Indian Prairie board approves parameters resolution to issue bonds tied to 2024 referendum

The Indian Prairie Community Unit School District 204 Board of Education on Monday approved a parameters resolution authorizing the issuance of general obligation school building bonds, Series 2025, not to exceed $156.5 million, to pay for capital projects approved by voters in the district's November referendum.

The measure passed by roll call after a presentation from district administration and the district's municipal advisor. Administration said proceeds will fund capital work planned for 2025'27, including comprehensive high school improvements, safety and security upgrades, and districtwide infrastructure and life-safety projects.

District officials told the board the referendum authorized up to $420 million in bonds and that a prior issuance in December 2024 totaled $14.16 million, leaving about $405.84 million of authorized capacity. Bob Lewis, municipal advisor with PMA Securities, said the bonds are planned for competitive sale on June 3 and that parts of the issue with maturities greater than 10 years will include a call option to allow future refinancing if advantageous. "We expect this issuance to receive a strong credit rating and ultimately receive a very competitive interest rate," Lewis said.

Board members pressed administration on public communication and timing. District staff said they will present a master facility plan update at the June 9 board meeting and will publish a project dashboard on the district's "Safer Stronger 204" website showing project budgets, timelines and related board actions. Administrators also said about $40 million of work is planned for this summer and early fall, including secure vestibules at 11 buildings, an auditorium renovation, LED lighting replacements and other infrastructure improvements.

Lewis also reviewed prior market results and noted the December issuance drew 10 bids and carried an effective interest cost under 3 percent; he cautioned the yield on the new sale may be higher because it includes longer-term maturities. The parameters resolution sets maximums for timing and size; administration said the board will receive a post-sale memo with final yields and the purchaser once the competitive sale concludes.

The board approved the resolution by roll call. Members who voted in the affirmative during the roll call recorded in the meeting transcript were Mr. Reising, Ms. Skintz, Mr. Karubas, Ms. Fosdick, Ms. Jane, Ms. Donahue, Ms. Deming and others present.