CHICAGO - New Trier Township High School District 203 in the affluent north suburbs of Chicago will soon offer nearly $90 million of voter-approved bonds.
The debt will finance an overhaul of its New Trier High School.
Ahead of the sale, Moody's Investors Service affirmed the district's top ratings on its general obligation unlimited and limited tax bonds.
The district will use proceeds of the bonds to finance costs associated with the renovation, repair, and replacement of buildings at its Winnetka Campus.
"The project will allow the school to replace the outdated classrooms in those sections as well as add more than 25 new core academic classrooms and three science labs," a district statement said. The projects will allow the district to make the campus fully accessible to people with disabilities, avoid costly repairs, and expand engineering and technology programming.
The projects will be funded with bond proceeds and $11 million from reserves. Voters approved the borrowing in November. The last bond referendum to win approval from voters for projects at the Winnetka high school, one of the top ranked in the state, was in 1954, the district said. Voters rejected a larger $174 million referendum in 2010 that would have also funded a new field house, gym facilities, and parking.
The Aaa credit rating reflects the district's very large full valuation located just north of Chicago, especially affluent demographic profile, very healthy financial position and strong fiscal management.
"The lack of distinction between ratings on GOULT and GOLT debt reflects both the district's very solid financial position and the availability of a dedicated levy limited as to amount but unlimited as to rate to support debt service payments on outstanding GOLT debt," Moody's wrote.
The district's challenges include a multi-year trend of material tax base depreciation and exposure to pension cost-shifting and considerable unfunded liability of cost-sharing plan following years of underfunding by the state.
