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.”