The Bethalto School Board has unanimously passed a resolution that allows them to issue $3.8 million in bonds to fund various projects over the next few years. The board chose the First National Bank of Staunton as the underwriter of the bonds, a move that will save the district $330,000.
Bethalto School District Business Manager Russ Clover explains how they were able to find the savings:
In other financial business, board members agreed to abate the working cash fund of the district to avoid violating a law stipulating how much money that a district can have in their working cash fund. The agreement moves $243,000 from the working cash fund to districts Education fund.
The board also voted to follow the lead of the County Board, singing off on an intergovernmental agreement that will change their legal representation as mediations with Olin about their tax assessments from 2005-2010 continue. So far the district has invested $73,000 in legal fees since mediations began in 2003.