The board president for Evanston-Skokie School District 65 has resigned after mounting pressure from the community.

Sergio Hernandez's resignation comes just days after the federal indictment of former district Supt. Devon Horton, who is accused of defrauding the district out of $300,000 while working there. Horton is now superintendent of the school district in DeKalb County, Georgia.

In an indictment obtained by CBS News Chicago, the United States Attorney for the Northern District of Illinois alleges that Horton steered contracts to companies owned by three of his life-long friends while superintendent of the Evanston/Skokie School District 65. He then received kickbacks worth around $85,000, officials said.

The indictment identifies the other three defendants as Antonio Ross, the principal of Chicago's Hyde Park Academy; Alfonzo Lewis, the athletic director of Hyde Park Academy and owner of New Flight 35 Sports & Academic Academy LLC; and Samuel Ross, the owner of Asset Protection Specialist LLC.

Meanwhile, District 65 is also facing serious financial issues and is considering closing several schools.

One of the main groups pushing for Hernandez's resignation was the district's teachers' union.

Hernandez said he will remain on the board as a member and continue to work to rebuild trust in the community.