Dist. 202 Says Re-Financing Bonds Could Save $5M Over Next 10 years

District 202 could save as much as about $5 million over the next 10 years by refinancing two sets of building and general obligation bonds at lower interest rates.

The Board of Education approved the move at its regular meeting on Monday.

The first set of bonds, now totaling $57,550,000 was issued in 2006 for building construction. The second set of bonds, now totaling $3,400,000 was also issued in 2006 for general obligation purposes related to building construction.

District 202 could save between $370,000 and $500,000 a year, or as much as $5 million over the next 10 years depending on actual interest rates when the bonds are sold in April.

The newly-refinanced bonds will expire two years earlier than the previous versions.

The district’s financial advisors also plan to seek a second, higher bond rating which could result in additional savings.

Submitted by Dist. 202

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