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.
Morris Community High School took a key step this month toward building a large school addition after voters approved the project last April. Financial advisors laid out a plan to fund the $67 million project that uses staged bond sales, an updated credit rating, and monitoring of construction spending to keep borrowing costs as low as possible.
The district will not issue bonds for the full amount at once. Financial advisors recommended selling bonds in phases to match construction spending and to limit interest costs. One favored schedule would raise $14.7 million this October, $37.6 million in September 2026, and another $14.7 million in September 2027. Alternative timelines were also presented, including a larger single sale in September 2026 worth about $52.3 million, and a split that would produce $14.1 million in September 2026 and $38.2 million in January 2027.
The district plans to obtain an updated credit rating before finalizing bond details. The last public rating review was done in 2021 and produced an A2 grade, which means the district had strong financial capacity but still faces some risks. Advisors recommended seeking a new review from a different agency to try to secure a higher rating. The goal of the updated rating is to reduce interest costs when bonds are sold, because a stronger rating typically lowers borrowing rates.
A construction manager has been contracted to guide the project and produce spending estimates that will shape bond timing. The district approved a contract with Bulley & Andrews as construction manager in June. Advisors explained that current draw schedules are early estimates and will become clearer about a year into the project, when on-site work actually begins and more precise spending data are available. That information will determine which bond sale scenario is most cost-effective.
Before selling bonds, the district will choose between credit rating agencies and request a fresh rating. The chosen timetable for bond issues will hinge on how fast design and construction progress and how quickly money is needed. The superintendent committed to keeping the public informed through the district website as design and construction work move forward and as architects finish plans. Local residents asking why no heavy work has started yet were told that architects are still finalizing plans and that ground-breaking will follow those steps.
Staging bond sales helps the district match borrowing to actual spending, which reduces the time interest is paid on money not yet spent. It also gives officials flexibility if construction costs change or if the economy shifts. Advisors made clear that the recommended schedule was not fixed and would be adjusted based on real-time data from the construction manager.
The total project budget approved by voters is $67 million.
No. Advisors recommended staged bond sales to match spending. One proposed plan calls for sales in October 2025, September 2026, and September 2027, but other timing options were presented and the final schedule will depend on construction needs.
Updating the district credit rating can lower borrowing costs if the new rating is stronger than the previous one. A better rating usually leads to lower interest paid over the life of the bonds.
The district contracted a construction manager in June to oversee bidding, schedules, and draw estimates. The manager will provide more precise spending data once the project is underway.
The district will post updates on its official website as design and construction progress and bond decisions are finalized.
| Feature | Details |
|---|---|
| Approved budget | $67,000,000 |
| Financing approach | Phased bond sales tied to construction draw schedule |
| Recommended bond timing | $14.7M (Oct 2025); $37.6M (Sep 2026); $14.7M (Sep 2027) — alternatives presented |
| Credit rating | Last public review A2 in 2021; updated rating to be requested from a major agency |
| Construction manager | Contract approved in June to oversee the project and provide draw estimates |
| Public updates | District to publish progress and financing decisions on its official website |
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