School Board Votes to Abate Taxes for Bond Debt Service
Crete-Monee School District 201-U Meeting | Jan. 20, 2026
Article Summary: The Crete-Monee Board of Education approved resolutions to abate taxes levied for debt service on two series of General Obligation School Bonds. This action allows the district to pay the debt using existing funds rather than collecting the money through additional property taxes.
Tax Abatement Key Points:
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Bonds Affected: The abatement applies to General Obligation School Bonds, Series 2024 and Series 2025.
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Financial Impact: Approximately $2.25 million will be transferred from the Education Fund to the Debt Service Fund to cover these payments.
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Taxpayer Relief: The resolutions ensure the pledged taxes for the year 2025 will be abated in their entirety, preventing them from being added to the tax levy.
The Crete-Monee School District 201-U Board of Education on Tuesday, January 20, 2026, voted unanimously to approve two resolutions abating taxes levied for the district’s debt service.
The resolutions specifically address the General Obligation School Bonds (Alternate Revenue Source), Series 2024 and Series 2025. By abating these taxes, the Board is directing the County Clerk of Will County not to extend the tax levy for these specific bonds for the year 2025.
Instead of raising property taxes to pay the principal and interest on these bonds, the district will utilize other lawfully available funds. According to the monthly financial report presented by Assistant Superintendent for Business and Operations Jason Okrasinski, a transfer of $2.25 million out of the Education Fund to the Debt Service Fund is required to pay for the Alternate Revenue Bonds.
The resolutions state that the Board has determined that sufficient funds are available and on deposit to cover the debt service when due. The motions to approve the abatements passed with a unanimous roll call vote.
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