GENEVA – Geneva District 304 school board members approved a bond refunding resolution to transfer nearly $3 million from the education fund to pay off a bond issue from 2007.
At its Oct. 11 meeting, officials unanimously approved the fund transfer to pay off general obligation limited tax school bonds series 2007B. The transfer is to occur on or before Nov. 14, documents show.
Board member Bill Wilson said school officials have been setting aside the money for this “for a little bit of time.”
“One thing to note, the money that’s being transferred here is being used to pay off debt,” Wilson said. “Which means that is interest the public will no longer be paying and this debt will be retired in total.”
The original bond was issued July 1, 2007, for $5.61 million, according to the district’s comprehensive financial report for the fiscal year ending June 30, 2015.