Coal City School District addresses concerns over bond issuance compliance

The Coal City Community Unit School District has addressed concerns raised on social media about alleged non-compliance regarding a Working Cash Bond issued in November 2023. School Board President Ken P. Miller requested the release of pertinent information to clarify the situation.

The school district examined the documents referenced in the social media posts and identified an error in their Debt Book CUSD No. 1 (Coal City) 1.16.25 document posted online. This document has since been corrected with the help of the district’s bond advisors, Raymond James.

Additionally, the district sought the expertise of bond legal counsel Chapman and Cutler LLP to ensure compliance with the bond issuance. According to their memo, the district adhered to all limitation calculations and had "lawful authority" to issue the bonds.

Further clarity is provided by Note #9 on page 30 of the Fiscal Audit conducted by Mack and Associates, covering the period ending June 30, 2024. This note comments on the Legal Debt Margin for Coal City Schools.

The relevant updates and memos will be posted to the school district's website to ensure transparency.