Outstanding Bond Debt

As of June 30, 2023, the the annual cash flow requirements of all bonded debt to retirement were as follows:

Fiscal Year  Principal Interest Total
2024 8,345,000 646,337 8,991,337
2025 8,630,000 331,600 8,961,600
2026 3,975,000 79,500 4,054,500
Total $20,950,000 $1,057,437 $22,007,437

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

  • 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.
  • General Obligation Refunding Bonds dated October 6, 2020 were issued in the amount of $8,145,000. Principal payments are due January 1. Interest payments at rates at 4.00% are due on January 1, through the fiscal year ending June 30, 2025.
  • General Obligation Refunding Bonds dated December 6, 2021 were issued in the amount of $8,430,000. Principal payments are due January 1. Interest payments at rates at 4.00% are due on January 1, through the fiscal year ending June 30, 2026.

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, 2023, the statutory debt limit for the District was $202,870,267, providing a debt margin of $186,178,350 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).