During a regular meeting on Aug. 14, the Proviso Township High Schools District 209 school board voted unanimously to adopt two resolutions related to the issuance of up to $16.5 million in general obligation limited tax bonds.
The bond issuance is designed to increase the district’s working cash fund in order to help pay for capital improvements and to refund the remaining $14 million of $24 million in outstanding bonds that were issued in 2008.
During the Aug. 14 meeting, officials said that the bond issuance will not result in increased taxes.
Earlier this year, district officials said that the move to refinance the $24 million in outstanding bonds was designed to take advantage of lower interest rates that would result in substantial savings and more cash on hand to pay for capital investments like the long-term master facilities plan.
District officials also said that the refinancing could possibly result in a higher credit rating for the district. In August, the district announced that D209 received an upgraded bond rating from Standard & Poor. The rating increased from A to A+.