School District 304 transfers nearly $5 million to pay debt
GENEVA – To reduce its debt payments, the Geneva School District 304 board Monday approved transferring nearly $5 million from the education fund to pay down its 2004A debt series, a voter-approved $41.2 million bond issue to build a second middle school and for school improvements.
Donna Oberg, assistant superintendent for business services, said that the amount more than $15 million in the education fund was to be used to pay down the debt.
“We’re looking to increase that debt service payment to level it off so there’s not a big shelf,” Oberg said. “I’m looking at increasing debt service payment by about $500,000 each year to kind of level it off so there is not a big shelf where we can’t abate that. Because, as you know, the debt service payments are going from $14 million to $15 million up to anywhere from $23 million to $24 million over the next 10 years, so we try to keep those dollar amounts level as much as possible.”
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