001here. >> Member Colche >> here. >> Member Leto >> here. >> Member Nelson >> here. >> President Bennett killed >> here. >> All right. >> I should say you don't have walking. >> I don't. I need to move a little bit. [laughter] >> We have a six week old, >> right? >> For the public to address the board for community comments. The district 57 board of education welcomes community participation in an effort to both listen to our stakeholders and keep the meeting moving. I want to remind everyone of our public participation procedures and guidelines which is available in board policy 2 col230. Individuals wishing to address the board can do so during community comments portion of the agenda. Individuals should flag their name and limit their comments to three minutes. Please remember that this is
002not a dialogue between you and the board. The board is in listening mode during this time. Individuals wishing to contact the board of education are welcome to do so via the D57 website under the board of education tab. Individuals should behave with respect and toward others by board policy 830 visitors to and conduct on property. Do we have any comments from the community? Seeing none, we can move on to the personnel report. Can I get a motion to approve the personel report? >> So moved. >> Second. >> Member Dorner. >> Yes. >> Member Fay. >> Yes. Member Colche. >> Yes. >> Member Leto. >> Yes. >> Member Nelson. >> Yes. >> President Bennett Hill. >> Yes. >> Motion passes. We'll move on to superintendent staff reports. The first item is tax anticipation warrant. >> All
003right. Well, we are unfortunately here to do um something that um we are in a situation that we um really have limited options because of the delay on the Cook County taxes which has been foreshadowed probably as a topic. We're grateful for Jason to be here um as well from PMA. He has been working closely with our Jason. Um, and tonight we're going to talk more specifically about what we believe the district needs to do to be able to bridge through the gap of the delayed payments um, from the county. and then I can give a little context um once they do the presentation about just some of the um advocacy efforts that we are making to try to leverage as much um attention and influence over this as a catastrophic issue that's impacting school
004districts and other taxing bodies across the county. So that we can talk about that secondly. >> Sure. Excellent. And um as Jason has a seed, I'm just going to mention so typically we receive our taxes in the fall around August, maybe September. Um so obviously it's been it's many months later and we are looking at funding our cash flow and so I asked Jason to come tonight. He's going to sit here so he can be in the camera view. Um and he can share a little bit more just about the tax anticipation warrants. >> Yeah. So, what the tax anticipation warrants are is in a situation where a district is in need of cash due to an unforeseen event like this um where the county hasn't sec sent out its second installment um they are
005obligations that do not count as debt towards the district. Um they are borrowed in evidence of a need. So there has to be a demonstrable cash flow need for the amount of of TAWWS that are being borrowed and TAW stands for tax anticipation warrant. Um the TAWS have to be issued in evidence of the amount of cash flow shortage by fund. So the way that the formula works is it is a by fund calculation. So um the district currently is contemplating two GAWs um tonight. Uh one is on the ed fund. Um the ED fund being the largest fund makes the most sense to do a a tax um a taxable cash flow borrowing for the ED fund. The other is for O andM. Um the aggregate total is I think 7.2 million roughly. Um
006which [clears throat] is roughly the shortfall um of cash that's needed to get the district through its December one bond payments. Um [clears throat] for uh purposes of of how the the TAWS will operate um tomorrow we are actually um anticipating accepting uh bids for the TAWS. Um the TWWs as I mentioned are taxable. So uh banks will provide a taxable short-term interest rate for the TAWS. uh the timeline for uh maturity of the TWWs we have tenatively set for March 1st, but the TWWs also come with optional redemption. Um that's something that we're building in so that when the district does receive um the second installment from Cook County, you can turn around and pay those off uh without any redemption notice, too. There's no 30-day notice that the bank is is in need
007of in order to to pay off the TAW. So hopefully the the financing is very short. Um we're able to bridge kind of that that gap by making the TAWS callable. Um and uh [clears throat and cough] in terms of kind of timing, um there isn't necessarily a firm timeline, but we're hoping that the county will be able to send the tax bills out soon. That's always the hope is >> so uh it's a total of 7.5 million um that we're looking at um and um turning around we have a big bond being due uh November 28th um just around 6 million um plus the payrolls and we do have some uh investments that will be coming uh maturing at the beginning of January. So we know that we're this is getting us through December.
