JSD 117 Bond Sale Successful

By Benjamin Cox on August 4, 2021 at 4:00pm

Jacksonville School District 117 approved a $13 million bond sale in July. Superintendent Steve Ptacek said that the bond sale was highly successful, generating just a little under $12.5 million earlier this week.

Ptacek says the district got more money and a better interest rate than was forecasted: “We got more money with a lower payment. Right now, with our sales tax [revenue] for the first two months of this fiscal year are totaling $116,000 extra compared to two years ago, and we received somewhere around $2.4 million, adding on another $116,000 just in two months. At that pace, we will easily make the bond payment and probably have some access funds left over for some other projects.”

Under Phase 3 of the Vision 117 plan, proceeds from the bond sales will go towards district renovations on at least two buildings with one being Washington Elementary School. Five percent of the sale has to be used within the first 6 months.

Ptacek told the District 117 School Board in special session last night that first 5% will be placed towards renovation and replacement of the roof at Jacksonville High School. He said the current money allocated to the project will be allocated back into the district’s Health, Life, Safety Fund for another project to be determined.

Decisions on how to use the rest of the bond proceeds will be forthcoming through a community engagement process in the next several months.