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NILES -- Nearly a decade has passed since certain bonds were purchased as part of a district's project, and the Niles Board of Education passed resolutions that would save the district money as part of a loop.
At Tuesday's meeting, the Niles Board of Education approved a pair of resolutions, the first one providing the issuance and sale of them in their maximum principal amount of $735,000, and the other one for $9,910,000.
Both resolutions authorize the refinancing of the district's outstanding June 20, 2017, school facilities improvement bonds to reduce interest charges and generate financial savings.
Treasurer Sean Miller explained that the district has outstanding bonds that date back to the school's newer buildings, which were built back in 2013.
"Back in 2017, the district refunded those bonds to lock in lower interest rates and achieve savings for the taxpayers," Miller said. "Now that nine years have gone by, we're in the position, again, where we can get lower on the curve, closer to maturities and lower interest rates."
Miller said the district was going through the same process, where it will sell bonds and use the proceeds to pay off the old bonds.
Miller said the sale should be done in September, and he doesn't know the exact savings, but estimated it to be between $400,000 and $550,000.
He said most of the new, refunded bonds should mature in another nine years.