mr. Crockett has pulled out of the race.
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Post by Arch on Mar 20, 2009 7:33:19 GMT -6
BTW- According to the Daily Herald, Mr. Crockett has pulled out of the race. ...Hopefully still looking through the numbers. |
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Post by refbasics on Mar 20, 2009 18:04:00 GMT -6
What I don't understand is that this is almost 20 million more than what the voters approved. How can they do that? Where is this extra money coming from? ---------------------------------- 22. INDIAN PRAIRIE COMMUNITY UNIT SCHOOL DISTRICT NUMBER 204 PROPOSITION TO ISSUE $124,660,000.00 SCHOOL BUILDING BONDS Shall the Board of Education of Indian Prairie Community Unit School District Number 204, DuPage and Will Counties, Illinois, acquire and improve a high school
site, build and equip one new high school building and issue the bonds of said
School District to the amount of $124,660,000.00 for the purpose of paying the costs
thereof?----------------------------- i asked this question a couple years ago(i can't find my post).. the referendum doesn't say the school will COST $124.7... it just says to vote for that amount for the purpose of building a new hi school... it doesn't have a final total cost for the school... maybe i missed something, somewhere?  |
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Post by Arch on Mar 20, 2009 18:13:39 GMT -6
It just means we have to come up with any money above that amount (plus interest) via other means or pull from other areas instead of using that money towards the educating of kids.
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Post by rew on Mar 20, 2009 18:28:11 GMT -6
Recall, MMs rant that the SB wil NEVER,NEVER, NEVER use operating funds for building the high school. But they do have capital reserves correct? Where else can they tap?
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Post by JB on Mar 20, 2009 19:00:26 GMT -6
What I don't understand is that this is almost 20 million more than what the voters approved. How can they do that? Where is this extra money coming from? ---------------------------------- 22. INDIAN PRAIRIE COMMUNITY UNIT SCHOOL DISTRICT NUMBER 204 PROPOSITION TO ISSUE $124,660,000.00 SCHOOL BUILDING BONDS Shall the Board of Education of Indian Prairie Community Unit School District Number 204, DuPage and Will Counties, Illinois, acquire and improve a high school
site, build and equip one new high school building and issue the bonds of said
School District to the amount of $124,660,000.00 for the purpose of paying the costs
thereof?----------------------------- i asked this question a couple years ago(i can't find my post).. the referendum doesn't say the school will COST $124.7... it just says to vote for that amount for the purpose of building a new hi school... it doesn't have a final total cost for the school... maybe i missed something, somewhere? It's really pretty simple. You "plan" on $124.66M @ 5.5% Interest rates drop, so you issue below 5.5%, but above market, and earn a $8.2MM premium. You issue the bonds before they are needed, park the $$$ in a bank, and earn $10.5MM interest. Viola, an extra $20MM or so. IMHO, the most fiscally responsible thing to do would have been to issue the bonds at market rates, as expenses required. This would have then been the $124.66MM that I thought I voted on. I can't imagine the language that will be required on the next referendum  If we were going to play games with the premium, why not issue the bonds at 8-10% and earn a big enough premium for BB?? Delay construction another year and earn more interest? mas tequila. |
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Post by EagleDad on Mar 20, 2009 20:00:41 GMT -6
Recall, MMs rant that the SB wil NEVER,NEVER, NEVER use operating funds for building the high school. But they do have capital reserves correct? Where else can they tap? Don't worry, all we need is another 5 or 6 thousand kindergartners - haven't you heard they make us money (skeptical about that 5 million dollar check coming from our heavily surplused state in 2010 and every year after). Heck, let's mandate the preschoolers all day too, and we'll be rolling in the dough. |
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Post by doctorwho on Mar 20, 2009 20:05:01 GMT -6
---------------------------------- 22. INDIAN PRAIRIE COMMUNITY UNIT SCHOOL DISTRICT NUMBER 204 PROPOSITION TO ISSUE $124,660,000.00 SCHOOL BUILDING BONDS Shall the Board of Education of Indian Prairie Community Unit School District Number 204, DuPage and Will Counties, Illinois, acquire and improve a high school
site, build and equip one new high school building and issue the bonds of said
School District to the amount of $124,660,000.00 for the purpose of paying the costs
