D-87 to issue $20M in bonds for facility projects
GLEN ELLYN – Glenbard High School District 87 will issue $20 million of bonds within the next year to accelerate projects identified in the district's Master Facility Plan.
The plan calls for about $100 million to be spent over 10 years on primary infrastructure improvements, as well as classroom renovations and additions designed to help students meet Common Core standards.
Of the $100 million necessary to implement the plan, $65 million will be funded by the district's Operations and Maintenance budget, which totals about $6.5 million each year, said Chris McClain, assistant superintendent for business services, in a previous interview with Glen Ellyn News. In order to provide available funding more quickly, the district will issue bonds to borrow $20 million that will be paid off using that budget.
About half of the bonds will be sold by Dec. 31, with the remaining $10 million to be issued by June 30, 2014, according to district reports.
The rest of the $100 million of expenses identified in the Master Facility Plan will be supported through an extension of the district's current bond debt. The extension, which requires voter support through a referendum measure, would keep tax rates at their current levels, instead of allowing them to decrease.
The referendum question could arise as early as spring 2014, McClain previously told the Glen Ellyn News.
In September, the district will hold community forums at each high school to discuss the Master Facility Plan, as well as other topics.
The forums are open to anyone in the community, not just school families, said Peg Mannion, the district's community relations coordinator.
After reviewing community feedback, the board is expected to make a decision in November about whether to proceed with a referendum, McClain previously told the Glen Ellyn News. Work could begin as early as next June.