Waltham School District 185 in Utica will be able to increase its debt limit to fund a new school if a bill sponsored by Rep. Jerry Long (R-Streator) that recently passed the House and Senate is signed by Gov. Bruce Rauner.
“School districts who have worked hard to be financially stable, like Waltham 185, deserve to be rewarded,” Long said in a press release. “By increasing their debt limit, Waltham will now be able to build a better school, without a tax increase, further unifying the community of North Utica and giving their children the educational environment they deserve.”
Senate Bill 1290 would allow the school district to consolidate its two schools, which are outdated and require maintenance and upgrading. It gives the district permission to issue bonds and incur a debt of up to $9.5 million.
Jerry Lee Long
Under the measure, LaSalle and Utica will contribute to a tax allocation fund associated with tax increment financing (TIF) districts that can be extended to repay the debt.
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