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WJBD - Local News - Rend Lake Board Approves $1.9-million in Bonds

Rend Lake Board Approves $1.9-million in Bonds

By Bruce Kropp, WJBD News

The Rend Lake College Board approved a resolution at a special meeting Saturday to issue $1,905,000 in general obligation bonds.  The bonds will allow the district to increase its working cash fund.

College officials say no tax levy increase is associated with the bond issuance.  The college needs the increase working cash reserves because of delayed payments from the state.  In addition, the college will use the revenue to fund future growth opportunities identified by the college board.

The board also voted to retain the services of Chapman and Cutler LLP as bond counsel and First Midstate, Incorporated as bond underwriter for the issuance.

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