Kishwaukee College district taxpayers will see a lower tax rate this year thanks to
bond refinancing that will save the taxpayers money for the foreseeable future.
Kishwaukee College approved a reduced tax levy rate at this month’s Board of Trustees
meeting. The primary reason the Board was able to lower the rate was because the College
refinanced $48.5 million in general obligation bonds earlier this year.
“Because the College was able to take advantage of lower interest rates, the district
taxpayers will save approximately $14 million over the life of the bonds, which extend
to 2037,” said Kishwaukee College Chief Financial Officer Jill Hansen.
The voter-approved general obligation bonds that were refinanced were initially issued
in 2010 as the College took on the addition of the Student Center and renovation of
older parts of the building.
“The community invested in the students and Kishwaukee College committed to overseeing
the responsible fiscal decisions of this monumental project,” said Bob Johnson, Chairman
of the Kishwaukee College Board of Trustees. “The district’s tax levy rate is now
at its lowest since 2011 as College leadership continues to find ways to reduce taxpayer
costs and maintain a quality, affordable education for Kishwaukee students.”