Kishwaukee College’s Board of Trustees unanimously approved the refinancing of $48.5 million of General Obligation bonds at our January meeting. The College was able to take advantage of lower interest rates and save district residents approximately $14.5 million in today’s dollars (or $20 million with inflation) over the remaining terms of the bonds. The district will save an average of over $900,000 per year in taxpayer dollars.
Ten years ago, Kish made a commitment to taxpayers. The Board of Trustees asked district residents to renew their investment in their community college. Voters approved a $52.6 million referendum that, along with student funded alternative revenue bonds and College reserves, paid for the construction and remodeling of 23 classrooms and science labs, enhanced student service spaces and improved infrastructure, including roads and parking lots.
Many of these areas of campus needed to be updated. The referendum made it possible for Kish to offer great educational opportunities to future students using state of the art facilities. "Temporary" buildings that were constructed during the first building phase of Kishwaukee College 50 years ago had served their purpose and needed to be torn down. Campus enhancements have helped Kish faculty and staff better serve our students. Student feedback surveys have demonstrated the importance of the College’s enhanced physical environment to our learners.
As Kishwaukee College Trustees, we work to ensure transparency and maintain fiscal responsibility. Fulfilling our word and saving millions of dollars for district residents is one way we remain stewards of your community college.
Bob Johnson, Chairman
Kishwaukee College Board of Trustees