thereof?----------------------------- i asked this question a couple years ago(i can't find my post).. the referendum doesn't say the school will COST $124.7... it just says to vote for that amount for the purpose of building a new hi school... it doesn't have a final total cost for the school... maybe i missed something, somewhere? It's really pretty simple. You "plan" on $124.66M @ 5.5% Interest rates drop, so you issue below 5.5%, but above market, and earn a $8.2MM premium. You issue the bonds before they are needed, park the $$$ in a bank, and earn $10.5MM interest. Viola, an extra $20MM or so. IMHO, the most fiscally responsible thing to do would have been to issue the bonds at market rates, as expenses required. This would have then been the $124.66MM that I thought I voted on. I can't imagine the language that will be required on the next referendum If we were going to play games with the premium, why not issue the bonds at 8-10% and earn a big enough premium for BB?? Delay construction another year and earn more interest? mas tequila. Unbelievable isn't it -- ?? "I can't imagine the language that will be required on the next referendum"" It can be pretty please with sugar on top and the answer is still going to be NO |
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Post by doctorwho on Mar 20, 2009 20:09:37 GMT -6
Recall, MMs rant that the SB wil NEVER,NEVER, NEVER use operating funds for building the high school. But they do have capital reserves correct? Where else can they tap? Don't worry, all we need is another 5 or 6 thousand kindergartners - haven't you heard they make us money (skeptical about that 5 million dollar check coming from our heavily surplused state in 2010 and every year after). Heck, let's mandate the preschoolers all day too, and we'll be rolling in the dough. Geez- what next real Las Vegas nites ? It's what happens when there are NO controls on the person with your checkbook. |
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Post by doctorwho on Mar 20, 2009 20:12:04 GMT -6
Recall, MMs rant that the SB wil NEVER,NEVER, NEVER use operating funds for building the high school. But they do have capital reserves correct? Where else can they tap? yeah - right up there with " our numbers are better than their numbers " Is there anything that has actually been truthful or real the last few years ? |
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Post by EagleDad on Mar 20, 2009 20:28:17 GMT -6
It's really pretty simple. You "plan" on $124.66M @ 5.5% Interest rates drop, so you issue below 5.5%, but above market, and earn a $8.2MM premium. BINGO - and not only do you do that, but you strategically issue 8.2MM less that the 124.6MM vote approved so that you can proudly declare to the public that you can issue another 8.2MM in bonds afterwards under the original referendum. I just wonder how much in premiums will be "arranged" the second time around. Or maybe you issue 5MM in bonds with 3 MM in premiums, and then say 3.2 MM in with a 2MM Premium. It's a cute way to jack up the kitty, isn't it? Suddenly 124 MM in financed debt turns into 140MM or so - all "technically" legal and all under the original referendum. This is why other states and municipalities have banned and outlawed bond premiums. |
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Post by EagleDad on Mar 20, 2009 20:37:13 GMT -6
And while considering that, please ask yourself who is the one school board member with enough experience, enough State school board exposure, enough legal experience, and enough contract advising of other school boards in Illinois to know that in our State, with the current laws, this is all perfectly legal and routinely done?
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SouthernWolf
Junior
Dean Wermer; when is the parade?
Posts: 139
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Post by SouthernWolf on Mar 23, 2009 9:10:37 GMT -6
Recall, MMs rant that the SB wil NEVER,NEVER, NEVER use operating funds for building the high school. But they do have capital reserves correct? Where else can they tap? yeah - right up there with " our numbers are better than their numbers " Is there anything that has actually been truthful or real the last few years ? In my opinion; no...not much truth/disclosure these past 2 years. Our former School District in Seattle Metro area did not operate in this manner. But then again, WE (the voters) allowed this to happen by continually auto approving sitting SB members and the hand picked appointees when they came up for re-election. Incestuous board..not good. Some of the culpability is at my (our feet). NO LONGER!! starting with this April 7 election. |
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