Costly O'Fallon District 90 Bond Sales Pending

The first of up to three O'Fallon District 90 Working Capital Bond sales for up to a total of $18.5 million will happen soon.

This week’s O'Fallon District 90 Board of Education (BOE) meeting agenda includes a resolution to sell an $8.7 million bond.  It sets their debt service at $2.5 million per year over the next 19 years. That’s $47.5 million of debt service the BOE is guaranteed to levy against with our future real estate property taxes. 

https://go..com/il/of90/Board.nsf/files/D48SK9661E7B/$file/Bond%20Resolution%204874-9652-3701%20v5.pdf

O'Fallon District 90 will get only $7.2 million added to their Working Capital fund in November 2024 after paying the first $2.5 million from the bond sale.

This is a long term debt that is guaranteed to contribute to our ever rising real estate property taxes which are already among the highest in our nation.