Outstanding Bond Debt

As of June 30, 2020, the the annual cash flow requirements of all bonded debt to retirement were as follows:

Fiscal Year  Principal Interest Total
2021 7,500,000 1,355,960 8,855,960
2022 7,855,000 987,110 8,842,110
2023 8,230,000 685,303 8,915,303
2024 8,455,000 465,432 8,920,432
2025 8,675,000 244,259 8,919,259
2026 5,095,000 64,961 5,159,961
Total $45,810,000 $3,803,025 $49,613,025

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

  • General Obligation Refunding Bonds dated July 23, 2012 were issued in the amount of $10,000,000. Principal payments are due January 1. Interest payments at rates from 2.00% to 3.00% are due on July 1 and January 1, through the fiscal year ending June 30, 2025.
  • 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.

Defeased Bonds

In prior years, the District issued General Obligation Refunding School Bonds to fully advance refund previously outstanding General Obligation Bonds.  As a result, the General Obligation Bonds are considered defeased and the liability has been removed from the general long-term debt.  As of June 30, 2020, $32,685,000 of defeased bonds are still outstanding.

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, 2020, the statutory debt limit for the District was $184,919,798, providing a debt margin of $142,666,060 after taking into account amounts available in the Debt Service Fund.

A full accounting of the District’s long-term debt is provided in the Comprehensive Annual Financial Report (CAFR).