Voters in Northbrook School District 27 appear to have supported a referendum measure to create a financial mechanism that would enable the district to issue bonds in order to make updates or upgrades, such as improvements to its buildings, in the future.
According to unofficial results from the Cook County Clerk’s Office, 63% of voters in District 27 cast ballots supporting the district’s request, in the referendum question, to establish a debt service extension base, or DSEB.
The debt service extension base allows the district to issue bonds and borrow money that will be repaid through property taxes. Voters approved creating a DSEB that will permit the district to repay bonds or loans using up to nearly $2.7 million a year in additional property taxes.
The district is not obligated to use the full amount. District officials said full use of the DSEB will cost the owner of a $600,000 home about $422 annually.
Most school districts in Illinois already have a DSEB to allow them to levy taxes to repay loans or bond debts, Superintendent John Deiter said. The referendum will now allow District 27 to do the same.
“Once we have a DSEB established, it’s something our district will always have,” Deiter said.
Previously, the district addressed its infrastructure needs through its budget, he said. The annual budget is largely dependent on existing property taxes that are levied each year.
The district does not yet have a specific plan or amount for borrowing or issuing bonds, but eventually plans to use the additional tax dollars to address infrastructure and safety needs at its three schools.
This includes roofing and HVAC replacements, electrical system upgrades, police-accessible security cameras and other safety upgrades, and upgraded classroom technology and wireless infrastructure, officials said.
