Elmhurst board authorizes $15M life safety bonds and $8.5M working cash bonds

The Elmhurst Community Unit School District 205 Board of Education voted on Nov. 18 to authorize two bond issuances aimed at life-safety work and short-term capital support.

Elizabeth Hennessy, who presented the bond sale results, said the district issued Series 2025A life safety bonds repayable over 10 years at an interest rate of about 3.22% and Series 2025B working cash bonds repayable over 5 years at about 3.10%. Hennessy noted the district retained a double-A-plus rating from Standard & Poor's and that pricing compared favorably with similarly rated issuers in the market.

She told the board that, based on the district's structure and prior debt expirations, "the tax payment for the owner of a $500,000 home will not increase beyond what they paid last year for bonds." The sale was described as splitting life-safety projects approved through the state process and working cash to finance capital projects while protecting operating funds.

Board discussion included one member saying they would vote no because of previously expressed concerns; other members cited the need for financial flexibility to support continued district improvements. The life-safety bond resolution (not to exceed $15,000,000) passed with a tally reported as 5 ayes, 1 nay, 1 absent; the working cash bond resolution (not to exceed $8,500,000) passed by the same margin.

Both bond resolutions include language to levy a direct annual tax sufficient to pay principal and interest and authorize bond sale to purchasers. Administration said final bond documents reflecting the rates presented would be posted to board materials.