The Elmhurst Community Unit School District 205 Board of Education held its regular meeting on Tuesday, June 14.
At the meeting, the board voted unanimously to approve a resolution providing for the issue of no more than $27.6 million in bonds to account for the fourth and final amount of debt from the $168.5 million referendum of November 2018. That referendum approved the borrowing of money to pay for several capital improvements in the district, including the construction of new buildings at Lincoln and Field elementary schools.
The board approved the issuance of $60 million in referendum-related bonds in August 2019. The board approved the issuance of about $39 million in bonds in November 2020, and authorized the issuance of about $45 million in bonds in April 2021.
The board planned to issue the last series of referendum-related bonds in January 2023, but the environment of rising interest rates led the board to accelerate the timeline for the final issuance.
The district hopes to issue the fourth round of referendum-related bonds by Sept. 1, 2022. The final payment on those bonds will be Sept. 1, 2042.
