Funding Plan

See Moving 15 Forward Presentation from August 11, 2022 (below), Funding Plan begins on slide 60.

Palatine Community Consolidated School District Number 15 will issue approximately $42,165,000 General Obligation School Bonds, Series 2023. The proceeds will be used for projects approved by District voters as part of a $93 million referendum, which passed on November 8, 2022. The referendum projects include altering, repairing and equipping existing buildings and constructing and equipping building additions, including (but not limited to):  

• Improving safety and security, replacing roofs, plumbing and HVAC systems;  
• Installing energy-efficiency improvements and certain Americans with Disabilities Act compliance measures;
• Updating classrooms, science labs, libraries and instructional technology;
• Constructing improvements to establish middle schools and provide full-day kindergarten; and
• Improving sites of the District. 

Press Release: Tax-Exempt Palatine School District 15 Bonds Available to Community (December 2022)

Moody's Rating Action: Moody's assigns Aa2 to Cook County CCSD15 (Palatine), IL's GOULT bonds (December 23, 2022)

Moody's Credit Opinion: Cook County CCSD15 (Palatine), IL (December 27, 2022)

Investor Presentation (December 28, 2022)

Investor Recording (December 28, 2022)

Preliminary Official Statement (December 29, 2022)

Sale Report for Series 2023 (via Negotiated Sale) (January 11, 2023)

 

 

Moody's Rating Action: Moody's assigns Aa2 to Cook County CCSD 15 (Palatine), IL's GOULT bonds
August 24, 2023 - Moody's InvestorsService has assigned aAa2 rating to Cook County Community ConsolidatedSchool District 15 (Palatine), IL's General Obligation School Bonds, Series 2023A and General Obligation School Bonds (Alternate Revenue Source), Series 2023B with expected par amounts of $41 million and $34.5 million, respectively. Concurrently, Moody's has affirmed the district's Aa2 issuer rating and the Aa2 rating on outstanding general obligation unlimited tax (GOULT) and general obligation limited tax (GOLT) debt. Following the sale, the district will have just over $156 million in general obligation debt outstanding.

Elizabeth Hennessy, Managing Director at Raymond James and Diana McCluskey, Chief School Business Official, provided an update on the October 3, 2023, competitive sale of General Obligation Bonds Series 2023A and General Obligation Bonds (Alternate Revenue Source) Series 2023B.

The competitive sale for the District’s Aa2-Rated General Obligation School Bonds resulted in 6 bids for the Series 2023A Bonds and 7 bids for the Series 2023B ARS Bonds.

The sale of the $43,000,000 Series 2023A bonds completes the issuance of the referendum approved bonds with an all-in true interest rate of 4.602%. The monthly tax impact is $12.18 per month for a $300,000 market value home which is very close to information shared with the community during the referendum campaign ($12.16 per month).

The District also issued the $40,000,000 Series 2023B alternate revenue bonds with an all-in true interest rate of 4.71% that are repaid from the operating funds. The District budgeted for this payment for the first time this year at $3,000,000. The annual payments will be on average $3,075,000 which is very close to the budgeted amount.

Mrs. Henessey shared that given the volatility of the market, we are very happy the interest rates are locked in now for the majority of the “Moving 15 Forward” financings within the parameters discussed with the voters.