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Monthly archives for February, 2018

District 99 FOIA Requests Demonstrate Contractual Obligation to Account for Assets and Return Surpluses to Taxpayers

These documents are a demonstration of the information we have used to determine that the district has a moral, legal and a contractual obligation to account for the assets in each bond and interest fund separately and to return surpluses to the taxpayers via a tax abatement.
We recommend reading the bond fund balances FOIA request, page nine in the middle where the controller of the district announces his intention to capture the $1.3 million after the bonds mature in 2017. The Watch recommends that they return it to the taxpayers.
FOIA Documents

Watch Seeks Return of Surplus Funds From District 99 Before $183 Million Tax Increase Request

The $195 per year tax increase ($300,000 market value residence) should not be, cannot be, granted unless the Board of Education demonstrates that when taxes are collected in excess of what is needed, the members of the BOE will fulfill their Oath of Office and return the surplus to the families and business owners who make up our community.

The Downers Grove Watch requests that this discussion be put on the February 26 agenda.

Letter to Board President Kupka:

Bond Trust Fund Surplus Abatement

District 58 School Board To Issue $2.8 Million In Bonds, 20% Of Which Has No Stated Purpose.

If the true purpose for the Working Cash Fund bond sale is for projects (and not for “working cash purposes”), as twisted as that interpretation may be, then the amount this Board can legally and honestly sell must reasonably conform to the amount that is needed. That amount is currently $2,255,000. If the Board desires to sell the Series 2018 non-referendum bond for additional projects, hold another BINA hearing to comply with all of the procedural requirements for issuing debt. If you ignore this recommendation, you run the risk of knowingly, willingly and intentionally selling bonds for no stated purpose, which may be construed in Wheaton, Elgin, or Springfield to be fraudulent.

More Information Here:

D58_Bonds_Series2018_Letter_20180212_BondFraud