PRINCETON — The Princeton Elementary School Board will go out for $3 million in general obligation bonds to help meet expenses for the next three years.

At this week’s meeting, Superintendent Tim Smith said the $3 million in bonds is about $1 million more than issued three years ago. Part of that reason is the district is receiving $600,000 less annually in general state aid than it did three years ago.

In giving his financial report Monday night, Smith said the district is currently owed $664,688 from the state of Illinois. Of that amount, $491,226 is due in the education fund with 49 percent of that amount due in the Early Childhood Block Grant. The remaining $173,462 owed by the state is owed in the transportation fund.