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District 99 board approves Honeywell energy performance contract and $14.5 million debt-certificate financing to fund solar, roofs and safety upgrades
Summary
Administrators told the board a Honeywell energy‑savings performance contract would fund solar arrays, HVAC controls, LED retrofits and safety upgrades; the board approved issuing up to $14.5 million in debt certificates to cover project costs, structured so energy savings and solar revenue fund most payments.
The Community High School District 99 Board approved a financing package and an energy-savings performance contract administration recommended as a way to complete needed capital and safety projects without increasing the tax levy.
Finance and operations staff described an $11,069,770 Honeywell energy savings performance contract (EPC) that covers solar, roof replacements (including four rooftop replacements), HVAC controls and retrocommissioning, water conservation, building envelope improvements, LED lighting and related work. Administration projected roughly $417,680 in annual energy-related savings from the overall package and described additional one-time revenues from the Illinois Shines program and federal tax credits that would help fund the debt service.
Jeree (finance staff) recommended issuing not-to-exceed $14.5 million in general obligation limited-tax debt certificates with a roughly 20-year repayment schedule; the district would use guaranteed Honeywell savings, solar revenue and O&M funds to cover annual payments. Jeree told the board the estimated average interest rate over 20 years was about 3.85 percent and that the financing structure includes a modest operating-budget contribution (administration estimated roughly $225,000–$300,000 per year, growing over time, to cover O&M and debt service needs).
Board members pressed for clarity on sources and guarantees. One trustee noted the savings are guaranteed by the contractor; another asked whether the plan would increase the levy. Administration said the savings guarantee means Honeywell will make up any shortfall and that the district will not levy taxpayers for the debt service, relying instead on operating funds and savings.
The board unanimously adopted a resolution authorizing issuance of not to exceed $14,500,000 of general obligation limited-tax debt certificates and approved the superintendent’s execution of the Honeywell EPC in a subsequent roll-call vote. The board also approved related bids tied to the package: an intercom and clock system, a comprehensive security camera replacement and auditorium remediation and asbestos abatement, all of which will be funded within the debt-certificate plan.
During floor discussion, administration emphasized sequencing and timing: some work (roofing, camera and PA upgrades) will be completed over the summer and controls deployments were already in progress. Trustees said they appreciated the financial work and expressed relief that the plan carried limited taxpayer impact.
