The rating means lower interest rates, but it could be a short-term break given the projected budget deficits that loom.
In the midst of what has been an almost endlessly gloomy financial picture for Plainfield School District 202, a bit of good news: Standard & Poor's has increased the district's bond rating to A+. What that means is when the district sells bonds to generate financing -- such as the tax anticipation bonds the school board will authorize at its Monday night meeting -- it should be able to do so a lower interest rate. The rating is similar to a personal credit score. The lower the standing, the greater the risk and the higher the interest rate charged. "The upgrade is due to improvement in the district's financial position following the district's efforts to restore balanced operations with substantial budget cuts," Standard & Poor's credit …
41.59693
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Plainfield Community Consolidated School District 202
15732 S Howard St, Plainfield, IL
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280935
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The owner of a $300,000 could see a savings of as much as $179, district officials say.
Plainfield homeowners are likely to see a decrease in the amount of property taxes they pay to cover the school district’s debt service tax rate. The Plainfield School District 202 board on Monday approved refunding several general obligation bonds that should save taxpayers about $3 million over the remaining life of the bonds. “We feel it is an important thing to do,” said John Prince, assistant superintendent of business and operations. “It will have a positive effect on the tax rate.” Steve Larson, the district’s financial advisor and an executive vice president with Ehlers, said the district will be refunding bonds that were to expire in 2022. They will now expire in about four years. The adjustment lowers the payments on the bonds …
41.59693
-88.191963
Plainfield Community Consolidated School District 202
15732 S Howard St, Plainfield, IL
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280935
/locations/3405178
Mike dombrowski
11:10 am on Thursday, February 24, 2011
This I have to see. Drop your taxes? If they are going to base it on market value you are going to get screwed. They don't base you taxes on market value so why do they base a cut on it. more ›