Schiller Park SD 81 board approves up to $7.175 million bond refunding after S&P upgrade
March 19, 2026 | Schiller Park SD 81, School Boards, Illinois
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The Schiller Park SD 81 Board of Education voted unanimously March 18 to approve Resolution 2606, authorizing the issuance of not-to-exceed $7,175,000 in general obligation limited tax refunding school bonds to refinance certain outstanding district bonds.
Board members cast roll-call 'Yes' votes after a district representative outlined the parameters of the bond sale and said the measure would provide for a levy of a direct annual tax to pay principal and interest and authorize the sale of the bonds.
The presenter told the board the district had participated in a March 2 ratings call with S&P and received an upgrade from AA- to AA; the presenter said the upgrade informed the refunding plan but gave no detailed estimate of debt-service savings during the meeting.
The board took no substantive debate on the measure; the motion passed on a unanimous roll call. The board did not identify a motion mover or seconder in the public record beyond the roll-call result.
What this means: the resolution sets legal parameters that allow the district to refinance eligible outstanding bonds under the terms described in the motion. Any precise savings, purchaser identity, final interest rates and closing dates will be determined in subsequent financing steps and were not specified in the minutes.
The board approved the measure during the regular meeting held March 18, 2026; the district plans to proceed with the refunding within the limits set by the resolution.
Board members cast roll-call 'Yes' votes after a district representative outlined the parameters of the bond sale and said the measure would provide for a levy of a direct annual tax to pay principal and interest and authorize the sale of the bonds.
The presenter told the board the district had participated in a March 2 ratings call with S&P and received an upgrade from AA- to AA; the presenter said the upgrade informed the refunding plan but gave no detailed estimate of debt-service savings during the meeting.
The board took no substantive debate on the measure; the motion passed on a unanimous roll call. The board did not identify a motion mover or seconder in the public record beyond the roll-call result.
What this means: the resolution sets legal parameters that allow the district to refinance eligible outstanding bonds under the terms described in the motion. Any precise savings, purchaser identity, final interest rates and closing dates will be determined in subsequent financing steps and were not specified in the minutes.
The board approved the measure during the regular meeting held March 18, 2026; the district plans to proceed with the refunding within the limits set by the resolution.
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