http://stream.publicbroadcasting.net/production/mp3/wium/local-wium-902971.mp3
Carthage, IL – The state of Illinois is still hundreds of thousands of dollars behind in payments to the Illini West School District. The school board has taken action to ensure the district will still make payroll and meet its obligations.
Superintendent Mike Mauzy says the board has authorized a $500,000 line of credit with First Bank of Western Illinois. He says the money will be used to overcome the shortfall in state payments if needed.
Mauzy says the state has been making General State Aid, or GSA payments, but is still behind in transportation payments. He says another GSA payment should come by the end of the month.
"We will get one quarter's payment," says Mauzy. "But what if that's still not going to alleviate the $800,000 by the end of June? They're still going to owe me $800,000."
Mauzy says if the money is needed, the district will use it, then pay it back with interest once payments from the year's first property tax assessments come in around July. Mauzy didn't know offhand what the interest rate is, but says it's "very reasonable."