Eldorado mulls possibility of zero-interest bond sale
</element><element id="paragraph-1" type="body"><![CDATA[Eldorado school board and the school architect are revisiting a list of building improvements after learning there may be an opportunity to sell zero-interest bonds to pay for them.
Timothy King, vice president of public finance for BMO Capital Markets told the board there is legislation pending in the Illinois General Assembly for Qualified School Construction Bonds which involve no interest.
While the board initially was mulling over selling bonds of about $650,000 to cover $697,441 worth of building maintenance projects, board members asked architect Ed Kerkhover to examine the list of projects further. Board members are anticipating the possibility of being conservative with the bond sale and new repairs cropping in the next few years that if included on the list now could be covered with the sale of zero-interest bonds.
King said the bonds are to be paid in 17 years.
"What we're talking about is a huge commitment on behalf of our community and especially on behalf of our kids," Board President Alan Hoskins said.
He pointed out an opportunity to sell bonds with no interest does not come around often.
"You have to expect over the next 10 to 12 years other things will come up," he said.
The board called a special meeting 7 p.m. July 24 following a 6:45 p.m. hearing on the amended budget and hope to have a better idea on the various building projects. Kerkhover asked each building principal to review the list of maintenance projects with school custodians prior to the meeting.
During the meeting, the board also approved the formation of a bass fishing team to compete through Illinois High School Association at no cost to the district. The board hired Danny Johnson as volunteer fishing coach.
The board also approved a three-year contract with the Eldorado Education Association. The EEA approved the contract.
Siebert said after the meeting the 2010-2011 school year's salaries will be the same as this year with those due for a salary step receiving them, there will be a 1 percent pay increase the following year plus steps and a 1 percent increase the third year plus steps.
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DeNeal receives e-mail at http://bdeneal@yourclearwave.com.</li>
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