NOTICE OF PUBLIC HEARING CONCERNING THE INTENT
OF THE BOARD OF EDUCATION OF
SCHOOL DISTRICT NUMBER 114,
WILL COUNTY, ILLINOIS
TO SELL $85,000,000 BUILDING BONDS
PUBLIC NOTICE IS HEREBY GIVEN that School District Number 114, Will County, Illinois
(the “District”), will hold a public hearing on the 22nd day of August, 2022, at 6:30 o’clock
P.M. The hearing will be held in the District Office, 25632 South Gougar Road, Manhattan,
Illinois. The purpose of the hearing will be to receive public comments on the proposal to sell
bonds (the “Bonds”) in the amount of $85,000,000 to improve the site of and build and equip a
new school building.
The Bonds are estimated to be outstanding for 30 years. The total debt service to be paid
on the Bonds, including principal, interest and costs of issuing the Bonds, is estimated to be
$183,062,199. The average annual property tax needed to pay the principal of and interest on the
Bonds extendable against property containing a single-family residence and having a fair market
value of $100,000 is estimated to be $312.86.
The actual number of years during which the Bonds will be outstanding, the actual total
debt service to be paid on the Bonds and the actual average annual property tax to pay the
principal of and interest on the Bonds extendable against property containing a single family
residence and having a fair market value of $100,000 are subject to change based on many
factors, including market conditions at the time the Bonds are sold. Any differences between the
information set forth herein and the actual results at the time the Bonds are sold shall not
invalidate the hearing or the results of the referendum for the Bonds.
By order of the President of the Board of Education of School District Number 114, Will
DATED the 10th day of August, 2022.
Secretary, Board of Education,
School District Number 114, Will County,
Notice of Public Hearing
AUG 11, 2022