District 15 taxpayers quiet at life-safety bond hearing
Taxpayers in Palatine Township Elementary School District 15 made no comments during a public hearing Wednesday on the district's plan to issue $27.3 million in life-safety bonds to start on $119 million in required building improvements.
The district has the power to issue life-safety bonds without voter approval because the state has deemed the repairs mandatory, the district staff said. The projects include roof replacements, emergency lighting and the replacement of old copper piping, fire alarm systems and HVAC systems.
Work is expected to begin this summer.
Michael Adamczyk, chief school business official, recommends the district repay the bonds over a 10-year period.
Under the suggested repayment plan, the owner of a $250,000 house would pay an extra $15.58 each year. The owner of a house valued at $500,000 would pay around $31.16 each year.
The district also applied for a $28.5 million low-interest loan through the Qualified School Construction Bond program but was not approved.
District 15 taxpayers have put up a fight against bond issues in the past.
When the district wanted to borrow $27 million in 2010 for building improvements, residents who opposed the idea got 7,500 people to sign a petition that demanded a referendum. Voters ultimately rejected the request by a 2-to-1 ratio.
The board also approved the bids of 15 companies to work on the life-safety projects.
Board members will vote on issuing the bonds March 9, and Adamczyk says the district likely will close on the bonds around March 30.