Bond Issuance & Plan of Finance

The District’s successful 2024 referendum authorized the Board to issue up to $420 million of bonds to finance capital projects throughout the district.  The District must issue the bonds within 5 years of the referendum, and all bond funds must be spent within 3 years of issuance.  This effectively creates an eight year period from 2025 - 2032 for the District to complete, and pay for, referendum work.

Administration presented to the Board a Preliminary Plan of Finance at the October 21, 2024 Board of Education meeting, which can be viewed here: 

Board Presentation Slides
Board Presentation Video

As of May, 2025, the District’s plans are consistent with this plan of finance.  

The District’s main priorities in structuring the referendum bonds are:

1. Maintain or lower the 2023 tax levy rate of 37 cents

2. Ensure funding is available to complete referendum projects consistent with the referendum timeline

3. Maintain a high credit rating and demonstrate creditworthiness to investors

4. Minimize the effective interest rate of borrowings 

The District completed the first bond issuance in December, 2024.