The District 300 Board of Education is seeking bids to build a joint transportation and maintenance facility at Jacobs High School in Algonquin and renovate portions of Carpentersville Middle School.
To finance the project, the board agreed to allow LaSalle Capital Markets of Chicago to sell $4.7 million in certificate of participation bonds. The district will lease the facilities until the borrowed money is repaid in 8 1/2 years.
Although the district originally planned to add a $3 million bus compound to Jacobs High School, the plans were expanded to include a building and grounds facility and the conversion of four rooms into classrooms at Carpentersville Middle School.
“This will not cost the taxpayer anything,” said Deputy Supt. Fred Goering. “We’ll make the payments with fund balances in the transportation department and from land/cash funds.”
