Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Bonds topic
No spam. Unsubscribe anytime.
Stevenson board approves closing memo for Feb. 2025 working-cash bond sale and transfers $14.84 million to operations fund
Summary
The Adlai E. Stevenson HSD 125 Board approved the closing memo and official statement for the district's February 2025 working-cash bond sale and voted to move $14,837,139 from the working cash fund to reimburse operations and maintenance expenses.
The Adlai E. Stevenson High School District 125 Board of Education on March approved the closing memo and official statement for the district's February 2025 working-cash bond sale and voted to transfer $14,837,139 from the working cash fund to the district's operations and maintenance fund to reimburse capital-related expenses.
Board finance staff said the sale, conducted earlier in March, drew strong market interest. "We had over 15 different bidders," said Sean (staff member), and Liz Hennessy, identified by staff as the district's representative for the transaction, told the board that was the most she had seen.
The district reported that its final, all-in true interest cost came in roughly four-tenths of a percentage point lower than expectations, a figure staff described to the board as "about 40 basis points" lower than projected. District officials said the bonds were issued as working-cash bonds and that the proceeds will be used to reimburse expenditures already made on capital projects.
Board members approved the closing memo and official statement by roll call. The vote on the closing memo and official statement was recorded as: Ben Yosef, aye; Chao, aye; Moons, aye; Tyre, aye; Frost, aye; (one additional aye recorded in the roll call); motion carries.
The board later approved a separate resolution to transfer $14,837,139 from the working cash fund to the operations and maintenance fund. The transfer passed on a roll call vote recorded as unanimous in favor of the measures. During discussion a board member asked whether the placement of proceeds in the working cash fund was required by law for this type of bond; staff replied that proceeds for working-cash bonds are deposited in the working cash fund rather than the bond and interest fund, consistent with the way the district structured the issuance.
Consent items approved elsewhere in the same meeting included routine personnel actions, renewal of IHSA membership, and other budget and contract items; members approved the full consent agenda later in the meeting by roll call. Board members also noted an upcoming personnel agenda item later in the meeting to consider the recommendation to appoint Kim Muslock as director of communication arts.
