Defining The Referendum - Part One

There are quite a few people, in Park Ridge especially, (since they’re going to carry the bulk of the financial load), questioning the need for D207’s $195,000,000 referendum.

The questions I’ve heard to date have lead me to believe an information gap exists between D207 Board & Administrators and the Taxpayers they serve. That said; I think a good place to start the discussion is to describe the Referendum dispassionately and in English.

Questions & Answers

Question: What is a “Referendum”?

Answer: From Merriem-Webster - “The principle or practice of submitting to popular vote a measure passed on or proposed by a legislative body or by popular initiative.”

 
Question: What is this “Referendum” all about?

Answer: From D207’s Website - ”Shall the Board of Education of Maine Township High School District Number 207, Cook County, Illinois, improve the sites of, build and equip additions to and alter, repair and equip existing buildings, including, without limitation, constructing security improvements, increasing accessibility to comply with the Americans with Disabilities Act, replacing electrical, plumbing and mechanical systems, renovating classrooms and labs, improving the Library Media Center and renovating special education spaces, and issue bonds of said School District to the amount of $195,000,000 for the purpose of paying the costs thereof?

Question: How much money are we really committing to?

Answer: It depends who you’re talking to. The best I’ve been able to ascertain is the full debt proposed is somewhere between $280 million and $300 million. Myself, I think it;s closer to the latter, based on how the bonds are structured.

Question: How will District get the money and how long do we have to pay the bill?

 Answer: From D207’s Website - “The District will issue 20-year bonds. These funds can only be used for the projects specified in the referendum question. When the bonds are paid off, taxes will be adjusted accordingly.”

Tomorrow, we’ll continue Q&A.

Any questions about the material covered so far?