008We know we're good with January and then >> if it's much later than that I think there's a lot more other issues. >> I was going to question what happens in January. >> Sure. So January recovered >> February would be a conversation >> and and we did look into the cost of breaking those investments and if the breakage cost would exceed that of the TAW and we deemed that the TAW is probably the most cost effective option for the district. >> And what is the cost to the district again? Well, the cost of the district will be the interest rate um that is that is ultimately bid. Uh we've been seeing interest rates in the range of like 4.78 to 5%. But the timeline for how long that's outstanding is part of that cost as
009well. So, um the closing date, so the date that the proceeds would be wired to the district for the TWWs is tentatively estimated at or we've tentatively set it November 20th. >> Um that is when the interest will start to acrue. So beyond that point, let's It's at worst it would be March 1st. Um that would mean that the county didn't send out tax bills in say February. Um assuming >> well yeah and hypothetically um or let's assume it's a month then it would be the 30-day window. So if if the district were to receive tax bills say let's say December 16th then the TWWs would be outstanding for a period of 25 days. And so that would be the window in which costs um that would be the amount of cost that that time
010window of what's outstanding in terms of interest and then there's fees for bond council and municipal advisor. >> Sure. >> And Jason I think you and your kind of estimation using kind of high level anticipation with that I think we had approximated about $130,000 >> right for three months. So it would be that hopefully that's going to be. >> Now of course that doesn't include a calculation of what's lost in terms of the interest that we could be you know make you know earning with that deposited money and invested money. I know that's a harder number to quantify because it also relies on different factors but that's another element that's under reported in terms of the harm that's done. >> So >> I'm happy to talk about I figure there could be some more questions
011to Jason or Jason. Um, but if not, I'm also at whenever the board wants I can also talk a little bit about some of the advocacy that we're doing and simultaneous to some of this preparation. So, >> I'd like to hear about the advocacy. >> Yes. Questions? No. >> Okay. So, simultaneous to the preparation for the reality that they were in, there's been um a coalition of sorts um of superintendent that are similarly situated in both either already having to issue TIWs and take action or break um other investments or anticipation of needing to do these things depending on the timeline from the county. I think first and foremost there's been an complete absence of communication from the county in proactively addressing these topics, communicating them with other taxing bodies in their districts. It's just
012been very fascinating to see how much has had to be compiled kind of retroactively and trying to use our channels. As a shout out to our local representatives, um Maggie Trevor um was the first representative, Cook County Commissioner to meet with a group of us and she was very um transparent and communicated what really was her analysis of this situation, explaining that this, you know, um tech company Tyler has had a contract with the county for over 10 years and that this has been a migration that has been scheduled for that time period and that there's been a failed attempts at this migration and that um this is the moment where they've actually gone so far as to complete the migration but in doing so it was basically like um crossing to the point of
013no return that it as they've encountered issues it was no longer an option to return to the original system and so they're stuck now in this place of needing to commit to the migration and according to comm uh commissioner Trevor she is um outraged at the um the contract that the county holds with this um company Tyler because it according to Commissioner um Trevor there was very little in terms of um consequence that they could hold the company to in terms of the financial restitution from their failure to deliver. Um, I believe if I'm recalling it's something to the ends of like 200 or $250,000. When you think about, you know, the billions of dollars of the county and what's what what's at stake. >> Um because again, this is not just happening to our
014school district or even our local districts. It's happening to all taxing bodies potentially. So, so she is um has been uh very interesting in and trying to kind of navigate and support the way that she has directed our advocacy. Since that meeting last week, we've had a meeting with um several of the state and local legislators. So, Mary Beth Kanty, Mark Walker, Nicole Graci, um representatives from um Tracee Katz Mole's office and Ed has also met on a similar call to discuss and make sure representatives know and are versed in the impact of the county's situation and trying to be partners with us and advocating the client pressure to trying to hold taxing bodies like ours harmless and the impact from this mismanagement >> and potentially pursue legal action should there be you know in
