Dist. 204 refinancing loan for savings
Indian Prairie Unit District 204 has approved a financial move to refinance bonds and save taxpayers money.
The savings for the owner of a $300,000 home should amount to $15 beginning with the next property tax bill, Jay Strang, chief school business official, said.
The district is taking out a loan of $68 million to pay off other loans from 2006 - only at a better interest rate, Strang said.
The move to refinance the old loan is expected to save the district $667,000 a year for a total of $7.5 million throughout the duration of the borrowing.
Those savings will be passed on to taxpayers because the district will not need to levy for as high of an amount to cover loan payments.
"This is good news," board President Lori Price said, and the board approved the move unanimously.
Strang said he expects the process of refinancing the old loan to be complete by early March. He also is investigating whether other loans can be refinanced to create additional savings.