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Clinton Schools Issues Working Cash Bonds

In reaction to a potential property tax freeze, Clinton schools are issuing just short of $3-million in working cash bonds.

Superintendent of Clinton Schools, Curt Nettles explains this serves three purposes. The first is the bonds keep the tax rate steady and the second purpose, is allowing the district access to consistent cash. He notes, this is in response to the property tax freeze legislation proposal.

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According to Nettles, the $2.9-million of bonds issued is not much debt when you consider the district operates on a roughly $25-million budget. He says their aim is to pay off the bond in around three years.

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Nettles indicates the State of Illinois formulates their capacities for bonds and right now, Clinton is nowhere near that capacity. He says they are in great shape.

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Nettles explains the property tax freeze legislation comes in to play as it relates to working cash bonds. He notes the working cash bond rates will be frozen and can only be issued or raised through a referendum.

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