Lemont –Bromberek Combined School District 113A Approve Loan Repayment
Following the successful repayment of a $5 million loan Wednesday to Lemont High School District 210, Lemont –Bromberek Combined School District 113A will secure another round of tax anticipation warrants next month. The District 113A Board of Education unanimously approved two interfold loans to repay a $5.5 million loan—plus interest—to the high school during its monthly business meeting Tuesday night. Since depleting its cash reserves in June 2009, District 113A has been reliant on short-term borrowing to pay its bills.
The district was confronted for the first time with the possibility of not being able to secure TAWs to pay its bills in January at the Late last year. Board President Lisa Wright approached District 210 about a possible loan and then Supt. Tim Ricker On the advice of legal and financial advisers. Marking the first time that two Illinois school districts had completed an intergovernmental purchase and sale of TAWs in January, Both boards approved the deal.
The District 210 Board of Education approved an agreement to purchase another $5 million in TAWs from District 113A earlier this month. According to advisers from PMA Financial, It was again unable to secure the loan through a bank. No later than July 8, the latest resolutions state that District 113A would receive the warrants, Treasurer Jay Tovian, outgoing District 113A said.