Local officials estimate that a recent loan refinancing will save the almost half a million dollars.
They're shaving off around $450,000 in interest after refinancing $5.2 million in general obligation bonds this past week, according to a TribLocal story.
" secured an overall interest rate of about 1.25 percent for the remaining eight years of the bond, said Village Manager Scott Niehaus. The refinancing should lower the village’s interest payments by $56,000 a year, a bigger savings than was expected.
When village officials first considered the refinancing of the bonds in December, they estimated a savings of around $300,000.
The bonds were first issued in 2004 to pay for water and sewer projects, including Settlers Pond, built near Sayre Avenue and 178th Street to mitigate flooding in the area, Niehaus said."
The refinancing contributed to a reaffirmed AA+ credit rating by Standard & Poor’s, according to a village news release.
Tinley Park is in the top few communities in Illinois and top 5 percent of all governments in the country with a comparable rating.
"We couldn't be more pleased," Mayor Ed Zabrocki said in the release, crediting the village board's Finance Committee "for maintaining transparent accounting and financial reporting systems" and the "citizens for their consistent support of our government during these difficult economic times." He also cites help from Village Clerk Pat Rae.
Looking for more local government news?