The Wabash Community Unit School District 348 Board of Education approved two financial resolutions during their most recent meeting, addressing the district's working cash fund and existing bond obligations.
The first resolution involved the district's working cash bond.
School officials explained that the resolution is required by state law and notifies the Wabash County Clerk that the district has sufficient funds available to make its working cash bond payment without levying additional property taxes for that obligation.
The board unanimously approved the resolution on a seven-to-nothing roll call vote.
The second resolution involved the district's alternative revenue bonds issued in 2022.
School officials explained that the action allows money to be transferred from the working cash fund into the district's operations and maintenance fund, making those funds more readily available for their intended purposes.
The resolution also abates the property tax levy for 2025 that would otherwise be used to pay debt service on the district's 2022 alternative revenue bonds.
That resolution also received unanimous approval from all seven school board members.
Both measures are part of the district's ongoing financial management of its bond obligations and available funds.
School officials indicated that the district has sufficient resources to meet the applicable bond payments without requiring the additional tax levies addressed by the resolutions.