Indian Prairie School District 204 is on the cusp of borrowing the first big chunk of up to $420 million in voter-approved loans to fund safety, security and infrastructure work throughout the district.
School board members on Monday night approved parameters to issue $156.5 million in series 2025 bonds. Administrators plan to secure the money for upcoming projects through a bond sale conducted by municipal advisor PMA Securities in early June.
Work underway on secure entrances, high school upgrade projects
The 2025 bonds will follow a much smaller amount, roughly $14 million, which the district borrowed last December to fund work beginning this spring and summer on priorities including secure entrances at 11 elementary schools and “comprehensive improvements” at Waubonsie Valley and Neuqua Valley high schools, said Matt Shipley, chief school business official.
The new series of bonds will provide money for projects to take place during the next two years, Shipley said, including renovations to the auditorium at Waubonsie and LED lighting upgrades districtwide, among other life safety and infrastructure improvements.
Improvements at IPSD 204 following master facilities plan
Administrators and school board President Laurie Donahue said the district is in line with the master facilities plan presented to the community during the lead-up to last November’s referendum.
The money borrowed so far — and the $405 million remaining within the amount approved by voters — will fund work that touches each of the district’s 35 facilities, officials said.
“Even after this issuance,” Shipley said, “we’ll continue to have significant bond capacity to continue to fund improvements throughout the district.”
Administrators plan to update the school board and the community on the progress of referendum-funded projects during the board’s June 9 meeting.
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