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Elmhurst board holds public hearing on $8.5M working‑cash and ~$15M life‑safety bonds; no action tonight
Summary
The board opened a public hearing on proposed issuance of $8.5 million in working‑cash (DCEB) bonds and roughly $15 million in life‑safety bonds to fund capital and safety projects; staff said revised life‑safety needs total just over $20 million and recommended bringing a resolution to the Nov. 18 meeting.
The Elmhurst School District 205 Board of Education opened a public hearing on Oct. 21 to present details of a proposed bond package that would include $8,500,000 in working‑cash (debt service extension base / DCEB) bonds and approximately $15,000,000 in school fire‑prevention and life‑safety bonds.
Joe, the district finance presenter, said the bond discussion continues conversations from August and September and explained how DCEB bonds allow the district to access funds tied to principal and interest formulas without increasing the tax rate. He said the district’s comprehensive life‑safety survey initially estimated just over $30,000,000 in A, B and C category items; after adjustments by the Regional Office of Education the list is now just over $20,000,000.
Joe said coupling the DCEB working‑cash issuance with life‑safety bonds would allow the district to complete most of the higher‑priority A and B projects over the next five to 10 years. "By coupling our D Sub Bonds with Life Safety Bonds, this would allow us the opportunity, to achieve, completing many of those life safety projects," he said. He also described an estimated annual capital contribution of roughly $1,200,000 to address remaining work.
There was no public comment on the bond hearing during the session. The board president reiterated that there is no action tonight and noted the board has discussed the proposal in finance committee meetings and with external consultants, including Elizabeth Hennessy and bond‑market advisors. Joe recommended the board consider a bond resolution at its Nov. 18 meeting and said staff will work with Raymond James next week to secure a bond rating that will determine interest rates and the exact issue size.
The hearing opened at 7:12 p.m. and closed at 7:23 p.m.; staff said the district remains in the 30‑day petition period. Board members made no formal vote on the bonds during the hearing; next procedural steps were laid out for November.
