Park District bond affirmation to save taxpayers millions
Dec 07, 2015 10:01AM
● By Neighbors Magazines
The refunding of existing bonds will lower the interest rate
on approximately $29.5 million in park bonds and result in reduced future
property tax liabilities for residents. Standard and Poor’s has affirmed the
Interest rates have dropped considerably in recent years and, combined with the excellent bond rating, it was an ideal setting for the FVPD to pursue an opportunity to refinance its debt and lower future interest payments by 9 percent.
Akin to a credit
score, a bond rating is enhanced by stable finances and careful monitoring of
expenditures. Fox Valley is among the few government agencies in Illinois to
carry an AA+ or better rating, and its affirmation comes at a time when many
agencies are facing downgrades.
Proceeds from the bond sale will be used for the payment of land acquisition for parks, as well as capital park and facility projects involving restoration, construction, maintenance and improvements.