Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bonds topic
No spam. Unsubscribe anytime.
Jacksonville SD 117 board approves up to $31 million in bonds for new elementary school
Summary
The Jacksonville School District #117 Board voted unanimously to select J.P. Morgan as underwriter and approve a resolution to issue general obligation alternate bonds not to exceed $31,000,000 to build and equip a new elementary school and refund outstanding debt.
The Jacksonville School District #117 Board of Education voted Jan. 15 to authorize issuance of general obligation alternate bonds in an aggregate principal amount not to exceed $31,000,000 to build and equip a new elementary school and to refund certain outstanding bonds.
Mrs. Wilson moved to approve the resolution and Mrs. Stewart seconded; the motion passed with all present members voting yea. In presenting the recommendation, the board accepted PMA’s underwriting recommendation and named J.P. Morgan as the underwriter for the Series 2025 bond sale.
“the Board of Education approve JP Morgan as the underwriter for the upcoming bond sale as recommended by PMA,” the transcript states. The resolution text approved by the board describes the bonds’ purpose as building and equipping a new elementary school and refunding certain outstanding bonds, with an aggregate principal cap of $31,000,000.
The board did not provide further detail in the meeting on the timeline for sale, interest-rate assumptions, or the specific projects and site for the new elementary school beyond a Vision 117 Phase IV update noting the district is in land discussions. Superintendent Steve Ptacek said the Vision 117 core team and architects are meeting to advance Phase IV planning.
Next steps identified in the meeting record include moving forward with underwriting and the bond-sale process; the transcript does not specify a sale date or the expected tax impact to property owners.
