Harper approves bond refinancing expected to save taxpayers $1.2 million

The Harper College board of trustees voted last week to refinance certain bonds, which they say will save $1.2 million over five years. The bonds were approved by voters in 2000 to pay for campus infrastructure improvements. Refinancing them will bring the interest rates to between 2.0 and 2.25 percent, down from the original rates, which were as high as 5 percent. "... Refinancing the bonds is a way to work on behalf of the taxpayers who have supported the college," said Ron Ally, executive vice president of finance and administrative services. Officials expect the new bonds will be sold later this month.