015a way to recoup you know the lost earnings and um um money from this. And then we also did a call with um Kevin Morrison who is also county commissioner in the 15th district. And that call was again just trying to make sure that we're advocating, we're explaining the situation we're in, pressuring, trying to get updates. And um we're hearing some murmurings that um they're going to be um I believe I don't want to misspe but we're hearing that the the 15th of this month that there today was sort of a change in some of the rumors we're hearing. But I think everyone's hesitant to believe um any leads we're getting because um we especially I'm sure Jason's office who's been following it very closely and even in our conversations with politicians I think there's
016been a lot of mistrust in believing some of the deadlines that have been put out by the county. you know, there's been updates, there's been daily updates from the county, but there's also remains a long to-do list um and what they're reporting. And so, I think it's difficult to assess how realistic some of the timelines are that that are coming out. So, I think everyone's a little cautious in wanting to speculate if that's a believable um timeline. So, we're not stopping. I think we are looking to continue um to leverage as much communication about this topic. Um and also you know because this affects us all um uniquely because there's different financial you know situations. I think first and foremost we see this as a advocacy situation for school districts because as we know having
017just gone through the referendum process and speaking to rooms of taxpayers people want to know that when they pay their taxes they can trust the institutions that they're they're paying to. And we don't want school districts or other other libraries or any other of those as affected to claim any sort of consequence in public mistrust and thinking that this is due to our negligence or anything of that sort. So we are looking to make sure that we are clear in our communication and advocacy about helping the public understand the impact of the situation and understand the root causes of it because it is a bit abstract until you really understand some of the working pieces. So >> So how are you? So, we're going to be working on a collective letter from superintendent signed by
018um those of us who are in this situation and our districts are. There's some talk about some boards doing um a you know proclamation and having kind of a formal board statement that maybe is symbolic but it's a statement to say that you know we are making a resolution to make clear sort of this was the context in which we were forced to borrow for this short-term bridge. Um, and I think we are also looking for um, advocacy across um, board members that are willing to reach out to their elected officials and just kind of unify a communication campaign around this topic because even once it gets fixed and addressed, the harm's already done and that by tonight's action um, there will be a financial cost to even even if it is a month, you
019know, I think that is still better than it being five months. But arguably it still has a financial cost. >> So >> one other point I just wanted to make was that in our advocacy with um legislators, we're really trying to stress the point that sometimes there's criticism from school districts for holding too much money in reserves. And that's a topic of you know that it sort of um suggests that there's a bloated you know reserves and that there's not money needed. But our point is in these communications is to say these are in the last four years, three times, three years that the county has been late. And if we rely on property taxes for our revenues, that rainy day fund evaporates very quickly when you have, you know, a daily budget of $140,000
020that we need to do to keep the operation of a district running. So, I think there's an underestimation of the cost of the operations um for school districts and otherwise. So, we're trying to make sure we're articulating this in a way that our elected officials are able to really assess this need in a serious manner, you know, and and take accountability to the situations we're in. >> Yeah. I I was at two board uh PTO meetings this week, so I brought it up there and they were a gasast. So, >> and I was guest. Yes. Um, also now this Tyler >> has a contract with the county, but they don't have contract with us. >> So, we're in the process of just evaluating that contract and seeing if there could be some ability for third
021parties to have legal action. I think this is kind of a I think people are problem number one trying to assess, you know, getting those taxes out. And I think problem two is how much desire is there to around this as a as something to pursue. >> So, yeah, >> this is 10 years and getting this, it's just insane. >> And to um Commissioner Morrison and Trevor's point and credit, they weren't even on Cook County at that time. So, when this contract was, >> you know, signed and adopted by the county, they weren't even commissioners. So I think this is a very interesting situation that seems to be really predating and I and maybe that is the majority of the other commissioners as well. So >> how long is that contract last? >> Um I
