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District 57 board approves up to $31 million in bonds to fund voter-approved capital projects
Summary
The District 57 board unanimously approved a resolution authorizing issuance of up to $31 million in general obligation school bonds to fund capital projects approved by voters in November 2024; the resolution authorizes levying a tax to repay principal and interest and authorizes sale of the bonds.
The District 57 Board of Education voted unanimously to approve a resolution authorizing issuance of general obligation school bonds not to exceed $31 million to pay the costs of capital projects approved by district voters on Nov. 5, 2024.
The resolution authorizes the board to levy a direct annual tax sufficient to pay principal and interest on the bonds and to sell the bonds to a purchaser. The motion passed on a roll-call vote with all present members voting yes.
The bond proceeds are intended to finance the capital projects identified in the referendum question voters approved in November 2024; administrators discussed construction progress on projects at Lincoln and Westbrook during the same meeting. Administration described ongoing site work at Lincoln (foundations in Section B, three-story core areas and the elevator beginning installation) and continuing work at Westbrook, where courtyard and site preparations and sprinkler work are under way. District staff reiterated a goal to complete major construction phases and be ready for the 2027 school year while managing costs.
Board members did not amend the resolution at the meeting; next steps are administrative execution of the bond sale and implementation steps required to draw and spend bond proceeds in accordance with the voter-approved projects.
