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Board hears bond plan and levy options to fund Rockford SD 205 facility master plan
Summary
Administrators outlined a two‑step bond issuance of up to $50 million and three tax‑levy scenarios; consultants said the initial borrowing could be structured without increasing the bond and interest levy and districts countywide plan a March ballot 1% sales‑tax proposal if certified by mid‑December.
Dr. Brown, presenting for the planning and development committee, briefed trustees on facility master plan financing and a proposed two‑step borrowing process to issue up to $50 million in working‑cash funds. He said the district has spent roughly $30 million from cash reserves so far on the master plan and that the next step is to begin issuance of bonds with public hearings and formal resolutions scheduled for upcoming board meetings.
Brown said the administration worked with Stifel on financing scenarios and stated the district "can do the issuance of these bonds without increasing the bond and the interest levy" for the initial $50 million issuance. He outlined three tax levy scenarios to inform planning: (a) keep the levy level (no CPI increase), (b) levy on new property only (estimated additional revenue ~$866,000), and (c) levy the maximum allowable based on CPI (2.9% in the governing index), producing an estimated additional $5.19 million in revenue.
Brown also said outreach to neighboring districts is advancing and that several districts plan to place a county‑wide 1% sales‑tax question on the March ballot; to make the March timeline the board would need to act in November so the resolution can be certified by the regional office of education to the county clerk by mid‑December. Trustees asked about campaign/awareness activity and Brown clarified districts may provide information but cannot run a campaign; community groups would need to conduct any advocacy.
The resolutions to call a public hearing and to declare intent to issue working cash funds were scheduled to be brought to the board on Oct. 21 for review and in November for approval, with levy paperwork set for the December meeting.
