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District finance adviser says second bond phase larger than planned, parameters vote set for May 27
Summary
PMA adviser Bob Lewis told the Kaneland board that the district’s second phase of bond financing rose to $90.7 million after an updated draw schedule, and outlined a May 27 parameters resolution, a tentative June 8 sale and a July 7 close — all subject to market conditions.
Bob Lewis of PMA briefed the board on the district’s planned bond sale, saying the second phase of financing increased from an earlier estimate to about $90.7 million based on an updated construction draw schedule.
Lewis said the district’s first phase, sold last year, netted just under $24.4 million. He told trustees the revised schedule and a small restructuring of outstanding bonds were intended to keep annual tax levies stable as older debt retires. Using current market rates, Lewis said the district’s total estimated debt service is about $8.4 million less than the number cited during the referendum campaign.
He reviewed market drivers that could affect timing — including international hostilities and tariff announcements that caused volatility — and said administration will monitor conditions before any sale. The next procedural step is a parameters-resolution vote that administration expects to ask the board to consider on May 27; a tentative sale date is June 8 with closing on July 7, all subject to market conditions.
Lewis described competitive interest from underwriters and bidders given the anticipated issue size, and noted the district could adjust the timeline to ensure market stability.
No formal bond sale action was required at this meeting; administration presented the update and invited questions.
