School District U-46 is planning to sell $32 million in bonds to increase its working cash fund, a measure that most likely won’t need voter approval and that officials say won’t raise taxes.
“The school district does not need voter signatures or additional approval to proceed with this bond sale,” Ann Williams, deputy superintendent of operations/treasurer, said in an email. “The board has initiated a standard, state-authorized process to issue bonds as part of the district’s long-term financial plan.”
During a work session at last week’s school board meeting, Williams discussed starting the formal process to sell the bonds. Elizabeth Hennessy, managing director for the Raymond James investment banking firm, explained the process.
It requires that the board pass a resolution at its Nov. 17 meeting announcing its intention to sell the bonds. If approved, notification would be published in a local paper on Wednesday, Nov. 19, Hennessy said.
If any resident wants the decision to be made by the voters instead, they would have to file a petition requesting a referendum be placed on the March 17 primary election ballot. As part of the request, they would have to submit the signatures of 13,645 registered district voters — 10% of the registered voters who live in the district — by Dec. 15, Hennessy said. If filed by Dec. 19, it would be on the Nov. 3 general election ballot.
Assuming there is no referendum sought, the board will hold a public hearing on Monday, Dec. 15, to obtain feedback. Only seven days after that hearing can the board adopt and pass the bond sale resolution, according to meeting documents.
At the Nov. 3 board meeting, Williams said the bond issuance will not increase the district’s debt service tax rate because other debts are being paid off at the same time. They’re essentially replacing one debt with another, keeping the repayment amount the same.
“The district’s existing debt schedule allows for this issuance as prior obligations are retired, helping maintain a stable tax rate for U-46 taxpayers,” Williams said in an email.
Issuing the bonds was part of a long-range financial plan developed in 2023 as part of the district’s Unite U-46 plan to guarantee that funds were available when needed during the construction process, which is currently underway, Williams said.
In April 2023, voters approved a referendum to issue $179 million in school building bonds, paving the way for U-46 to move ahead with its facilities master plan. Under that plan, the district expects to spend anywhere from $310 million to $380 million to build new schools and expand and renovate others to address the district’s declining and shifting demographics and modernize school buildings.
“This step was included in the original referendum plan to ensure the district can continue implementing capital improvements efficiently and strategically,” Williams said in the email.
Mike Danahey is a freelance reporter for The Courier-News.
https://www.chicagotribune.com/2025/11/10/u-46-bond-sale-debt-board-referendum/