By Adam Studzinski
NORMAL – The Unit 5 Board of Education has authorized the sale of up to $3.5 million in bonds for the purchase of new school buses.
The district is buying 100 buses in the next two years along with renting less in order to save money in the long run. Finance Director Marty Hickman explained they won’t actually be selling these bonds until around December.
“From a cash flow perspective, we will be OK until about that time period,” said Hickman. “If we don’t issue until then that means we’re saving interest.”
Hickman said the district will use these bonds to buy the first 51 buses this year, then issue another $3.5 million in bonds to buy a second round of buses.
Hickman added the payback period on both sets of bonds is expected to be five years.
Adam Studzinski can be reached at adam.studzinski@cumulus.com.
