Because state law allows the district to borrow a total of $2,788,783, Cowden-Herrick CUSD 3A has reached 10.5 percent of its debt capacity.
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, Cowden-Herrick 3a, an unit school district, had an EAV of $20,208,570, according to ISBE.
The following table ranks debt held by area school districts.
School district
Maximum debt allowed
Current debt
Percentage used
Jasper CCSD 17
$759,725
$1,929,000
253.9%
Wayne City CUSD 100
$5,133,492
$10,529,515
205.1%
Milford Area PSD 124
$11,034,948
$18,135,955
164.4%
Flora CUSD 35
$11,485,816
$12,083,147
105.2%
Altamont CUSD 10
$9,151,498
$7,915,000
86.5%
Lawrence County CUD 20
$9,203,759
$7,885,000
85.7%
Germantown Hills SD 69
$10,989,945
$8,735,000
79.5%
Westville CUSD 2
$6,074,280
$4,570,000
75.2%
Fairfield PSD 112
$4,011,773
$2,996,146
74.7%
Oakwood CUSD 76
$10,594,662
$7,910,000
74.7%
Paris-Union SD 95
$10,858,882
$7,997,050
73.6%
Metamora CCSD 1
$11,315,060
$8,000,000
70.7%
Rossville-Alvin CUSD 7
$4,869,868
$3,375,000
69.3%
Martinsville CUSD 3C
$4,018,754
$2,785,000
69.3%
Roanoke Benson CUSD 60
$11,177,021
$7,740,000
69.2%
Midland CUSD 7
$15,358,970
$10,315,000
67.2%
Casey-Westfield CUSD 4C
$10,125,591
$6,726,649
66.4%
Danville CCSD 118
$46,950,018
$31,139,249
66.3%
Richland County CUSD 1
$28,786,393
$19,078,710
66.3%
Central CUSD 4
$15,684,931
$10,166,294
64.8%
Georgetown-Ridge Farm CUD 4
$8,580,424
$5,375,000
62.6%
Blue Ridge CUSD 18
$19,148,503
$10,955,000
57.2%
Woodland CCSD 50
$101,168,828
$56,070,334
55.4%
Oakland CUSD 5
$5,048,320
$2,610,000
51.7%
Red Hill CUSD 10
$8,116,727
$3,906,620
48.1%
Paris CUSD 4
$12,940,844
$6,215,000
48%
Robinson CUSD 2
$45,729,395
$20,602,093
45.1%
Clay City CUSD 10
$3,900,281
$1,704,515
43.7%
Oblong CUSD 4
$6,644,868
$2,660,400
40%
Gibson City-Melvin-Sibley CUSD 5
$16,766,562
$6,635,000
39.6%
Cumberland CUSD 77
$10,076,266
$3,952,760
39.2%
Mattoon CUSD 2
$44,490,932
$16,192,345
36.4%
Palestine CUSD 3
$4,334,535
$1,568,700
36.2%
Bismarck Henning CUSD
$10,633,749
$3,591,879
33.8%
Shelbyville CUSD 4
$15,676,398
$5,214,000
33.3%
Iroquois County CUSD 9
$11,075,847
$3,675,000
33.2%
Dieterich CUSD 30
$4,635,327
$1,510,000
32.6%
Sullivan CUSD 300
$15,977,353
$5,068,392
31.7%
Neoga CUSD 3
$9,296,531
$2,879,284
31%
Jasper County CUD 1
$26,094,851
$8,021,949
30.7%
Clinton CUSD 15
$61,860,353
$18,730,000
30.3%
Stewardson-Strasburg CUD 5A
$4,743,037
$1,387,616
29.3%
Cerro Gordo CUSD 100
$9,753,279
$2,757,000
28.3%
Deland-Weldon CUSD 57
$8,233,540
$2,293,805
27.9%
Pontiac Twp HSD 90
$14,981,353
