Streamwood moves forward with bond refinancing

A resolution unanimously approved Thursday by Streamwood trustees could eventually save the village a minimum of $400,000, Village Manager Gary O’Rourke said.

The resolution authorized the hiring of Robert W. Baird & Co. to advise the village on refinancing of bonds that were issued in 2005 for construction of a new police station and municipal complexes. The same company consulted on the original bonds.

Streamwood’s financial department advised that refinancing would lower the interest for the rest of the bonds’ term, which ends in 2020, saving the village money.

O’Rourke said the village board will now work with the bond advisors and attorneys to develop documents required for redemption of the current bonds and issuing of new bonds at a lower rate.