State law allows Cherry SD 92 to borrow a total of $655,518.
The state limits how much school districts can borrow, capping their debt at a percentage of the district's property wealth, as determined by county and township assessors.
Community unit school districts are able to borrow up to 13.8 percent of their total property value, or Equalized Assessed Value (EAV). Elementary school districts are able to borrow up to 6.9 percent of their EAV.
However, school districts exceeding these debt caps are not punished or sanctioned, as the state has no enforcement mechanism in place.
In 2015, Cherry 92, an elementary school district, had an EAV of $9,500,257, according to ISBE.
The following table ranks debt held by area school districts.
School district
Maximum debt allowed
Current debt
Percentage used
Hall HSD 502
$8,010,854
$35,552,312
443.8%
Peru ESD 124
$13,804,420
$15,405,000
111.6%
Wallace CCSD 195
$6,215,326
$6,110,000
98.3%
Spring Valley CCSD 99
$5,782,628
$4,544,400
78.6%
Ottawa ESD 141
$22,093,980
$11,362,201
51.4%
Mendota CCSD 289
$13,823,251
$7,091,700
51.3%
Earlville CUSD 9
$7,000,950
$3,575,000
51.1%
Mendota Twp HSD 280
$13,939,018
$6,925,000
49.7%
Streator Twp HSD 40
$13,336,209
$5,942,153
44.6%
Deer Park CCSD 82
$2,270,914
$1,010,000
44.5%
Dimmick CCSD 175
$7,278,764
$3,015,000
41.4%
Leland CUSD 1
$6,340,269
$2,415,000
38.1%
Streator ESD 44
$9,835,106
$3,415,000
34.7%
DePue USD 103
$1,011,605
$340,405
33.6%
Serena CUSD 2
$18,677,866
$6,144,170
32.9%
Ottawa Twp HSD 140
$47,746,232
$14,950,188
31.3%
Grand Ridge CCSD 95
$5,571,951
$1,597,826
28.7%
La Salle-Peru Twp HSD 120
$34,038,672
$9,471,992
27.8%
La Salle ESD 122
$7,802,490
$2,145,277
27.5%
Princeton HSD 500
$17,378,163
$4,770,000
27.4%
Ladd CCSD 94
$2,439,679
$650,204
26.7%
Malden CCSD 84
$1,142,748
$265,000
23.2%
Oglesby ESD 125
$5,801,326
$1,327,757
22.9%
La Moille CUSD 303
$5,639,399
$1,175,417
20.8%
Princeton ESD 115
$16,287,349
$3,390,000
20.8%
Dalzell SD 98
$418,525
$80,000
19.1%
Marseilles ESD 150
$4,982,140
$799,660
16.1%
Bureau Valley CUSD 340
$17,861,666
$2,736,132
15.3%
Lostant CUSD 425
$3,409,740
$421,376
12.4%
Waltham CCSD 185
$4,161,872
$500,000
12%
Miller Twp CCSD 210
$3,832,663
$450,000
11.7%
Seneca Twp HSD 160
$45,318,719
$3,205,000
7.1%
Allen-Otter Creek CCSD 65
$3,757,182
$200,000
5.3%
Rutland CCSD 230
$2,103,040
$89,000
4.2%
Putnam County CUSD 535
$16,307,126
$500,000
3.1%
Ohio CCSD 17
$2,300,220
$0
0%
Cherry SD 92
$655,518
$0
0%
Ohio CHSD 505
$2,337,493
$0
0%
Seneca CCSD 170
$36,468,774
$0
0%
Tonica CCSD 79
$2,327,603
$0
0%
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