Financing

Updated January 16, 2026, 3:30 p.m.

On Jan. 13, 2026, the District 120 Board of Education agreed to issue the first phase of bonds for its voter-approved $149.5 million referendum.

The complete story is available here on our News Releases Page. The key points are listed below:

Bond amount:

The Board approved the issuance of approximately $75 million, representing the first phase of this financing plan.
The second issuance is anticipated in early 2027. Together, the two bond issuances will make up the total referendum amount of $149.5 million.
When the remaining bonds are issued, the tax rate will not increase a second time.

Tax Rate and Impact:

Based on current market conditions and financial planning assumptions, the estimated tax rate for the bonds is approximately $0.45. This is the anticipated bond rate for the full duration of the referendum repayment period.
With a tax rate of $0.45, the owner of a home valued at $300,000, could expect to see an estimated annual tax increase of $414 related to the referendum bonds.
Homeowners can expect to see an impact on their tax bills starting in June 2026.

Life of the bonds and Expected Savings:

The District plans to structure bond repayment over approximately 19 years, creating meaningful savings for taxpayers.
By aligning the tax rate and repayment schedule in this way, the District anticipates approximately $8 million in taxpayer savings in the first year alone.
Over the life of the bonds, amortizing the debt over roughly 18.5 years is estimated to generate approximately $81 million in total interest savings for taxpayers.

Background:

The District 120 community passed the $149.5 million building bond referendum on November 5, 2024.
The entire project cost is budgeted at $199.5 million, with District 120 allocating $50 million of debt service funds toward the project.

This page will be updated as new information becomes available.