Financing

Financing

Updated June 11, 2025, 3:30 p.m.

The District 120 community passed a $149.5 million building bond referendum on November 5, 2024, setting in motion a renovation and expansion of Mundelein High School facilities that is expected to be completed in about three years. The entire project cost is budgeted at $199.5 million, with District 120 allocating $50 million of debt service funds toward the project. 

At this point, the referendum has not yet impacted taxpayers because the district has not issued any referendum bonds. Currently, the district is financing construction services with its $50 million in debt service funds.

The issuance of the $149.5 million in referendum bonds is anticipated to be phased in as the project progresses. The initial impact on taxpayers, projected to be in June 2027, will depend on factors such as the amount of bonds issued, interest rates at the time of issuance and the total equalized assessed value of properties in District 120.

This page will be updated as District 120 moves forward with the sales of bonds to fund the project.