QUINCY, ILL. -- The Quincy School District's business manager says using working cash bonds to cover the district's deficit will not raise taxes for the taxpayer.
The Quincy school board voted to issue $6.2 million in working cash bonds last week.
Bud Martin says doing so will not create new debt.
It will simply take care of the district's existing debt without having to borrow money from a bank and pay interest.
The Quincy Tea Party is collecting petition signatures needed to put the issue on the March ballot.
Martin said, "We, of course, respect the right of the taxpayer to take the course they want to take. If they want this to go on the referendum, that's fine. If not, that's fine, too. That's a political issue, and that's their choice. What we do want them to understand is that this is a solution to an existing problem that does no harm. It just does good."
Martin says the district usually uses a line of credit to pay off deficits, which usually cost the district at least $30,000 in interest.
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