Lincoln Way Schools secures $30 million life safety bond amid financial struggles

Evanston Community Consolidated School District 65 is poised to make significant financial moves following a recent Committee of the Whole meeting held on June 2, 2025. The discussions centered around the potential issuance of a $30 million life safety bond, which could greatly enhance the district's financial stability and address pressing infrastructure needs.

The proposed life safety bond would result in an increase of approximately $7 for every $100,000 of market value, translating to about $100 for a $500,000 home. This funding is crucial as the district has faced financial challenges in recent years, and the bond is seen as a "game changer" for improving facilities and ensuring student safety.

During the meeting, officials highlighted the importance of understanding the implications of the tax cap and the Equalized Assessed Value (EAV) reassessment. The tax cap limits how much the district can increase its operating funds, which complicates financial planning. If the district does not act within the next nine months, it risks waiting another three years to pursue necessary funding options.

The committee discussed the complexities of the tax rate calculations, emphasizing the need for careful planning to avoid overburdening taxpayers while still meeting the district's financial needs. The conversation also touched on the potential for issuing general obligation bonds, which would allow the district to monitor market conditions and secure favorable interest rates.

In addition to the life safety bond, the district is considering refinancing existing bonds to save on interest payments. This strategic approach aims to alleviate some financial pressures while ensuring that the district can continue to provide quality education and maintain its facilities.

As the district moves forward, the next steps will involve drafting a resolution for the bond issuance, with the possibility of bringing it to a vote in the upcoming meetings. The outcomes of these financial decisions will play a critical role in shaping the future of Evanston CCSD 65 and its ability to serve its students effectively.