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Local

Sycamore School District 427 Board to address debt restructuring

Approval would decrease debt service costs

SYCAMORE – The Sycamore School District 427 Board will take action Tuesday on a $10 million debt restructuring plan.

First presented at the second October board meeting, several options were presented that would allow the district to issue new bonds to pay off older debt and slow the increase in debt service payments for the district.

The current plan would have debt paid off in 2029 but would see dramatic increases in area property tax bills before that. Restructuring would extend the repayment by several years but would keep property tax bills lower during that time.

An example showed that, if no changes were made, a homeowner would see an increase of about 36 percent in tax payments for debt service between 2018 and 2019 taxes. Restructuring the debt payments would limit the increase over the same time span to about 5 percent.

The resolution would provide for a levy to pay the principal and interest on the bonds. If it’s approved, the new bonds could be sold by the end of December, according to school district documents.

The board will receive updates and reports from district officials. Kathy Spiewak, principal of North Elementary School, will present an update on the events at her school. Kristine Webster, director of curriculum, will give the board an update on the recently released Illinois School Report Cards and Every Student Succeeds Act.

A student representative from Sycamore High School will give an update on the actions of the Spartan Senate.

The meeting will be at 7 p.m. Tuesday at North Elementary School, 1680 Brickville Road, Sycamore.

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