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Will County staff outlines bond scenarios to fund potential consolidation projects
Summary
County finance staff presented hypothetical bonding scenarios that could raise roughly $103 million to $151 million, and explained phased issuances to match project timing and constrain debt service; staff said no decision was made and emphasized these are illustrative.
Will County finance staff presented a debt-service update and three illustrative bond-issuance scenarios intended to show the county's borrowing capacity if it pursues large capital projects such as facility consolidation.
The presentation showed a single 20-year issuance could generate roughly $103 million to $114 million in capital funds under November interest-rate assumptions, while two- and three-part issuance scenarios could raise roughly $142 million to $151 million depending on timing and market rates. Staff stressed these are hypothetical projections and depend on the final cost and scope of any selected project.
Finance staff said one phased approach would issue $50 million early to start planning and early construction and follow with additional issuances timed to the county's declining debt-service schedule in the early 2030s. "This is a way to structure issuances so we are not floating more interest payments on principal in later years," a finance presenter said.
Committee members asked whether such bond issuances would require a public referendum. The county attorney said there is no legal requirement to hold a referendum if issuances stay within statutory bonding limits, though advisory referendums are sometimes used. Members also discussed the option of placing an advisory question on the ballot (a "backdoor referendum") to gauge public sentiment.
Finance staff noted recent refinancing saved the county $5.7 million and that current debt-service projections show a high-water mark in the 2020s with a substantial drop beginning around 2031, creating room for new issuances if the board decides to proceed.
No bond vote or financing decision was taken; staff provided the scenarios for committee discussion and asked for direction tied to specific project options and cost estimates.
