Inspiring in everyone a passion to excel
Inspiring in everyone a passion to excel

Community Unit School District 200

130 West Park Avenue, Wheaton, IL 60189

P: 630.682.2000 F: 630.682.2227

Financing Facility Projects
Needed repairs, renovations and upgrades to 19 of our 20 schools will cost $154.5 million. The Board of Education is requesting to sell $132.5 million in bonds and has committed to fund the remaining $22 million in work out of reserves and future budgets.
 
$154.5 million in projects
-$7.5 million in reserves
-$14.5 million from future operating budgets 
$132.5 million bond measure
 
The proposed bond measure would initially cost the owner of a median home an additional $180 per year in taxes on the Bond & Interest portion of their tax bill.
  
 Home Value   Tax Impact
 $200,000  $108
 $300,000  $167
 $322,300 (median)  $180
 $400,000  $226
 $500,000  $285
  
 CUSD 200 - Tax Calculator for Proposed $132.5 Million Referendum Bonds
 
 What was your home's fair cash value indicated on your 2015 tax bill (paid Summer and Fall 2016)? $
 Are you eligible for a Residential Exemption? YesNo
 Are you eligible for an additional Disabled Person's Exemption? YesNo
 Are you eligible for an additional Returning Veterans' Homestead Exemption? YesNo
 Are you eligible for an additional Senior Citizen Exemption? YesNo
 
Estimated 2015 Market Value 0    Answer the above questions in the GREEN box
Total Assessed Value (1/3)  0
Estimated Multiplier  1.0000
Residential Exemption 0
Disabled Person's Exemption 0
Returning Veterans’ Homestead Exemption  0
Senior Citizen Exemption 0
Net Equalized Assessed Value 0
 
Projected B&I Tax Rate Increase for Proposed Referendum Bonds Net Equalized Assessed Value Estimated Bond Portion Increase on Tax Bills Paid in 2018
.1776 0 0
 
*The calculator is intended to estimate the increase in the bond portion of the District 200 tax bill only assuming a successful referendum. Does not include property taxes paid to other governments (e.g. City, Park District, County, Forest Preserve, etc.). Actual tax rates and payments may vary based on District 200-wide EAV growth, individual homeowner reassessment, State Law changes, property tax rate initiatives, and other factors. 
 
Our existing debt extends through the year 2025. Selling an additional $132.5 million in bonds would extend our debt through the year 2035. Existing debt is shown in green and blue and new referendum debt is shown in orange. The new debt is structured to minimize the initial taxpayer impact. Beginning in year 2023, taxpayers can expect the Bond & Interest portion of their tax bill to decrease as existing debt (blue) rolls off and the new (2017) debt is all that remains.  
 
After carefully analyzing the 19 construction projects, we considered many criteria to most effectively complete all work within a 5-year timeframe, with the financing of the work concurrent with the work itself. Recognizing that with an April 4, 2017 referendum, there is simply not time between mid-April 2017 and the last day of school 2017 to design, bid and award construction contracts for summer 2017 work. While some projects like two secure entries with minimal design work and some capital renewal will take place in summer 2017, the year 2018 effectively becomes Year 1 of implementation. 

Two key objectives were to 1) accelerate the schools with the secure entrances as early as possible and to 2) prioritize larger projects at middle schools and the new early learning center to minimize the impact of cost escalation on budgets for the program. With a deeper analysis of the District’s Capital Development Plan there were opportunities to pull different priorities of work forward and blend the educational improvements with the capital improvements to realize economies of scale and construction efficiencies. Finally, the timing of when students are in school and balance of the number of sites under construction at one time were taken into consideration. 

In order to avoid unnecessary interest payments, bonds will be sold when the money is needed to pay for the projects. The current schedule is: 

2017 (2018 tax year): $45,500,000
2019 (2020 tax year): $37,400,000
2020 (2021 tax year): $22,700,000
2021 (2022 tax year): $26,900,000 
 
 
$132.5 Million Borrowing Scenario Presentation                                                                                                                 aggregate debt service
 
homeowner impact
 
What is the tax impact on the median home over the years?
A $132.5 million bond measure would initially cost the homeowner of a median home an additional $180 per year on the Bond & Interest portion of their tax bill. The homeowner of a median home currently pays $712 towards Bond & Interest (debt). With the proposed bond sale, that same home would pay $906 in 2018, $903 in 2019, $855 in 2020 and will continue going down to $531 beginning in 2027 through 2036.

Key Assumptions
  • Reflects expected debt service after refunding of 2008A and 2009D Bonds.
  • Includes $6,000 homeowner exemption. Homeowners may qualify for other exemptions not reflected in the analysis.
  • Analysis assumes District EAV increases of 2.75% in 2016 and 2017 and 0% thereafter. Assumes value of home remains constant throughout life of proposed bonds.
  • Rates based upon market conditions as of December 6, 2016 plus 0.50%. 
The illustrations are intended to estimate the increase in the bond portion of the tax bill only assuming a successful referendum. Does not include property taxes paid to other governments (e.g. City, Park District, County, Forest Preserve, etc.). Actual tax rates and payments may vary based on equalized valuations growth, individual homeowner reassessment, State Law changes, property tax rate initiatives, and other factors, as well as changes in the assumptions.
 
This Information was prepared by PMA Securities, Inc. (“PMA”), as Financial Advisor,at the request of, and is being provided to, the listed school district (the District) for its Institutional Investor Use to provide factual information to its taxpayers and the general public as part of a referendum being placed on a bond ballot election. This information is being provided for informational and/or educational purposes only without regard to any particular viewer’s financial situation or means. The content of this information is not to be construed as a recommendation by PMA that the viewer take an action or refrain from taking an action, or as a solicitation or offer to buy or sell any security, financial product or instrument. Nor does it constitute any legal, tax, accounting or investment advice of services regarding the suitability or profitability of any security or investment. Viewers should consult with their own tax and/or legal advisors before making any decisions.
 
Although the information contained in this Information has been obtained from third-party sources believed to be reliable as of the date hereof, PMA cannot guarantee the accuracy or completeness of such information. It is understood that PMA is not responsible for any errors or omissions in the content in this document and the information is being provided to you on an “as is” basis without warranties or representations of any kind. Moreover, use of this information after the date hereof is subject to change.
 
 
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