022don't know that I don't I can find out. >> I don't believe so according to Commissioner Trevor, but um that is that is that topic of the contract and what's possible through it is I think something that's of interest of a lot of us. So I think that will be the continued investigative work that we'll be pursuing. You think it would be easy to prove breach of contract? Just get out of it. >> And and getting out of it though, then you have to find someone else to to repair to figure out what the heck is going on >> with with what Trevor left and then take it and do it. And if 10 years was the going rate, you know, before to get that transferred over, >> um, and I guess Ky wasn't on
023board either. I mean, can can Yeah, he as an assessor. >> Um, yeah, he wouldn't have been assessor at that time. So, >> um, I just want to clarify, Mary, something that you were saying about November 15th, and I know it was just speculative, but was was the whisper sort of that perhaps with all of this pressure, the county might get their act together and actually release the payment on time? >> They did not source the 15th as a result of our pressure, although I would like to believe it was. Um, but circumstance >> that is that is is that an accurate kind of >> rumor in conversation school district >> they've also heard the 15th but I don't have anything >> but that's just to build out then >> so even if they did
024that on the 15th we still have to do this >> yes that would not >> and that's what I was going to ask right if we did get the payment somewhat more timely >> right >> do we have some other means of covering the gap that doesn't cost extra, right? I mean, granted, in the scheme of seven and a half million dollars, >> a hundred thousand is not a big deal, but it's still a an expense that we do not bear responsibility for as a district. So, I mean, given, you know, everything that we've done in terms of the referendum and sort of the integrity and trust that we've built throughout that process, it's really disappointing to be in this place of like we have to spend extra money for something that's not our fault.
025>> Um, I think relatedly, I appreciate that you're sort of going to the source and talking to, you know, certainly county officials and and state officials. Are we doing anything in terms of like media >> at this point, but I think we are We are we we believe as our collective superintendent group that I think that channel is the next step to make sure there's a level of really again I think what's to be recouped here is a proactive reputational damage and the misunderstanding of the public. I think we're trying to run thatformational objective because again what's the harm has been caused but just now to minimize the impact on the mistrust of the public and sourcing their their anger. >> So I assume at our up I know this is an open meeting but
026I doubt anyone's is it being recorded? Yes, [laughter] I don't even watch. But in our next meeting when more people will be watching, I assume we're going to do a deep dive on this stuff. >> We can absolutely come with more and if it is of interest to the board, we're happy to bring the resolution. >> I I think it's critically important that we message this with the community >> very effective say what what happened, why >> is the impact to us, you know, why is this not our why is this not our >> but I think that's really important. So, a draft of a resolution um is currently being vetted by um attorneys. So, just I think once it's at a place um I think that makes great sense with our timeline and we
027can definitely bring that to the November 18th meeting. >> One other thing I wanted to mention is that the county is offering a bridge loan to municipalities or other taxing bodies who but the catch is that there are terms to qualify for that loan and Jason Pel could speak. We do not unfortunately. >> Yeah. The biggest term is that you have to be rated lower than the county. [laughter] >> Good luck with that. >> So there are not many districts that [laughter] >> doesn't make sense. Why Why is that? That seems like a completely arbitrary >> at least not school districts. >> And why does the county even have money? >> It's a zero interest loan. So >> there were about I think there's four qualifiers. I think that's the one that I don't know
028if we had any of them actually >> restricts most. >> What's difficult about this is is we rely so much on property taxes and therefore it's districts that could qualify that that actually don't rely on property taxes as much that probably don't need it as much. So >> to reputational risk, most of the borrowers of TAWS are the highest rated credits in the county because they're so reliant on local revenues. We'll offer these bridge loans, but nobody will call us. >> That's very unfortunate to be penalized by, you know, a choice that somebody else made and then not be able to remedy it because we have a good reputation. >> Yeah. Right. >> Mary, I was wondering if you would uh be able to put together uh talking points. >> Yeah. >> For us in
