Schools

Plainfield School District Refinances Bonds to Save Money

Submitted by Plainfield School District:

District 202 will save between $335,000 and $598,000 by refinancing two sets of building and working cash bonds at lower interest rates. 

The Board of Education approved the move at its November 18, 2013 regular meeting.

The first set of bonds, now totaling $9,950,000 was issued in 2004 for building construction. The second set of bonds, now totaling $4,800,000 was issued in 2006 for working cash purposes to help cover temporary operating deficits.

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District 202’s financial advisor said the savings on the building bonds will be at least $200,000, and could be as much as $400,000 depending on actual interest rates when the bonds are sold. 

Likewise, refinancing the working cash bonds will save at least $135,000, and possibly as much as $198,000.

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Finally, the ultimate maturity dates for both bonds has not been extended. Rather, the savings will be realized through the new, lower interest rates.

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