New Lenox D122 Explores Life Safety Bonds to Fund $8M Tyler School HVAC Project

New Lenox School District 122 Meeting | September 2025

Article Summary: The New Lenox School District 122 Board of Education is considering issuing life safety bonds to fund the majority of an $8 million HVAC renovation at Tyler Elementary, with a financial presentation indicating a potential property tax increase of about $30 per year for the owner of a $400,000 home for the first eight years.

Life Safety Bond Proposal Key Points:

• The district plans to issue life safety bonds to fund the $8M+ HVAC renovation at Tyler Elementary scheduled for summer 2026.

• The tax impact is estimated at an additional $30 per year for a home with a market value of $400,000 for the first eight years of the bond.

• A public hearing on the bond issuance is scheduled for the board’s October 21 meeting.

• The district’s existing large bond debt is scheduled to be fully paid off in 2033, which officials noted as a celebratory milestone.

The New Lenox School District 122 Board of Education on Tuesday, September 16, 2025, reviewed a detailed financing proposal to fund the planned $8 million HVAC and facility modernization at Tyler Elementary School. The plan involves issuing life safety bonds, a move that would have a modest impact on local property tax bills.

Elizabeth Hennessy of Raymond James presented the proposed structure and timeline for the bond issuance. She explained that funding the project with life safety bonds would result in an approximate tax increase of $30 per year for a home with a market value of $400,000. This increase would apply for the first eight years of the bond’s term.

The funds are designated for the complete overhaul of Tyler Elementary’s mechanical systems, which date back to the school’s opening in 1980. The project is slated for the summer of 2026.

According to Hennessy, the proposed timeline for the bond issuance is aggressive to ensure funds are available for the project next summer. Key dates include a public hearing and review of the bond resolution at the October 21 board meeting, with a potential bond sale on November 24 and closing on December 11, 2025.

Business Manager/CSBO Robert Groos noted that this project is the final piece of a long-term plan to modernize the district’s oldest schools, a plan that has so far been funded entirely with cash reserves. “The District has completed about $36M in projects over the past 11 years, all paid for with cash,” the minutes recorded Groos as stating. However, the scale of the Tyler project requires bond funding.

Dr. Motsch, Superintendent, framed the upcoming payoff of the district’s larger, existing bond debt in 2033 as a significant achievement for the community. The new, smaller bond for the Tyler project is structured to have a minimal long-term impact on taxpayers, especially after the older debt is retired. The board took no action, as the presentation was for discussion purposes.