029our advocacy efforts. So, >> I would love to. I will um I will compile um some talking points and then I will compile kind of the contact lists of people that we've been in communication with and trying to yeah I think the more kind of widespread and I do think leveraging our channels through our our public our families um those are the types of conversations that we're having on a daily basis and trying to be not only consistent with our internal talking points but also across districts so that we're sticking to a message of clarity because this is a very, you know, it's just a tough topic, you know, to make sure that you're getting all the details. >> So, here's the crazy idea. Is it possible to get any of these folks to come
030to our meeting and actually this especially like the county >> well to to commissioners Trevor to Commissioner Trevor's credit um she would she asked when this meeting was and she was going to be try to be here. Um so I think we can continue to engage with them. They have been receptive to meeting with us and to you know, informing from where they sit, you know, what they think is useful. Um, they did think that there is going to be a Cook County board meeting on the Thursday of triple I and so some board members who might be in the city might want to stumble, not stumble, but walk [laughter] stumble. >> That could be an interesting stumble >> skip or walk or strut into that meeting um and give public comment. So I think
031those are the things too that I can put because there's a very specific process to f um to sign up for public speaking. So that those are all channels >> but I do think this is going to strike a nerve that there will be even once the tax bills go out I think there will be an analysis and a deep look into what what is the state and how could it possibly be. >> Why do we think that though? It hasn't happened. Um, >> I don't know. What you think? >> I love your faith in the uh >> Don't you guys I do think if it if it goes in and we don't know but if it goes into next calendar year >> that impacts your taxes >> you all. So right now it's not
032impacting right you're getting more interest on the money that you're saving to pay for your taxes but as soon as it goes in the next calendar year then you can't claim it and so that becomes an issue for all the taxpayers. So I I think I'm assuming doing everything they can to this >> which will affect your >> possibly mortgage payments. my mortgage company um normally they'll send me letters in um octo in September October saying what my mortgage payment will be and it's based on insurance and it's based on property tax. So this time I got a letter saying that they were not going to reassess the um the mortgage rate that what they assessed now without the equity tax coming in would be in in place for the ne for the coming year.
033And then I got another bill, another um letter saying that it was going to go up $43. The mortgage payment was going to go up, but when the trienal assessment comes and when the other comes, I won't it won't be reassessed until um next September. I have a question and a comment. My comment is having we work with Tyler at our work. So I don't have the greatest of faith in just my own personal experience with software. Um, my [clears throat] second comment is that looking at the the county's daily report when I open that up, I didn't feel I think November 15th is >> a whole bunch of smoke. Cuz like when I opened because when that was shared and again I looked at the one on Thursday and last week I was like
034>> holy to I mean they're not like real close. I mean there was real far in my opinion for my very amateur opinion. Um, so whatever that's just my commentary. My question is I guess the biggest thing I wanted to to make sure of is and is I guess from Jason and Jason is I like the the optimism of like these will be coming out. I guess I just want some assurance that like that worst case scenario it is January 1st like are we is this are we going to need to do any process? Is this going to again sort of carry us through whatever problems may arise from like a really late coming out. Again, I'd love to I'd love November 15th. I'd love December 1st. I'd love all those things. But again, I'm
035I'm more of the opinion of like what if it's like the worst case scenario is this. >> This borrowing will get us to the end of January. >> Okay. >> Between this borrowing and then the money that's maturing on January 5th. >> So, we might be sitting here on January 10th. >> Not unless we think it's going into February. But >> that's what we would be doing. Well, and the TAWS have to be paid from collections on the levy year that you're delayed. So, these are technically 2024 TAWs. 11 year 2024 TAWs and they are due when those collections come in. So, the latest that the maturity on the TAWS can be is March 1st because then you're moving into year 25 with 2025 tax bills. So, we're going to get two bills at one.
