Southeastern CUSD 337 holds no long-term debt
State law allows Southeastern CUSD 337 to borrow a total of $8,005,845.
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, Southeastern 337, an unit school district, had an EAV of $58,013,373, according to ISBE.
The following table ranks debt held by area school districts.
Organizations in this Story
100 North Main Street
Lewistown, IL - 61542
PO Box 215
Augusta, IL - 62311