Financing

Updated April 8, 2026, 9:00 a.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 17 years, creating meaningful savings for taxpayers.
Due to good timing and a favorable interest rate, the building bonds issued as part of the Mundelein High School Facilities Improvement referendum will save District 120 taxpayers about $7.4 million over the life of the bond repayments.

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.