Tax Rate & Debt Structure
Updated March 28, 2025
A message from the Coal City Community Unit School District
It has been brought to our attention via social media posts that the school district appears to be non-compliant with regards to the Working Cash Bond issuance in November 2023. Board president Ken P. Miller has asked the administration to release the following information.The school district has reviewed the materials referenced in these posts and determined that there was an error in the Debt Book CUSD No. 1 (Coal City) 1.16.25 document that is posted on this website. Attached below is a memo from Raymond James, the district’s bond advisors, that identifies the error and updates this document (Updated March 28, 2025). Further, the school district has asked bond legal counsel Chapman and Cutler LLP to respond to the issue of compliance with respect to this sale of bonds. That memo is also attached below, but states that the district met all limitation calculations and had “lawful authority” to issue these bonds. Finally, attached is page 30 from the Fiscal Audit conducted by Mack and Associates ending June 30, 2024, that shows Note #9 which comments on the Legal Debt Margin for Coal City Schools. This area of our website will be updated accordingly and all memos posted by March 31, 2025.
Coal City 1 Memorandum Chapman & Cutler LLP March 27, 2025
Memo on Allocation of Working Cash Fund Bonds Updated March 28, 2025
Debt Book CUSD No. 1 (Coal City) Principal Paid since FY2006