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Meeting Date:
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4/13/2022 - 7:00 PM
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Category:
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Consent Agenda Items
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Type:
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Action
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Subject:
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Continuing Approval of Treasurer's Bond Coverage
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Vision 2026:
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Financial & Facilities Management 1 Continue to ensure a balanced budget that builds and maintains a fund balance that meets Board policy.
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Background
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According to the Illinois School Code, the District is required to carry a treasurer's bond for 25% of the amount of all bonds, notes, mortgages, moneys and effects of which he/she is to have custody at one time. The Board of Education is being asked under a separate report tonight, to approve continuing bond amounts of $28,750,000 and $3,375,000 for the period of March 7, 2022 through June 30, 2022. This continuation supports the recommendation to replace Kim Funkhouser as Treasurer with Dr. Brian K. O'Keeffe, the current Assistant Superintendent of Business Operations at CUSD 200.
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File Attachment:
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Summary:
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Arthur J. Gallagher worked with Liberty Mutual Insurance Company to
change the District named Treasurer from Kim Funkhouser to Dr. Brian K. O'Keeffe as of March 7, 2022 through the cancellation of the existing bonds and the reissuance of new bonds. The quote offers an updated premium of $2,700.00, which takes the described changes into account.
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Funding:
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Education Fund
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Board Policy
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Recommendation:
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It is recommended that the Board of Education approve the continuance of binding coverage in the amount of $28,750,000 (Treasurer's Bond) and $3,375,000 (Special Issue Bond Lease Certificates) with Liberty Mutual Insurance Company at the cost of $2,700.00 for the period of March 7, 2022 through June 30, 2022.
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Approvals:
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Recommended By:
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Signed By:
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Brian O'Keeffe - Asst Superintendent Business Services
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Signed By:
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Jeff Schuler - Superintendent
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Vote Results:
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| Original Motion | | Member Susan Booton Moved, Member Brad Paulsen seconded to approve the Original motion 'It is recommended that the Board of Education approve the continuance of binding coverage in the amount of $28,750,000 (Treasurer's Bond) and $3,375,000 (Special Issue Bond Lease Certificates) with Liberty Mutual Insurance Company at the cost of $2,700.00 for the period of March 7, 2022 through June 30, 2022.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Brad Paulsen | Yes | | Chris Crabtree | Yes | | Rob Hanlon | Yes | | Susan Booton | Yes | | Dave Long | Yes | | Mary Yeboah | Yes | | Angela Blatner | Yes | |
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