State law allows Erie CUSD 1 to borrow a total of $34,125,762.
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, Erie 1, an unit school district, had an EAV of $247,288,130, according to ISBE.
The following table ranks debt held by area school districts.
School district
Maximum debt allowed
Current debt
Percentage used
Rock Falls ESD 13
$4,578,564
$4,129,000
90.2%
Geneseo CUSD 228
$46,535,446
$38,178,327
82%
East Moline SD 37
$22,243,905
$17,765,000
79.9%
Silvis SD 34
$4,960,094
$3,752,000
75.6%
Montmorency CCSD 145
$2,759,501
$1,575,000
57.1%
Kewanee CUSD 229
$10,034,585
$4,895,000
48.8%
Rock Falls Twp HSD 301
$10,849,349
$5,205,198
48%
Colona SD 190
$2,695,802
$1,075,000
39.9%
Orion CUSD 223
$18,762,159
$7,379,933
39.3%
Carbon Cliff-Barstow SD 36
$1,788,164
$700,000
39.1%
Rockridge CUSD 300
$27,432,257
$9,740,000
35.5%
Wethersfield CUSD 230
$7,328,672
$2,490,000
34%
East Coloma - Nelson CESD 20
$3,511,284
$1,094,000
31.2%
Sherrard CUSD 200
$20,955,794
$6,387,882
30.5%
Sterling CUSD 5
$40,084,102
$10,918,435
27.2%
AlWood CUSD 225
$8,516,118
$2,249,416
26.4%
Morrison CUSD 6
$15,341,786
$3,542,564
23.1%
Hampton SD 29
$2,727,989
$601,459
22%
Moline-Coal Valley CUSD 40
$111,566,493
$23,846,654
21.4%
Riverdale CUSD 100
$20,814,667
$3,568,208
17.1%
Cambridge CUSD 227
$7,788,174
$1,235,000
15.9%
Mercer County School District 404
$19,121,140
$2,998,813
15.7%
Annawan CUSD 226
$6,800,722
$900,000
13.2%
Galva CUSD 224
$10,390,019
$1,125,000
10.8%
Prophetstown-Lyndon-Tampico CUSD3
$11,919,746
$1,204,400
10.1%
United Twp HSD 30
$34,415,953
$3,000,000
8.7%
River Bend CUSD 2
$14,882,183
$1,200,000
8.1%
Erie CUSD 1
$34,125,762
$0
0%
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