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District 88 OKs working‑cash bond resolution up to $6.5 million; $4 million expected for capital cash flow
Summary
The board approved a parameters resolution allowing the district to issue up to $6.5 million in general obligation limited tax school bonds to raise working cash; the administration said it expects to issue about $4 million and included extra authority to refund two older maturities if market conditions permit.
The DuPage High School District 88 Board of Education approved a bond parameters resolution that authorizes issuance of general obligation limited‑tax school bonds not to exceed $6.5 million to provide working cash for the district.
Administration told the board the likely plan is to issue roughly $4,000,000 in working cash bond proceeds to support upcoming capital activity; the larger $6.5 million cap includes an optional amount that could be used to refund two existing maturities carrying about a 4% interest rate if market conditions make refunding cost‑effective. Bond counsel Chapman and Cutler LLP prepared the resolution the administration presented.
Board members moved and approved the parameters resolution by roll call vote. District staff said the extra authorization is a safeguard in case refinancing provides savings, but there was no guarantee the district would exercise that option. The resolution sets the legal parameters needed to proceed with scheduling and underwriting should the administration and financial advisors decide to move forward.
If the district proceeds, staff said it will return with final sale documents and the precise issuance amount and timing. The parameters resolution does not obligate immediate bond issuance; it gives the district authority to sell bonds within the authorized limits if conditions warrant.
