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D. 202 OK’s $9.3m bond sale to help fund capital improvements

The Plainfield School District will sell $9.335 million in working cash bonds to ensure adequate funding for capital improvements for the next three school years.

The Board of Education approved the proactive measure at its March 22, 2021 regular meeting. The bond proceeds will help offset the impact of the Covid-19 pandemic on the district’s budget both this year and in coming years until the economy recovers.

The bond proceeds will pay for about $4.8 million in scheduled and anticipated capital projects in the summer of 2021, with the remainder being completed in summers of 2022 and 2023.

The district recently had its Aa2 bond rating affirmed by Moody’s, the 3rd highest grade available.

Funding these capital projects through the bond sale will allow other revenues to be routed to the Education Fund, which pays for general daily operating expenses including salaries, programs and support services for students.

The bond sale creates flexibility for the district, helps avoid delaying needed capital improvement work and protects the Education Fund, said Tony Arbogast, assistant superintendent for business and operations.

 

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