Lisbon Community Consolidated School District Number 90
Thoughtful structuring maximizes proceeds for school improvements
Background
Lisbon Community Consolidated School District No. 90 serves students in Kendall and Grundy Counties in northeastern Illinois. The District operates Lisbon Grade School, a K-8 facility serving approximately 127 students.
The District came to market with a $3.1 million financing consisting of $1.0 million General Obligation School Bonds, Series 2026A, and $2.1 million General Obligation School Bonds (Alternate Revenue Source), Series 2026B. Proceeds will support improvements to Lisbon Grade School, including an addition for a new gymnasium, as well as the District’s working cash fund and costs of issuance.
Opportunity & Solution
With both par and annual debt service limitations, the financing team worked to maximize the amount available for the District’s project. Using available coupons to generate additional premium, the financing produced approximately $158,000 of original issue premium across the two series beyond the $3.1 million par amount.
Baird also adjusted the order period to account for the timing of the sale following a market holiday. Because the order period began 30 minutes later than typically scheduled, Baird shortened it from the traditional 90 minutes to one hour, limiting the District’s exposure to intraday market movement.
Results & Impact
The financing provided approximately $2.14 million for project costs, supporting the District’s planned improvements to Lisbon Grade School, along with additional proceeds for its working cash fund. Through the final structure, the District was able to maximize project proceeds within its par and annual debt service limitations.
