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Skokie School District 69 weighs $2.6M one‑time working cash bond tied to tax relief grant
Summary
District financial advisors told the Facilities & Finance Subcommittee that receipt of a Property Tax Relief Grant creates a one‑time 2024 levy‑year opportunity to issue about $2.6 million in working cash bonds; the Board must approve a resolution by Feb. 18, 2025 to take advantage of the window.
At a Dec. 5 Facilities & Finance Subcommittee meeting, Elizabeth Hennessy of Raymond James told district leaders that receipt of the Property Tax Relief Grant provides a one‑time capacity in the 2024 levy year to issue roughly $2.6 million in working cash bonds for future capital projects. She said the Board would need to approve a bond resolution by the Feb. 18, 2025 Board meeting and file the resolution by the end of February to access the option.
Hennessy also reviewed how Public Act 103-0591 (signed June 7, 2024) changed local bond rules — including removing Life Safety bonds from the Debt Service Extension Base and extending maximum repayment terms to 30 years — a shift the district’s financial advisers said affects timing and the mix of possible issuances. Board members discussed the potential taxpayer impact and, following that discussion, asked administration to place the working cash bond option before the full Board at the December Board meeting for consideration.
No formal resolution was adopted at the subcommittee meeting. The matter will return to the full Board for action before the Feb. 18, 2025 deadline if trustees choose to move forward.
