Grass Lake SD 36 holds no long-term debt
State law allows Grass Lake SD 36 to borrow a total of $5,331,097.
The state limits how much school districts can borrow, capping their debt at a percentage of the district's property wealth, as determined by county and township assessors.
Community unit school districts are able to borrow up to 13.8 percent of their total property value, or Equalized Assessed Value (EAV). Elementary school districts are able to borrow up to 6.9 percent of their EAV.
However, school districts exceeding these debt caps are not punished or sanctioned, as the state has no enforcement mechanism in place.
In 2015, Grass Lake 36, an elementary school district, had an EAV of $77,262,273, according to ISBE.
The following table ranks debt held by Lake County school districts.
Organizations in this Story
26177 W Grass Lake Rd
Antioch, IL - 60002
18 N County St
Waukegan, IL - 60085-4304