Northbrook SD 28 board approves first $15 million of $94.9 million referendum bonds; plans staged sales

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. “Scenarios 2 and 3 are more favorable ultimately to the district because you are not restricted on the amount of interest that you can earn,” Beckwith Shalomot said.

Jessica Donato, district finance staff, and Beckwith Shalomot told the board the first sale would close this summer, with the district pursuing a negotiated sale and engaging Raymond James as underwriter so retail investors in the community could participate. Beckwith Shalomot said the district will seek a credit rating from S&P Global; she and Donato said they expected a strong rating in the double‑A range but noted agencies consider multiple factors. “We are very confident you will fall in the double‑A category,” Beckwith Shalomot said.

The board voted unanimously to open and then close the required public hearing and later approved a resolution authorizing the sale of up to $15 million to Raymond James and associates; roll‑call votes recorded board members as voting aye. The board also approved a municipal advisory agreement with PMA and an engagement letter for the underwriter for the first sale.

Board members asked how scenario choice and credit rating could affect borrowing capacity and timing. Beckwith Shalomot said the district will revisit the construction draw schedule in early 2026 and then decide whether to use two or three sales, with an additional small series (about $14.7 million) possible in early 2027. She explained federal IRS rules that limit how much interest a tax‑exempt issuer may earn on proceeds and that splitting sales can allow the district to meet exceptions that preserve higher earnings.

District leaders said Chapman and Cutler will serve as bond and disclosure counsel and that the district has met all posting requirements for the hearing. Donato and Beckwith Shalomot said they would complete the S&P rating call and finalize the transaction timetable in the coming weeks.

The sale is intended to fund projects approved in the April referendum including replacement of Meadowbrook School and additions or improvements at Greenbrier, Meadowbrook Junior High and Westmore.