LW 210 Could Borrow Up To $27 Million In Tax Warrants

NEW LENOX, IL — Lincoln-Way Community High School District 210 could borrow up to $27 million in Tax Anticipation Warrants next year. The school district made some concessions in return for receiving a lower than usual interest rate for the borrowed money.

The district receives a fixed interest rate of 1.65 percent with Old Second Bank, according to a report from the Daily Southtown. A resolution the board passed this week ensures the funds will be deposited in an escrow account and paid back immediately when property tax revenues are received.

The district will also only be allowed to take out what it needs, so the full $27 million might not be borrowed or needed to cover costs. Follow Lincoln-Way Patch on Facebook: New Lenox - Frankfort - Mokena - Manhattan

It's the expectation of Brad Cauffman, assistant superintendent for business for LW 210, that only $24 million would be needed. But if the district's sale of the property at 191st and Harlem to Woodman's Food Market is delayed past this year, that number could rise to $27 million.

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Image via Lincoln-Way Community High School District 210