The Riverside-Brookfield High School District 208 Board of Education approved Jan. 20 its issuance of $4.5 million in tax-exempt working cash bonds for capital improvements on the property between Riverside-Brookfield High School and Brookfield Zoo.
Those improvements will include handicapped accessibility to the school as well as accessibility to the school’s parking lot and Brookfield Zoo’s overflow parking, along with improvements to extracurricular facilities.
Assistant Superintendent Dr. Kristin Smetana said the final interest rate is to be determined since the bonds haven’t actually been issued. The tentative timeline for bond sales is Feb. 10, with the district receiving the proceeds Feb. 24.
Bonds are a way to borrow money for capital improvements, meaning they can’t be used for operating funds.
The bond issuance ultimately provides a property tax decrease to community members over the coming four years, with the expiration of referendum bonds in levy year 2027.
At its Nov. 11 meeting, the board was presented three bond issuance options – for $3.5 million, $4 million and $4.5 million, but opted for the latter due to project scope.