Taft School Board OKs referendum

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Updated: March 20, 2012 8:05AM

LOCKPORT — Taft School Board approved a referendum to seek funds to improve the district’s aging facility.

The funding would be used for the the upgrading and/or replacement of mechanical, electrical, plumbing and general construction. The total project cost is $9.9 million.

The district is scheduled to receive a grant of $4.7 million from the Capital Development Board in Springfield. The district must first provide a “local share” of $5.2 million.

The district will finance $2 million of the project and pay the principal and interest costs on that loan through its operating funds (with no impact on property taxes). The remaining $3.2 must come from a successful building bond referendum.

In 2003, the State Board of Education placecd the district on a financial warning list. For four of the last six years, however, the district received the highest rating of financial recognition.

The $3.2 million referendum question will be on the March 20 ballot.

Informational meetings will be at 6:30 p.m. Thursday and March 8 to share financial data and answer questions.