Yeah, this is still the case. If you look at the current budget for Foster School:
$42 million in the lease certificate is pretty much the money that they need to do physical construction of the building.
They need $6 million for stuff in the building. Not clear where that money is going to come from. The reserves, I guess? Even the Bessie Rhodes property isn't going to sell for a few years.
Other Districts, like Skokie, when they built Lincoln Middle School took out two financings: a lease certificate for construction and regular general obligation bonds for the stuff in the school. We only did the first part and to date, nobody has really thought through the second part.
And to your point, the whole thing is a shady loophole anyway to avoid the specific language of a referendum.
Yeah, this is still the case. If you look at the current budget for Foster School:
$42 million in the lease certificate is pretty much the money that they need to do physical construction of the building.
They need $6 million for stuff in the building. Not clear where that money is going to come from. The reserves, I guess? Even the Bessie Rhodes property isn't going to sell for a few years.
Other Districts, like Skokie, when they built Lincoln Middle School took out two financings: a lease certificate for construction and regular general obligation bonds for the stuff in the school. We only did the first part and to date, nobody has really thought through the second part.
And to your point, the whole thing is a shady loophole anyway to avoid the specific language of a referendum.