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Skokie SD 69 moves to issue working cash bonds to fund Madison renovations
Summary
After a Raymond James presentation, the board agreed to pursue issuing approximately $2.5 million in taxable working cash bonds to preserve capital capacity for Madison School renovations; the board set a Jan. 14 public hearing and must approve bond parameters by Feb. 18, 2025.
The Skokie-Morton Grove School District 69 Board of Education on Dec. 17 heard a financial presentation from Elizabeth Hennessy, Managing Director at Raymond James, and agreed to move forward with issuing working cash bonds to support planned renovations at Madison School.
Hennessy reviewed changes from Public Act 103-0591 — signed June 7, 2024 — including that Life Safety bonds are no longer subject to the Debt Service Extension Base, voter-approved bonds are not subject to the debt limit, maximum repayment terms may extend to 30 years (from 20), and voter approval is not required for a new building that increases PreK or kindergarten space. She said the District “has the capacity to issue approximately $2.5M in bonds” in the 2024 levy year and explained issuing on a taxable basis would allow the District to preserve funds for future capital projects because tax-exempt proceeds must be spent within three years.
Board members discussed timing and next steps. The board decided to hold a public hearing and approve a resolution of intent at the rescheduled Jan. 14, 2025 meeting and to approve the parameters of the bond resolution at its Feb. 18, 2025 meeting. Hennessy warned that “the Board would need to approve the bond resolution no later than February 18, 2025.”
