Agenda Item
Meeting Date: 5/8/2019 - 7:00 PM
Category: Action Items
Type: Action
Subject: Approval of a Resolution providing for the issue of not to exceed $45,000,000 General Obligation Refunding School Bonds, Series 2019, of the District, for the purpose of refunding certain outstanding bonds of the District, providing for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof
Vision 2022:
Policy: 4.10 - Fiscal and Business Management
Background: On February 26, 2014, the Board of Education passed a resolution
regarding the intention to restructure bond and interest debt when
bonds became callable in an effort to reduce and make consistent
annual payments of Principal and Interest. The process included four separate phases with the first phase approved in July of 2015. The Board approved the second phase in May 2016 and the third phase in May of 2018.
File Attachment:
CUSD 200 - parameters refunding resolution.docx.pdf
Summary: The Board Finance Committee met with Bob Lewis of PMA
Securities to review refunding options for the fourth phase of the
process. Based on the current interest rate environment, the Finance
Committee is recommending that the Board of Education consider
refunding approximately $45.0M of the 2009D Bonds. These bonds
currently have an average interest rate of 5.19%. Mr. Lewis presented this information to the full Board at the April Committee of the Whole meeting.

In order to accomplish this the Board must approve the attached
Resolution Providing for the Issue of not to Exceed $45,000,000
General Obligation Refunding School Bonds, Series 2019, of
Community Unit School District Number 200, DuPage County,
Illinois, and for the Levy of a Direct Annual Tax Sufficient
to pay the Principal and Interest on said Bonds. It is anticipated that
the interest rate on the refunding will be below 3%, and have an
approximate net present value savings of $4.6MM.
Funding:
Recommendation: It is recommended that the Board of Education approve the attached
Resolution providing for the issue of not to exceed $45,000,000 General Obligation Refunding School Bonds, Series 2019, of the District, for the purpose of refunding certain outstanding bonds of the District, providing for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof.
Approvals:
Recommended By:
Signed By:
Bill Farley - Assist. Superintendent
Signed By:
Jeff Schuler - Superintendent
Vote Results:

Original Motion
Member Jim Mathieson Moved, Member Dave Long seconded to approve the Original motion 'It is recommended that the Board of Education approve the attached
Resolution providing for the issue of not to exceed $45,000,000 General Obligation Refunding School Bonds, Series 2019, of the District, for the purpose of refunding certain outstanding bonds of the District, providing for the levy of a direct annual tax sufficient to pay the principal and interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof.'. Upon a Roll-Call Vote being taken, the vote was: Aye: 7 Nay: 0.
The motion Carried 7 - 0
   
Brad Paulsen     Yes
Jim Mathieson     Yes
Chris Crabtree     Yes
Rob Hanlon     Yes
Ginna Ericksen     Yes
Susan Booton     Yes
Dave Long     Yes