036>> And you have question about Is it because are we in a position to have to take out these loans because of the uh bond payment that's coming up? >> Uh that was a big part of it. Um that that's a big bond payment that we owe on November 28th. So it it would be really tight. Um and maybe we would then be talking about um you know breaking the CDs that are in January in order which obviously comes with a penalty as well. Um but then that also what does January look like? So, yeah, that is that is one concern. >> Part of the way that Cook County levies the taxes or extends the taxes too is the because the first extension comes in the spring, they use the prior years um and it's
03755% of the prior year's extension for your first payment and then the second payment is a true up of the first payment. So, because of the timing of the referendum and the larger referendum bond payment that was due in levy year 2024. Technically, your second installment on the bond side in particular is significantly larger um than even 55% because it's it's 55% of your prior levy which was for instance close to I think a million dollars maybe 750 somewhere in that range. >> Um and then because this bond steps up your payment, you're now due kind of 75 80% of that bond payment in your second installment. So that's part of the shortage at least this year. >> The timing just wasn't >> Yeah. >> Right. Questions. >> I guess interesting about Ray's question is
038sort of like worst case scenario. I mean what you presented is truly a stop gap, >> right? almost solely for these upcoming payments through December because then you said January we get this other funding and so is there a way or should we maybe be thinking about you know what if it's April you [laughter] know and and anticipating that I I guess I'm assuming and maybe this isn't true that um to do it all kind of at once the cost would be less as opposed to doing it twice >> you have to show a need for that money though, which we can't do right now, right? We can show it for December. We can't I'm guessing >> No, that's >> No, I shouldn't speak for you, but we probably can't show that need for five
039months down the road. >> No, it's true. You have to be able to demonstrate a need. And then when if we're getting into April, that means we're demonstrating a need against the 2025 levy. >> So that would mean doing a separate set of CWs on the 2025 >> extension. So that would mean your first installment is delayed. >> We won't know until >> the county did pass uh a resolution to allow for the first installment to go out in April. So they they did allow for a delay on the first installment course. >> I guess I it's twofold, right? It's solving the problem in terms of making sure we have enough money to do all the things that we're supposed to do. And then there's the accountability piece. Like how how do we make sure
040somebody is made accountable for the shortfall, right? I mean, it's been what, three years that we've had these payments late and late and late and late and with no hope of ever getting back on track. I just I I'm sure you know we have James looking into it and >> I think that's the that's the piece that I think our collective kind of coalition group and I think the amount of collaboration across the districts and the superintendent groups is actually a good time to try to leverage our collective >> you know influence and capacity to hold accountable you know these partnerships. So, I think that might be where my optimism is coming from because I think singularly one district is, you know, it's just not as effective to say, you know, here's the impact when
041you look when even sitting in a room with local superintendents in our area. I mean, we're talking about hundreds of millions of dollars potentially, you know, just in the impact of these districts. And I think just holding um our fellow um you know nonprofits, our government colleagues, you know, our elected officials to understand the impact that even as school districts when you think of us as businesses, as employers, as you know, the impact of this this work, you've got to really leverage, you know, and and treat them with the respect that you would as a for-profit business. I mean, it's not generating revenue, but it's certainly when we stand to our public and ask for improvements through that funding. That's those are real dollars >> that people expect to be used and not wasted. >>
042And it's that that waste that is so contentious in the public's view of institutions, government institutions. >> This is highlighting a level of waste that no one feels comfortable with. But but I guess my my concern so I think all the advocacy things you're doing are great and and maybe just maybe that will result in >> laws changing that >> prevent the county from being able to I don't know right >> but even if that happens it doesn't make us whole. And I I think that I was thinking the same Kim was right. I mean to me that that smacks up the need for some other type of legal action that doesn't involve politicians but involves >> I think we're I think that is kind of the second phase that there's some preliminary analysis by
043some of the attorneys to just analyze the contract through the lens of could there potentially be an angle of legal action. So that that second kind of level is too it's too early I think to speculate the likelihood and the feasibility of it but I think there's definitely some >> awareness that that would be another angle to take it. >> Yes. Because that would be the big whole effort because this is a for-profit you know business. >> Then we have to look at statute I'm sorry I just want to we are not a for-profit business but [laughter] the technology company is a for-profit business. Then we [clears throat] have to look at statute of limitations depending on how far far back we go. Is it two years? Is it five years? Is it three years?
