Funding Progress
Board of Education Meeting Presentations
December 2022 - With the passing of the November 2022 Moving 15 Forward Referendum, Elizabeth Hennessy of Raymond James presented an updated rendition of the capital financing plan. The District issued $50M of referendum bonds in December 2022. Moving 15 Forward has a large amount of work taking place in FY2024. The updated financing plan also included an increase in furniture prioritization, making the 5-year capital plan slightly higher than originally presented. The District will be issuing the remaining $43M in referendum bonds and the $36M non-referendum debt-certificate portion most likely in Fall 2023. The $36M in debt-certificate bonds are paid from the District’s operating funds.
January 2023 - Elizabeth Hennessy of Raymond James provided an update on the Bond Sale and Moody's final rating.
February 2023 - Bond Sale Update - Following a competitive Request for Proposal (RFP) process, Baird was selected to serve as senior managing underwriter on the District’s $45,700,000 General Obligation School Bonds, Series 2023 which closed on February 1, 2023.
The proceeds will be used for projects approved by District voters which include altering, repairing, and equipping existing buildings and constructing and equipping building additions, including (but not limited to):
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Improving safety and security, replacing roofs, plumbing, and HVAC systems;
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Installing energy-efficiency improvements and certain Americans with Disabilities Act compliance measures;
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Updating classrooms, science labs, libraries, and instructional technology;
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Constructing improvements to establish middle schools and provide full-day kindergarten; and
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Improving sites of the District.
Baird assisted in the development of a robust marketing plan to generate interest from retail investors which included publications in the District’s local newspaper, The Daily Herald. To maximize community outreach, Baird also coordinated additional marketing efforts which included an investor presentation/recording and a press release posted to the District’s website.
As a result of their efforts, the Bonds were very well received with over $311 million in orders and oversubscriptions in all maturities. Baird alone brought in $295 million in orders. Overall, mom & pop and professional retail investors submitted approximately $11.3 million in orders, which was a top priority of the District. We were able to lower yields by 4 to 9 basis points on all maturities, which resulted in lower debt service by approximately $295,000. The Bonds achieved an all-in true interest cost of 3.67% over 20 years. The estimated cost for taxpayers with a $300,000 market value home is within the $146 per year or $12.16 per month as presented prior to the election. The District is grateful for all those who contributed toward the successful results generated on this important financing.
April 2023 - 5-Year Master Facility Plan - As part of the Moving 15 Forward plan, the team created the first ever 5-Year Master Facility Plan (MFP). This plan has gone through a number of iterations and an updated version of the Master Facility Plan was shared with the Board. The reason this plan is so essential is because it allows the Business Department to link content within the plan to the district's overall budget. It also helps the team prioritize areas of needs versus wants throughout the District’s 20 schools and 3 auxiliary buildings.
June 2023 - Funding Recap - Rationale for Request to Authorize Not to Exceed Increase in Borrowing
August 2023 - District 15 held a Public Hearing concerning the intent of the Board of Education to sell not to exceed $40,000,000 Working Cash Fund Bonds for the purpose of increasing the District's Working Cash Fund and not to exceed $40,000,000 General Obligation School Bonds (Alternate Revenue Source) for the purpose of altering, repairing and equipping school buildings and facilities, constructing building additions and improving school sites.
September 2023 - FY24 Financial Report
October 2023 - Pricing report for Series 2023 A&B (via Competitive Sale)
November 2023 - Tentative 2023 Tax Levy
January 2024 - Updated 5-Year Facility Plan