$4,130,000
27.6%
Potomac CUSD 10
$2,576,940
$700,000
27.2%
Tuscola CUSD 301
$15,881,953
$4,310,000
27.1%
Marshall CUSD 2C
$15,568,464
$4,177,307
26.8%
Teutopolis CUSD 50
$16,667,899
$4,335,000
26%
Bement CUSD 5
$8,337,671
$2,119,393
25.4%
Beecher City CUSD 20
$7,852,354
$1,952,000
24.9%
Cornell CCSD 426
$1,403,509
$345,000
24.6%
Hutsonville CUSD 1
$2,911,758
$700,900
24.1%
Kansas CUSD 3
$4,549,144
$1,018,417
22.4%
Odell CCSD 435
$1,781,731
$385,000
21.6%
Edwards County CUSD 1
$9,221,291
$1,953,907
21.2%
Iroquois West CUSD 10
$12,129,678
$2,497,185
20.6%
Armstrong-Ellis Cons SD 61
$2,851,627
$578,284
20.3%
Arthur CUSD 305
$27,299,786
$5,185,116
19%
Paxton-Buckley-Loda CUD 10
$21,689,351
$4,091,000
18.9%
Monticello CUSD 25
$31,709,789
$5,476,036
17.3%
Eureka CUD 140
$28,077,394
$4,708,951
16.8%
New Hope CCSD 6
$1,219,542
$200,000
16.4%
El Paso-Gridley CUSD 11
$21,701,535
$3,550,000
16.4%
Dwight Common SD 232
$7,185,931
$1,173,851
16.3%
Dwight Twp HSD 230
$8,562,660
$1,395,089
16.3%
Arcola CUSD 306
$10,947,803
$1,755,570
16%
Prairie Central CUSD 8
$29,149,656
$4,362,277
15%
Villa Grove CUSD 302
$9,332,402
$1,262,000
13.5%
Crescent Iroquois CUSD 249
$2,706,719
$360,000
13.3%
Tri Point CUSD 6-J
$8,887,969
$1,150,000
12.9%
Allendale CCSD 17
$1,700,571
$200,000
11.8%
Lowpoint-Washburn CUSD 21
$7,061,304
$765,000
10.8%
Cowden-Herrick CUSD 3A
$2,788,783
$293,110
10.5%
Okaw Valley CUSD 302
$11,364,481
$1,183,015
10.4%
Riverview CCSD 2
$3,088,283
$321,000
10.4%
North Clay CUSD 25
$5,807,371
$550,000
9.5%
Effingham CUSD 40
$64,035,147
$6,002,664
9.4%
Hoopeston Area CUSD 11
$9,783,906
$900,000
9.2%
Wabash CUSD 348
$17,228,089
$1,472,604
8.5%
County of Woodford School
$25,393,288
$1,975,000
7.8%
Armstrong Twp HSD 225
$4,135,164
$300,000
7.3%
Salt Fork CUSD 512
$13,403,006
$895,000
6.7%
Flanagan-Cornell Dist 74
$12,982,889
$805,649
6.2%
Germantown SD 60
$2,431,021
$135,759
5.6%
Pontiac CCSD 429
$11,803,136
$655,265
5.6%
Geff CCSD 14
$413,837
$15,745
3.8%
Shiloh CUSD 1
$12,030,408
$355,386
3%
Donovan CUSD 3
$4,952,412
$140,000
2.8%
Woodland CUSD 5
$7,049,281
$190,000
2.7%
Fieldcrest CUSD 6
$20,325,906
$439,150
2.2%
Cissna Park CUSD 6
$4,550,585
$70,000
1.5%
Henry-Senachwine CUSD 5
$14,249,597
$100,000
0.7%
Edgar County CUD 6
$6,716,447
$14,000
0.2%
Charleston CUSD 1
$43,554,862
$0
0%
Rooks Creek CCSD 425
$1,118,452
$0
0%
Fairfield Comm H S Dist 225
$6,404,876
$0
0%
Saunemin CCSD 438
$1,471,729
$0
0%
Windsor CUSD 1
$5,876,114
$0
0%
North Wayne CUSD 200
$4,088,138
$0
0%
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