044>> Well, we haven't technically suffered damages other than women now, right? So, I don't think we could sue anyone. >> That's true. >> That's a good point. >> But we have lost interest, >> which is real. >> Good point. I like it. >> And if it were collective, it would add up. >> Class action. Well, then we don't get as much attorneys get a lot more, >> but it costs us less, right? >> Sure. >> And we'd be getting something as opposed to sitting back and doing nothing and just saying, "Oh, wow. If >> only we knew a lawyer, [laughter] >> not your area." >> No, I mean, but I'm I'm probably having a lot of the same thoughts that James is, right? Like, how would we establish standing and and all that? So, actually
045is the James's colleague who really kind of does the process of doing >> I just have one other question in terms of like talking points etc. I had mentioned Karen kind of um my own concerns I think about approaching advocacy from the place of a regular board member, right? Like no single one of us besides Karen is allowed to speak for the board. >> Um so to the degree you're going to send out additional information if maybe some of it could include just some guidance about like how do we even approach >> the topic >> given I guess my thought was like the only reason that I know about this is because I'm a board member. How do I about this >> outside of that context. >> And I think like Jason to your point
046some of it about like well as an individual taxpayer if this keeps going that could impact me personally. >> Um >> and I think um I'll I'll definitely send our um board policy language because I know that when we talk about that spokesperson piece, it's usually through media, you know, and statements, but I think the advocacy is not as limiting. I had gotten in contact with her on a letter from my ASB just to get some clarity on that since we were kept having these conversations and um the clarity that she had sent from their government relations um division was that the policy for the board president's role really says the president is the official board's official spokesperson to the media whereas advocacy is the duty of all as outlined in the oath and conduct
047of all board members board members where they shall serve as education's key advocate on behalf of students schools. >> Well, I didn't take that quite so literally when I to it, but I understand. Yeah. >> Yeah. So, that's really where the role of advocate is springs from the um I can send you the whole >> No, I understand. Okay, that makes sense. >> And we as board members adhere to it. >> Sorry, thinking of the meeting last night. Sorry. Um, does anybody else have else have any questions or comments? >> Okay. And and if we could have my PTO meeting is next Monday. >> I'll make sure you have Thank you. Make sure you have it tomorrow. I mean, and on Mount Prospect Neighbors and even me, the people um people have been saying, "Did
048anybody get their tax letter or their tax installment? >> Did it not come to me? I mean, what's going on?" >> Right? It really has not. >> It's just you. >> You're not being a tax. People don't like that's okay. That's okay. You can keep it. >> I think the concern is that people aren't going the next step to think because I haven't paid my taxes means all these taxing bodies are not they don't >> they're not going that Yeah, they're not. >> So that that's the problem is >> the library is still open. I can still take my fitness class at the park district. Everything's fine. My kid still goes to school. Right. You don't understand. When I left the library, how many? Four years ago, they had nine months in reserve. >> Um,
049and that was because of the bad situation in 2003, 2004 where the county was really delayed and the library had to go to the village and beg. >> Um, and the community um were like vicious animals. totally feral. And so, uh, the board decided to, um, to do something about it. And, and even though, uh, people in the community said, "Well, you don't need that much money just sitting around. Why are we paying more in taxes?" But see, this is why, >> let me explain. This is why. >> And as a reminder, when we do financial projections and we talk about fund balance, that's fund balance as of June 30th. So we have lows and highs throughout the year, but that's a fun balance that we talked about as June 30th, but this is obviously
