Board approves up to $5M working‑cash bonds, tables $10M fire‑safety bond pending ISBE

The Lake Forest SD 67 Board voted March 18 to approve a resolution providing for the issuance of not‑to‑exceed $5,000,000 in general obligation limited‑tax school bonds, series 2025B, intended to increase the district's working cash fund. Administration described the bonds as a levy of a direct annual tax to pay principal and interest and presented estimated bid figures and net‑proceeds estimates.

Finance staff described a three‑tier funding strategy the district uses to avoid a referendum: (1) debt‑service extension base (DSEB), which is bonded debt and requires board and regional approvals; (2) school fire protection and safety bonds, a legislative option that also requires ISBE approval for eligible uses; and (3) use of fund balance and operational debt. "We're asking you that you table that resolution tonight pending the final approval from ISBE. That would be a $10,000,000 bond over the course of 10 years," finance staff said, asking trustees to delay action on the fire‑safety bond until ISBE completes its review.

Boardors carried the motion to adopt the Series 2025B resolution by roll call vote. Earlier in the meeting staff said they received six bidders on a bond sale example with an all‑in interest cost noted and cited a net‑proceeds figure described in board materials.

The board also voted to table consideration of a separate general obligation school bond item until required state approvals are finalized. Staff said any final bond issuance connected to life‑safety amendments will wait on ISBE's review and the district's finalized capital improvement plan.