Planned $67M addition at Morris Community High School with construction managers and architects coordinating schedules and budgets.
Morris, Illinois, August 13, 2025
District leaders unveiled a financing roadmap to fund a voter-approved $67 million addition to Morris Community High School. Advisers recommended seeking a new credit rating and selling bonds in stages — an initial roughly $14.7 million sale, a larger issuance in 2026 and a final tranche in 2027 — with timing tied to monthly construction draw schedules. A construction manager contract is in place and architects are finalizing designs; officials pledged regular online updates. Staged sales aim to match borrowing to spending and potentially lower taxpayer costs through reduced carrying expenses and improved credit terms.
The school district revealed a staged plan to finance a voter-approved $67 million addition to Morris Community High School and recommended seeking an updated credit score to lower borrowing costs. Financial advisers urged the district to pursue a fresh rating from S&P rather than reusing the prior Moody’s analysis done in 2021, when the district was rated in the A2 category.
The advisers outlined that the district will not issue the full bond amount at once. One recommended schedule calls for selling $14.7 million in bonds this October, $37.6 million in September 2026, and another $14.7 million in September 2027. Alternative timing options were presented, including a single larger sale of $52.3 million in September 2026, or a split of $14.1 million in September 2026 and $38.2 million in January 2027.
The timing choice will depend on how quickly money is spent during design and construction, how fast contractors move, and interest rate conditions at the time of each sale. Advisers emphasized that the schedule can shift as the project moves from planning into active construction and actual draw needs become clearer.
A higher credit rating makes borrowing cheaper because it signals lower lending risk. The district hopes a more favorable rating from a major agency will reduce interest costs across bond sales. The prior Moody’s rating from 2021 classified the district as having strong financial capacity but vulnerable to some adversity, so pursuing the best possible current rating is central to the financing plan.
The district approved a contract with a construction manager earlier this year. That firm will supply updated draw schedules and cost estimates as design work progresses. District leaders plan to continue posting project updates on the high school website as architects complete design details and construction moves forward. Officials say residents should expect more precise spending forecasts within a year, once the project is well underway.
In an unrelated matter, prosecutors in another state dismissed fraud and theft charges against a former professional basketball player after a nearly $300,000 wire transfer was received to cover outstanding casino markers. Court records show the player owed $265,000 to two casino properties, and the district attorney’s office recorded an additional roughly $26,000 in fees before the wire came through.
Authorities had issued warrants and later took the player into custody in Florida. The player was released shortly after the payment was received. Casino markers are short-term lines of credit that allow gambling on credit; when a marker is unpaid beyond collection attempts, casinos can submit the matter to prosecutors. Prosecutors may add a recovery fee of up to 10 percent to cover operating costs of the bad-check unit that handles such cases.
Financial markets and corporate moves included several items of interest. A major tobacco company issued $2.5 billion in notes across four tranches, with a mix of floating-rate and fixed-rate maturities from 2028 to 2035. The offering was described as funding general corporate needs, including possible commercial paper repayment and working capital.
Markets also saw a notable surge in ether prices, touching record highs amid heavy corporate buying. Analysts forecast potential central bank rate cuts later in the year following softer inflation readings. Separately, reports indicated new measures to place trackers in shipments of advanced chips to limit diversion to certain foreign destinations.
Legal headlines included an indictment against a prominent religious leader on long-ago abuse charges and continued legal developments in several high-profile criminal and civil cases. Local brief items mentioned a suspected arson of trees near a police facility, a judge survey conducted for the 14th time to identify top and bottom performers, and an upcoming trial date for an accused participant in a decades-old murder.
A new rating is aimed at securing the best possible score so the district can borrow at lower interest rates and reduce long-term debt costs.
No. Officials and advisers recommend staged sales to match actual cash needs, reduce exposure to interest rate swings, and align with construction draw schedules.
Faster or slower spending changes the amount of money the district needs at each stage, so bond sale dates and sizes can be adjusted to fit real draw demands.
If a marker is unpaid after initial bank collection attempts and certified notices, the casino can refer the debt to the district attorney who may add collection fees and pursue criminal charges if deadlines pass.
The district plans to post ongoing updates on the high school’s official project pages as design and construction progress.
| Item | Key detail |
|---|---|
| Project size | $67,000,000 |
| Recommended credit agency | S&P (recommended) |
| Previous rating | Moody’s A2 (2021) |
| Proposed bond sale schedule | $14.7M Oct 2025; $37.6M Sep 2026; $14.7M Sep 2027 (recommended) |
| Construction manager | Approved firm contracted to manage construction |
| High-profile legal brief | Former pro athlete repaid ~ $292K; charges dismissed |
| Other business notes | Major corporate note issuance, record ether price, market and policy movers |
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