050a low point as we haven't had taxes since. >> All right, let's move on to the details here. So as a result of the delay in distribution of amounts related to second installment, Cook County property tax bills for tax year 2024 for amounts payable in calendar year 2025. The next items for discussion would be the proposed issuance of not of not to exceed 6,735,000 tax anticipation warrants to be issued by the district in anticipation of the collection of taxes levied for tax year 2024 for educational purposes and the board of education would consider the adoption of a resolution authorizing the issuance and sale of such warrants. The resolution sets forth the parameters for the issuance of warrants and their sale by designated officials of the district and provides a brief summary of such parameters. Secretary,
051please read the resolution. Resolution authorizing the issuance of not to exceed 6,735,000 taxable 2024 educational purposes tax anticipation warrants in anticipation of the collection of tax taxes levied for the year 2024 by the board of education of school district number 57 Cook County, Illinois for educational purposes and authorizing the sale said warrants to the purchaser thereof. >> They have any additional questions or discussion. >> Uh just what I thought the number was 7.5 >> there's two catch. >> Sorry. >> All right. Can I get a motion to approve the resolution authorizing the issuance of not to exceed 6 6,735,000 educational purposes tax anticipation warrants and authorizing the sale of said warrants to the purchaser thereof. >> Member Fay, >> yes. >> Member Paul, >> yes. >> Member Leto, >> yes. >> Member Nelson, >> yes.
052>> Member Dorner, >> yes. President Bennett killed. >> Yes. >> Move on to the second. As a result of the delay of the distribution of amounts related to second installment Cook County property tax bills through tax year 2024 for amounts payable in calendar year 2025. Next item for discussion would be the proposed issuance of not to exceed $765,000 tax anticipation warrants to be issued by the district in anticipation of the collection of taxes levied for tax year 2024 for operations and maintenance purposes and the board of education would consider the adoption of a resolution authorizing the issuance and the sale of such warrants. Resolution sets forth the parameters for the issuance of the warrants and their sale by designated officials of the district and provides a brief summary of such parameters. Secretary, please read the
053resolution. Resolution authorizing the issuance of not to exceed 765,000 taxable 2024 operations and maintenance purposes. Tax anticipation warrants in anticipation of the collection of taxes levied for the year 2024 by the board of education of school district number 57 Cook County, Illinois for operations and maintenance purposes and authorizing the sale of said warrants to the purchaser thereof. Are there any other questions or discussion to be had? >> Can I get a motion to approve the authorizing the issuance of not to exceed $765,000 in operations and maintenance tax anticipation warrants and authorizing the sale of said warrants to the purchaser thereof? >> So moved. [clears throat and cough] >> Member Culture. >> Yes. >> Member Leto. >> Yes. >> Member Nelson. >> Yes. Member Dorner. >> Yes. >> Member Fay. >> Yes. >> President Bennett Hill.
054>> Yes. >> Okay. Um we do potentially have a need for um close session if somebody is available for a short close session after this. >> How short? >> I think were you hoping to get to >> No, my orchestra. >> Oh, okay. Um I think the collective it would be the collective negotiating matters update and then it would be the performance dismissal compensation discipline or appointment specifically. So it would be two updates on those topics. They both can wait until the 18th if >> I mean just a procedural question since this isn't in the agenda. We're still >> We can always >> as long as we have >> Yeah, I'll stay as long. >> So session. So um you're going into close session for the appointment employment compensation discipline performance or dismissal of specific
055employees specific individuals who serve in the independent contractors in a park recreational educational setting or specific volunteers to the public body or legal counsel for the public body including hearing testimony on complaint. >> We technically have to first employees Yeah. >> Can I get a motion to move into close session? Okay.