Prospect Heights board approves up to $16.55 million in debt certificates for capital projects

The Prospect Heights School District 23 Board of Education voted 4–3 on July 7, 2025, to approve a resolution authorizing the issuance of debt certificates "not to exceed $16,550,000" to "alter, repair, and equip school buildings and facilities." Spencer Long moved the resolution and Tracey Morrissey seconded it; the motion was adopted with Long, McClaney, Morrissey and Nordmark voting yea and Botwinski, Greidanus and Peters voting nay.

Administration and district financial advisers presented a multi-step financing schedule that begins with private-placement debt certificates and moves toward funding and refunding bond issues later in the calendar. The board packet listed proposed series sizes including a $16,550,000 General Obligation Debt Certificate, Series 2025, and related funding/refunding bond series (2025A/2025B/2025C) to be considered in subsequent proceedings. The packet also outlined required next steps—term-sheet distribution, investor outreach, notice of public hearing and final board delegate approval of sale terms.

Board members who voted in favor framed the action as a way to fund needed capital projects identified by the Facilities and Finance committees; members who voted against raised concerns recorded in the roll call but did not identify a substitute financing plan on the record. The motion and ensuing resolution include a detailed Installment Purchase Agreement, delegate sale authority to designated district officers, and require standard debt-closing steps (certificate registrar, Treasurer’s filing, and posting of required notices).