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Neighbors of Kane County

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 rating.

 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.