BLOOMINGTON, Ill. (WMBD) — If you live in District 87 you could be paying more in taxes for the next three years.
On Wednesday, the school board signed an ordinance, issuing $15 million in working cash bonds to help cushion the financial blow from the pandemic. The bonds would be available for any future cash flow issues.
Superintendent Dr. Barry Reilly says the money will help keep the district afloat.
“This will allow us to bridge to hopefully a time when the national, state and local economies turn around,” said Reilly. “We recognize that can take some time and this is a way we can bridge without having to go through a major financial reduction plan.”
He says he expects the overall tax rate to increase by two to three cents. To put that in perspective, if you live in a home worth $200,000, you would pay an extra $13 to $20 a year.