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Prospect Heights board authorizes up to $26 million in bonds to pay claims, refinance debt
Summary
The board voted to authorize issuance and sale of up to $26,000,000 in funding and refunding bonds to pay claims and restructure outstanding debt; the measure passed 4–1 after a presentation from Raymond James.
The Prospect Heights School District 23 Board of Education voted Sept. 18 to authorize the issuance and sale of up to $26,000,000 in funding and refunding general obligation limited tax bonds to pay claims and refund portions of previously issued district bonds.
Raymond James representative Liz Hennessy updated the board on sale logistics and parameters for the proposed Series 2025A and 2025B bonds. The board then adopted the authorizing resolution by roll call vote: Yeas — Greidanus, Long, McClaney, Morrissey; Nay — Botwinski; Absent — Nordmark and Peters. The resolution authorizes a mix of funding bonds and taxable refunding bonds, sets limits on maximum rates and maturities, and delegates sale mechanics to designated district officers and advisors.
Board documents filed with the meeting record show the district intends to apply bond proceeds to pay outstanding claims and to refund portions of prior bond issues in order to restructure debt service. The resolution calls for specified debt service levies and establishes a Bond Fund for tax receipts pledged to pay principal and interest. The district’s legal and financial documents attached to the record reference the School Code, the Local Government Debt Reform Act and related state notice and hearing requirements that preceded the board action.
District administrators said the transaction was structured to preserve debt service parity with other limited tax bonds and to allow refunding that could provide interest‑cost savings or cash‑flow benefits, subject to final terms and market conditions.
