Post by doctorwho on Apr 12, 2010 13:09:45 GMT -6
204 better be prepared- No More $ - sorry , live within your means.
www.dailyherald.com/story/?id=372504
7,457 voters sign petition blocking Palatine Dist. 15's $27 mil loan
By Kimberly Pohl | Daily Herald StaffContact writerPublished: 4/12/2010 12:09 PM | Updated: 4/12/2010 1:04 PM.
It seemed like an impossibility given the monumental task and the minuscule amount of time to do it.
But opponents of the $27 million bond issue narrowly approved last month by Palatine Township Elementary District 15 knew not to underestimate the attention voters are giving to government spending in the midst of a recession.
In the end, organizers circulating petitions collected 7,457 signatures from District 15 residents - more than enough to force the issue to a referendum in the November general election.
"We didn't run out of signers; we ran out of time,"said Mary Vanek, one of the petition drive's organizers. "Once people became aware of what the school board is trying to do, we couldn't get people to sign fast enough."
Vanek will deliver the petitions - all 700 pages of them - to the District 15 administrative office by the 5 p.m. deadline. Ten percent of registered voters living in the district boundaries, or about 6,300 people, needed to sign.
Last month, District 15 approved borrowing $27 million, the majority of which would have been used to fund capital projects. The remaining $10 million was to be used to establish a working cash fund, which officials described as an internal bank account to distribute money when other funds run low.
At more than 5 percent interest, the 20-year bond purchase would cost taxpayers at least $51 million to pay back. And the loan would have required refunding certain bonds at a penalty greater than $5 million.
"I think it's a great exercise in democracy," said board member Tim Millar, one of three to vote against the bond issue. "I give huge credit to the people who organized this. I'm just floored."
Superintendent Dan Lukich, who's attending the National School Boards Association conference today in Chicago, said the board now has to decide whether to further delay much-needed physical improvements to about 20 district buildings or spend money out of the general operating fund.
"The bottom line reason of why we were even bringing this (bond issue) forward was to lessen or lighten pretty severe cuts in the future," Lukich said. "It's hard for a school like Pleasant Hill to effectively operate with a leaky roof."
He said instead of $12 million to $15 million in budget cuts over the next four to five years, the district may be forced to cut up to $30 million if voters say no to the bond issue.
Lukich said he's most disappointed that District 15 won't be able to capitalize on Build America Bonds, or loans for capital projects in which the federal government rebates 35 percent of the interest.
There's talk of those bonds being extended into 2011, but probably not at that high a rebate rate.
"That is certainly a lost opportunity," said Lukich, who doesn't believe any school district bond issue will win over voters in November. "Some compromise could or should have been reached. It is what it is," he said.
Possible budget cuts and the bond issue will be discussed at the board of education meeting at 7 p.m. Wednesday.
www.dailyherald.com/story/?id=372504
7,457 voters sign petition blocking Palatine Dist. 15's $27 mil loan
By Kimberly Pohl | Daily Herald StaffContact writerPublished: 4/12/2010 12:09 PM | Updated: 4/12/2010 1:04 PM.
It seemed like an impossibility given the monumental task and the minuscule amount of time to do it.
But opponents of the $27 million bond issue narrowly approved last month by Palatine Township Elementary District 15 knew not to underestimate the attention voters are giving to government spending in the midst of a recession.
In the end, organizers circulating petitions collected 7,457 signatures from District 15 residents - more than enough to force the issue to a referendum in the November general election.
"We didn't run out of signers; we ran out of time,"said Mary Vanek, one of the petition drive's organizers. "Once people became aware of what the school board is trying to do, we couldn't get people to sign fast enough."
Vanek will deliver the petitions - all 700 pages of them - to the District 15 administrative office by the 5 p.m. deadline. Ten percent of registered voters living in the district boundaries, or about 6,300 people, needed to sign.
Last month, District 15 approved borrowing $27 million, the majority of which would have been used to fund capital projects. The remaining $10 million was to be used to establish a working cash fund, which officials described as an internal bank account to distribute money when other funds run low.
At more than 5 percent interest, the 20-year bond purchase would cost taxpayers at least $51 million to pay back. And the loan would have required refunding certain bonds at a penalty greater than $5 million.
"I think it's a great exercise in democracy," said board member Tim Millar, one of three to vote against the bond issue. "I give huge credit to the people who organized this. I'm just floored."
Superintendent Dan Lukich, who's attending the National School Boards Association conference today in Chicago, said the board now has to decide whether to further delay much-needed physical improvements to about 20 district buildings or spend money out of the general operating fund.
"The bottom line reason of why we were even bringing this (bond issue) forward was to lessen or lighten pretty severe cuts in the future," Lukich said. "It's hard for a school like Pleasant Hill to effectively operate with a leaky roof."
He said instead of $12 million to $15 million in budget cuts over the next four to five years, the district may be forced to cut up to $30 million if voters say no to the bond issue.
Lukich said he's most disappointed that District 15 won't be able to capitalize on Build America Bonds, or loans for capital projects in which the federal government rebates 35 percent of the interest.
There's talk of those bonds being extended into 2011, but probably not at that high a rebate rate.
"That is certainly a lost opportunity," said Lukich, who doesn't believe any school district bond issue will win over voters in November. "Some compromise could or should have been reached. It is what it is," he said.
Possible budget cuts and the bond issue will be discussed at the board of education meeting at 7 p.m. Wednesday.
