Moraine Valley Community College announced recently that it has completed refunding more than
$9.6 million in bonds, resulting in about $1.5 million in savings to taxpayers. This is the second refunding the college has conducted and brings the total savings to $7.5 million.
The Board of Trustees approved the latest refunding plan in November 2015. The bonds are part of the $89 million bond referendum approved by voters in 2006 for the college’s capital improvement program. In 2012, Moraine Valley refunded more than $45 million in bonds, resulting in about $6 million in savings to taxpayers.
Moraine Valley’s refunding plan is similar to refinancing a home mortgage. The homeowner borrows money at a lower interest rate to pay off the mortgage with a higher interest rate, thus, saving the owner money.
“We are extremely pleased we are able to provide this savings to our taxpayers,” said Dr. Sylvia Jenkins, college president. “The community allowed us to expand our campus so that we could continue to offer a quality education, and we continue to be appreciative of the confidence they have shown in us. We hope this latest savings of $1.5 million adds to their confidence that we continue to be good stewards of
community fiscal resources.”