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Meeting Date:
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5/10/2023 - 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 and Special Issue Bond Coverage
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Vision 2026:
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Operational Excellence Strategies 2 Maintain strong fiscal health of the organization.
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Background
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According to the Illinois School Code, the District is required to carry a Treasurer's and Special Issue (lease certificates) Bond coverage 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 $31,278,777.79 and the special issue bond for lease certificates in the amount of $2,686,250 for fiscal year 2024.
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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 $18,767 for the Treasurer's Bond and $2,150 for the Special Issue Bond.
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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 $31,278,777.79 (Treasurer's Bond) and $2,686,250 (Special Issue Lease Certificates) with Liberty Mutual Insurance Company at the total cost of $20,917 ($18,767 - Treasurer's Bond, $2,150 - Special Issue Bond) for the period of July 1, 2023 through June 30, 2024.
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Approvals:
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Recommended By:
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Signed By:
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Jordan Thorse - Treasurer
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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 Angela Blatner seconded to approve the Original motion 'It is recommended that the Board of Education approve binding coverage in the amount of $31,278,777.79 (Treasurer's Bond) and $2,686,250 (Special Issue Lease Certificates) with Liberty Mutual Insurance Company at the total cost of $20,917 ($18,767 - Treasurer's Bond, $2,150 - Special Issue Bond) for the period of July 1, 2023 through June 30, 2024.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0. | | The motion Carried 7 - 0 | | | | | Brad Paulsen | Yes | | Rob Hanlon | Yes | | Dave Long | Yes | | Angela Blatner | Yes | | Julie Kulovits | Yes | | Erik Hjerpe | Yes | | John Rutledge | Yes | |
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