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Meeting Date:
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7/13/2022 - 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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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 the Treasurer's Bond in the amount of $28,750,000 and the special issue bond for lease certificates in the amount of $3,375,000 for fiscal year 2023.
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File Attachment:
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Summary:
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The District continues to work with Liberty Mutual Insurance Company through Arthur J. Gallagher (broker of record). The quote offers the annual premium of $17,250, which represents a flat renewal when compared to the current year's premium.
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Funding:
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Fund 10 - 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 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 $17,500 for the period of July 1, 2022 through June 30, 2023.
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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 Brad Paulsen Moved, Member Susan Booton seconded to approve the Original motion 'It is recommended that the Board of Education approve 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 $17,500 for the period of July 1, 2022 through June 30, 2023.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 6 Nay: 0. | | The motion Carried 6 - 0 | | | | | Brad Paulsen | Yes | | Chris Crabtree | Yes | | Rob Hanlon | Yes | | Susan Booton | Yes | | Dave Long | Yes | | Angela Blatner | Yes | |
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