Niles schools sells bonds for 3 new buildings

By Jordan Cohen

NILES — The Niles School District has sold nearly $18 million in bonds for construction of three new schools after earning the top rating from Standard and Poor’s, the international credit rating agency.

Treasurer Linda Molinaro announced during Thursday’s board of education meeting that the agency gave the bonds its highest rating — AAA, which facilitated the sale. Last year, voters approved the bonds for construction of a new high school and two elementary schools.

“We will be looking to invest the money from the bond sale into separate packages,” Molinaro said. “Now we can go ahead with our construction plans.”

The board has scheduled a community meeting at McKinley High School gymnasium for 6 p.m. July 14 to discuss the high-school building plans with the public.

Construction of the high school and one elementary school is scheduled to begin next year with work on the second elementary school expected in 2012. The elementary buildings will be located on the current sites of Bonham and Lincoln schools.

In another item, Superintendent Rocco Adduci announced that the William D. Bauman estate has donated $175,000 to the Bauman Scholarship Fund.

Adduci said Bauman, believed to have been a Niles graduate, had donated his home, stocks and cash to the district.

“We’re not allowed to own stocks, so we’ll have our attorneys look into liquidating the estate and selling the home,” the superintendent said.