District 21 restructures debt

District 21 has restructured its current long-term debt, reducing the tax extensions for debt service by more than $8.5 million over the next five levies starting in 2012, the district says.

As a result, tax levies will drop accordingly, the district says, including a cut to the recently-adopted 2012 levy from a 3.45 percent increase on the 2011 tax levy to a 0.80 percent increase.

Moody’s Investor Services has reaffirmed District 21’s Aa2 bond rating due to “healthy reserve levels; conservative management team; and manageable debt burden.” Moody’s adds, “The district’s overall financial profile is expected to remain healthy and stable for the medium term given the district’s internal reserve maintenance policies and history of conservative budgeting.”

District 21 says it will issue up to $9.5 million in bonds for future capital improvements, including roof work at Whitman Elementary School, a kitchen expansion and flooring work at London Middle School, site work at various schools, and future security-related projects.