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Cicero SD 99 board authorizes up to $25 million in general obligation bonds
Summary
The Cicero School District 99 Board voted unanimously on April 23 to authorize issuance of up to $25,000,000 in General Obligation Limited Tax School Bonds and to levy an annual tax to pay principal and interest; the motion passed with Member Moreno absent.
The Cicero School District 99 Board of Education voted on April 23 to approve a resolution authorizing the issuance of not to exceed $25,000,000 in General Obligation Limited Tax School Bonds and the levy of a direct annual tax to pay the principal and interest.
The motion was made by Member Couch and seconded by Vice‑President Dominick and passed on a roll call vote with President Tomschin, Vice‑President Dominick, Secretary Manouzi, Members Terracino, Couch and Barrera voting yea; Member Moreno was absent. The resolution authorizes bonds “not to exceed $25,000,000” for District financing needs. The board did not specify in the open session the series structure or exact use of the bond proceeds beyond the general authority in the resolution.
Board financial staff have said updated bond pricing would be available after April 27. The board’s approval permits the district to proceed with the issuance process and to levy the tax necessary to pay debt service once final terms are set.
