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The Minooka Community High School Board has successfully secured a $52 million bond sale to fund the development of a new Career and Technical Education Center and a field house. This ambitious project, totaling $82 million, will see approximately $30 million drawn from district reserves. The bond sale, which garnered significant interest, achieved an impressive 3.37% interest rate, substantially lower than initial projections. This favorable outcome not only shortens the repayment period by three years but also ensures no impact on local tax rates. Superintendent Robert Schiffbauer expressed satisfaction with the financial arrangement, highlighting the substantial savings for taxpayers over the life of the bonds.

In a recent meeting, Anne Noble from Stifel Institutional reported that the bond issuance was met with overwhelming success. Initially, the district anticipated an interest rate around 5%. However, due to strong market reception, the bonds were sold at a much lower rate of 3.37%. This reduction in interest rate translates into considerable financial benefits for the district. The unexpected growth in the Equalized Assessed Value (EAV) further bolstered the district's financial position, providing additional cushion for debt repayment. As a result, the total debt service is now estimated at $66.8 million, significantly less than initially projected.

The successful bond sale means that the district can now proceed with its plans to build state-of-the-art facilities. The Career and Technical Education Center will be equipped with modern amenities including an auto shop, welding facility, construction and woodworking areas, as well as a robotics lab. Additionally, a commercial kitchen and renovated food lab will enhance culinary education. Located at the Central Campus on Wabena Avenue, this center aims to provide students with hands-on learning experiences in various technical fields. Meanwhile, the South Campus on Eames Street will feature a new field house complete with a 200-meter indoor track, weight room, expanded locker rooms, coaches' offices, and maintenance facilities.

The district's strategic financial planning has led to a more efficient repayment schedule. The bonds are now set to be fully paid off by December 1, 2034, instead of the originally planned date of December 1, 2037. Moreover, the district has the option to pay off the bonds in full by 2032, potentially saving even more money. Superintendent Schiffbauer emphasized the district's commitment to responsible fiscal management, noting that these improvements will benefit both students and taxpayers without imposing additional financial burdens.