Debt Profile and District Characteristics

A full accounting of the District’s debt and characteristic are provided in the Annual  Comprehensive Financial Report (ACFR).

Summary of Outstanding Bonded Debt

As of June 30, 2023

The following general obligation school building and refunding bonds are currently payable:

• General Obligation Refunding Bonds dated February 20, 2013 were issued in the amount of $9,995,000. Principal payments are due January 1. Interest payments at rates from 2.00% to 2.25% are due on July 1 and January 1, through the fiscal year ending June 30, 2024.
• General Obligation Refunding Bonds dated March 3, 2014 were issued in the amount of $26,470,000. Principal payments are due January 1. Interest payments at rates from 3.00% to 5.00% are due on July 1 and January 1, through the fiscal year ending June 30, 2023.
• General Obligation Refunding Bonds dated March 17, 2015 were issued in the amount of $9,965,000. Principal payments are due January 1. Interest payments at rates from 2.00% to 2.55% are due on July 1 and January 1, through the fiscal year ending June 30, 2026.
• General Obligation Refunding Bonds dated March 1, 2016 were issued in the amount of $16,165,000. Principal payments are due January 1. Interest payments at rates from 2.00% to 4.00% are due on July 1 and January 1, through the fiscal year ending June 30, 2025.
• General Obligation Refunding Bonds dated October 6, 2020 were issued in the amount of $8,145,000. Principal payments are due January 1. Interest payments at rates at 4.00% are due on January 1, through the fiscal year ending June 30, 2025.
• General Obligation Refunding Bonds dated December 6, 2021 were issued in the amount of $8,430,000. Principal payments are due January 1. Interest payments at rates at 4.00% are due on January 1, through the fiscal year ending June 30, 2026.

Statutory Debt Limit

The District is subject to Illinois School Code, which limits the amount of certain indebtedness to 6.9% of the most recent available equalized assessed valuation of the District.  As of June 30, 2023, the statutory debt limit for the District was $202,870,267, providing a debt margin of $186,178,350 after taking into account amounts available in the Debt Service Fund.

Limited Bonds

School districts governed by the Property Tax Extension Limitation Law (PTELL) are allowed to issue limited bonds, which are funded through a specific tax levy constrained by the same law. These bonds are backed by the district’s debt service extension base (the “base”). This base is defined as the portion of the district’s tax extension for the relevant levy year allocated for paying non-referendum bonds—excluding alternate bonds or refunding obligations issued for previously voter-approved obligations. The base can increase annually by the lesser of 5% or the percentage rise in the Consumer Price Index during the preceding 12-month calendar year. Under PTELL, school districts can issue non-referendum general obligation bonds solely as limited bonds. Additionally, a district may establish or raise its base through a referendum.

Status of Collective Bargaining Agreements