Lincoln-Way Board Approves Up to $31.3 Million Bond Sale for Safety, Security Upgrades
The Lincoln-Way Community High School District 210 Board of Education unanimously approved a resolution to issue up to $31.33 million in life safety bonds to fund a wide range of capital improvements focused on fire prevention, school security, and energy conservation across the district.
The board’s action on Thursday night follows months of planning that included identifying life safety violations with architects, securing project approval from the Illinois State Board of Education (ISBE), and holding a public hearing in March. The bonds, designated as Series 2025B, are exempt from the Property Tax Extension Limitation Law (PTELL), a provision made possible by Public Act 103-0591 passed in June 2024.
In conjunction with the bond issuance, the board gave final approval to a revised debt policy aimed at ensuring long-term fiscal stability. The updated policy, which received its second reading, establishes conservative new limits on district borrowing.
“It is crucial the district maintains balance between meeting immediate needs and ensuring long-term financial sustainability,” Superintendent Dr. R. Scott Tingley said during the meeting, explaining the rationale behind the new policy.
The policy caps new annual bond payments at 15% of the district’s operating property tax revenues for a given year. Furthermore, it stipulates that any new debt will not extend more than 12 years into the future from its issuance date.
Assistant Superintendent of Business Michael Duback outlined the next steps for the bond sale. The district expects to receive its credit rating from Standard & Poor’s (S&P) on April 22. The bond sale is scheduled for May 5, with bids due at 10:00 a.m., and the transaction is expected to close on June 2.
Superintendent Tingley also noted that the district recently had a positive rating call with S&P, having achieved three key financial goals the agency had previously outlined.
The motion to approve the life safety bond issuance was made by Richard C. LaCien Jr. and seconded by Deadra W. Stokes, passing with a unanimous vote from all seven board members.
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