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Northbrook SD 28 board approves first $15 million of $94.9 million referendum bonds; plans staged sales
Summary
The Northbrook School District 28 Board of Education on Tuesday opened a public hearing on the district’s intent to sell $94,900,000 in referendum bonds and approved a resolution to issue the first $15,000,000 series 2025 general‑obligation bonds to finance Meadowbrook and other referendum projects.
The Northbrook School District 28 Board of Education on Tuesday opened a public hearing on the district’s intent to sell $94,900,000 in building bonds approved by the April 1, 2025, referendum and approved a resolution to issue the first tranche — not to exceed $15,000,000 — as Series 2025 general obligation school bonds.
At the hearing Tammy Beckwith Shalomot of PMA, the district’s municipal advisor, walked the board through three issuance scenarios and recommended splitting the referendum authority into multiple sales rather than offering the full $94.9 million at once to preserve favorable tax‑exempt investing rules and to maximize interest earnings on unspent bond proceeds.…
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