Indian Prairie School District 204 is continuing on with a second bond sale for capital projects in the district, as part of the $420 million in bond sales approved by voters in November.
On Monday, Indian Prairie’s school board approved a resolution for the district to sell a round of bonds to generate up to $156.5 million in funding for capital projects. This is the district’s second bond sale from the referendum, as it issued almost $15 million in December. The sale of the bonds will happen in rounds through 2029, according to past reporting.
The funding generated by the bond sales can only go toward capital projects, not operational costs. At Monday’s meeting, District 204’s Chief School Business Official Matt Shipley emphasized that the bond sales will not lead to a tax rate increase for residents.
The plan is to sell the latest round of bonds on June 3, although the timing could change depending on market conditions, Shipley said.
“The interest rate market has been a little volatile recently,” he said at Monday’s meeting, “with recent news about the economy, tariffs and federal policy impacting rates paid by all borrowers.”
Nevertheless, the district expects to receive a competitive interest rate, officials said.
The sale planned for June will fund projects planned for 2025 through 2027, Shipley said on Monday, including improvements at Waubonsie Valley and Neuqua Valley high schools, safety and security improvements and infrastructure renovations throughout the district.
Board member Justin Karubas asked where the district stood in terms of updating the community on the projects being funded by the bond sales, saying they’re “a little bit behind” given that this approval is the second bond issuance and capital work has already begun. He also asked for a board summary of where the projects stand.
Shipley said they’ll be updating the district’s website about the status of the capital projects, and reiterated that the district is on track with its plans. The resolution put forward Monday to authorize the bond sale was passed unanimously by the board.
In recent months, the school board has OK’d numerous capital projects being funded by the bond sales: flooring replacements and new playgrounds, a multimillion dollar auditorium improvement project at Waubonsie Valley, secure entryways at 11 district elementary schools, LED lighting replacements and more.
Shipley said on Monday that the district is on track to complete about $40 million worth of capital work over the summer and into the fall. He said the district will be presenting an update to the master facility plan at the June 9 school board meeting.
mmorrow@chicagotribune.com
