Oak Park and River Forest High School District 200 201 North - PDF document

Oak Park and River Forest High School District 200 201 North Scoville Avenue  Oak Park, IL 60302-2296 TO: Board of Education FROM: Tod Altenburg, Chief School Business Official; and the Finance Committee DATE: December 17, 2015 RE: RESOLUTION abating the working cash fund of Consolidated High School District Number 200, Cook County, Illinois, and abating the taxes heretofore levied for the year 2015 to pay debt service on General Obligation Limited Tax School Bonds, Series 2005, and General Obligation Limited Tax School Bonds, Series 2009, of said School District BACKGROUND: This report was presented to the Finance Committee at the December 8 th meeting at which time the vote was 3-0 to recommend to the Board of Education for approval as presented at its December 17, 2015 meeting. For the past three tax levy years, the Board of Education has approved a resolution to abate the Bond and Interest Levy that is necessary to make the annual payments for principal and interest for debt service. In other words, rather than levy a direct tax, the Board of Education has abated this amount and made the payments from the district’s Working Cash Fund rather than the County Clerk extending the necessary amount via the property tax levy to make these payments. SUMMARY OF FINDINGS: Attached is a spreadsheet which outlines our current debt in terms of general obligation bonds. The payment associated with the 2015 (this year’s) tax levy is $2,466,675. Also attached is the Resolution that was prepared by Chapman and Cutler, LLP, attorneys at law who specialize in finance. The Administration recommends continuing this practice again this year. RECOMMENDATION: MOTION: To approve the Resolution abating the working cash fund of Consolidated High School District Number 200, Cook County, Illinois, and abating the taxes heretofore levied for the year 2015 to pay debt service on General Obligation Limited Tax School Bonds, Series 2005 and General Obligation Limited Tax School Bonds, Series 2009, of said School District as presented. ROLL CALL VOTE TEL: (708) 383-0700 WEB: www.oprfhs.org TTY/TDD: (708) 524-5500 FAX: (708) 434-3910

M INUTES of a regular public meeting of the Board of Education of Consolidated High School District Number 200, Cook County, Illinois, held in the Oak Park and River Forest High School Building in said School District at 7 :30 o’clock P.M., on the 17th day of December 2015. * * * The meeting was called to order by the President, and upon the roll being called, Jeff Weissglass, the President, and the following members were physically present at said location: ______________________________________________________________________________ ______________________________________________________________________________ The following members were allowed by a majority of the members of the Board of Education in accordance with and to the extent allowed by rules adopted by the Board of Education to attend the meeting by video or audio conference: ____________________________ ______________________________________________________________________________ No member was permitted to attend the meeting by video or audio conference. The following members were absent and did not participate in the meeting in any manner or to any extent whatsoever: _______________________________________________________ ______________________________________________________________________________ The President announced that the next item of business before the Board of Education was the consideration of a resolution abating the working cash fund of the District and abating the taxes heretofore levied for the year 2015 to pay debt service on the General Obligation Limited Tax School Bonds, Series 2005, and General Obligation Limited Tax School Bonds, Series 2009, of the District. Whereupon Member _____________________ presented and the Secretary read by title a resolution as follows, copies of which were available to everyone in attendance at said meeting who requested a copy: 20151208 FIN Resolution for 2015 Debt Service Abatement 2225969 • LKG • 11/30/2015

R ESOLUTION abating the working cash fund of Consolidated High School District Number 200, Cook County, Illinois, and abating the taxes heretofore levied for the year 2015 to pay debt service on the General Obligation Limited Tax School Bonds, Series 2005, and General Obligation Limited Tax School Bonds, Series 2009, of said School District. * * * W HEREAS , the Board of Education (the “Board” ) of Consolidated High School District Number 200, Cook County, Illinois (the “District” ), by resolution adopted on the 24th day of February 2005 (the “2005 Resolution” ), did provide for the issue of $1,675,000 General Obligation Limited Tax School Bonds, Series 2005 (the “2005 Bonds” ), and the levy of a direct annual tax to pay the principal of and interest on the 2005 Bonds; and W HEREAS , on the 28th day of February 2005, a duly certified copy of the 2005 Resolution was filed in the office of the County Clerk of Cook County, Illinois (the “County Clerk” ); and W HEREAS , the District established the “School Bond and Interest Fund of 2005 ” (the “ 2005 Bond Fund” ) pursuant to Section 10 of the 2005 Resolution for the purpose of paying the debt service on the 2005 Bonds; and W HEREAS , the Board, by resolution adopted on the 27th day of August 2009, as amended by a resolution adopted by the Board on the 24th day of September 2009, and as supplemented by a Notification of Sale, dated the 1st day of December 2009 (the “2009 Resolution” ), did provide for the issue of $11,810,000 General Obligation Limited Tax School Bonds, Series 2009 (the “2009 Bonds” and together with the 2005 Bonds, the “Bonds” ), and the levy of a direct annual tax to pay the principal of and interest on the 2009 Bonds; and W HEREAS , on the 14th day of December 2009, a duly certified copy of the 2009 Resolution was filed in the office of the County Clerk; and

W HEREAS , the District established the “Refunding Bond and Interest Sinking Fund Account of 2009 ” (the “ 2009 Bond Fund” ) pursuant to Section 10 of the 2009 Resolution for the purpose of paying the debt service on the 2009 Bonds; and W HEREAS , Board has heretofore created and maintained a working cash fund in and for the District (the “Working Cash Fund” ); and W HEREAS , Section 20-10 of the School Code of the State of Illinois, as amended (the “Code” ), authorizes the Board to abate the Working Cash Fund; and W HEREAS , the Board has determined and does hereby determine that it is necessary and in the best interests of the District that the Working Cash Fund be abated by the amount of $2,466,675 (the “Abatement Amount” ) and that of the Abatement Amount, $111,075 be deposited in the 2005 Bond Fund and $2,355,600 be deposited in the 2009 Bond Fund; and W HEREAS , as a result of said abatement, the District will have surplus funds in the 2005 Bond Fund and the 2009 Bond Fund, and it is necessary and in the best interests of the District that the taxes heretofore levied for the year 2015 to pay the Bonds be abated: N OW , T HEREFORE , Be It and It is Hereby Resolved by the Board of Education of Consolidated High School District Number 200, Cook County, Illinois, as follows: Section 1. Incorporation of Preambles. The Board hereby finds that all of the recitals contained in the preambles to this Resolution are full, true and correct and does incorporate them into this Resolution by this reference. Section 2. Amount of Abatement. The Working Cash Fund shall be abated as of the date hereof by the Abatement Amount. Section 3. Permanent Transfer. The School Treasurer of the District is hereby authorized and directed to forthwith permanently transfer $111,075 of the Abatement Amount to the 2005 Bond Fund and $2,355,600 of the Abatement Amount to the 2009 Bond Fund, the same -2-