Harper refinancing expected to save taxpayers $19.6 million
Harper College has completed the refunding of about $125 million in outstanding general obligation bonds that officials say will save taxpayers $19.6 million through 2028.
Residents approved the original borrowing plan in a 2008 referendum to fund construction and infrastructure improvements. The bond sale - with a lower interest rate of 2.17 percent - closed Dec. 6.
Moody's Investors Services last month reaffirmed Harper's Aaa bond rating - the highest rating possible - for the bond issuance. The agency said the college maintains "sound financial operations," citing its strong management team, limited reliance on state funding, modest debt profile, and large and diverse tax base.
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