Downers Grove District 58 approves up to $54 million bond issuance to finish capital projects; adopts related financial steps

The Downers Grove Grade School District 58 Board of Education on Monday approved a resolution authorizing the issuance of up to $54,005,000 in general obligation school bonds to pay for renovation and capital work left from the district's 2022 referendum.

Board members and district financial staff said the bond will be sold on a 20‑year schedule and is intended to provide proceeds to finish planned capital projects this summer and next. Todd Dreifal, the district's assistant superintendent for business, told the board administrators recommended a straight 20‑year issuance rather than restructuring existing debt or extending to 30 years, which Illinois law now allows in some cases.

The vote follows a presentation of a five‑year financial plan that projects revenues and expenditures out to fiscal 2030. Dreifal said the plan uses projected assessed value growth of 3 percent per year and an assumed 2.5 percent rate of inflation for expense items that are not yet contracted. He told the board the district completed rating calls with Moody’s and S&P and would move to a preliminary official statement and market pricing with underwriter Oppenheimer.

Dreifal described the bond structure as intended to match the life of the renovation projects rather than extend long‑term debt on shorter‑lived assets: “These are not necessarily the updates and upgrades that you would finance over 30,” he said, arguing a 20‑year schedule better fits the district’s planned renovations. He also said administrators aim to complete the sale and close before a newly seated board takes office, which affects the issuance timeline.

Why it matters: The bond proceeds will fund capital improvements tied to the district's referendum work and the five‑year plan outlines how the district intends to balance curriculum and technology updates while protecting reserves. The financing decisions will shape tax levy implications and the district’s capacity to fund future capital needs.

Board action and immediate next steps: The board adopted the bond resolution by roll call (members Weiner, Bernard, Doshi, Ellis, Hannes and Hughes voted aye). Administration said it will finalize ratings results with the rating agencies, issue the preliminary official statement, and proceed to market pricing with Oppenheimer.

Votes at a glance (motions recorded at the March 10 meeting): - Adopt resolution authorizing issuance of not-to-exceed $54,005,000 General Obligation School Bonds, Series 2025 — outcome: approved (roll call: Weiner, Bernard, Doshi, Ellis, Hannes, Hughes all “aye”). - Adopt resolution authorizing transfer of monies from Working Cash Fund to Education Fund and Operations & Maintenance Fund — outcome: approved (roll call: Doshi, Ellis, Hannes, Weiner, Bernard, Hughes “aye”). - Adopt other consent and construction agenda items (see list below) — outcome: approved (voice/roll calls as recorded in minutes).

Administration also presented a projected schedule for curriculum updates and technology purchases that are built into the five‑year projection, and noted some earlier one‑time ESSER spending allowed the district to accelerate ELA curriculum purchases in a single year rather than spreading costs across multiple years. Dreifal and the board discussed transportation contract projections and a multi‑district transportation bid that the district says produces savings.

Ending: District officials said finalized ratings and the preliminary official statement would follow in the coming days, and that the district intends to close the sale in time to meet election‑cycle and new‑board timing requirements. The board will receive more detailed materials at an April meeting before final bond sale documents are executed.