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More Bonds for Master Facilities Plan
A Galesburg School Board member remains at odds with the district administration over how the district is funding the first phase of work in the new Master Facilities Plan.

Board member Robert Lindstrom said at Monday night's District-205 board meeting he wasn't voting for the proposed issuance of $13.5 million in bonds for the work, nor for the submission of an application of Qualified Zone Academy Bonds that could also pay for the work.

The board heard from an attorney who specializes in such bond issuances, but Lindstrom accused the administration that wasn't the way to go.

"None of this should be going forward without the selection of a financial advisor, or under writer or whatever, there should be a financial advise given to this board before any action in taken and therefore I am voting against this again."

But District-205 Assistant Superintendent for Finance and Operations Guy Cahill says Lindstrom is wrong.

"We've been working with two different investment banking houses, we have been receiving that professional advice, we have structured the debt, we couldn't make the projections for you tonight without having it."

Lindstrom also accused Cahill of misleading the public on how the bonds would be paid for, apparently with some property tax monies in addition to proceeds from the one percent sales tax increase.

Cahill says the district only said property taxes wouldn't be raised to pay for the projects.
02 15 11 by Newsroom
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