Forest Preserve Board Reduces Real Estate Taxes

The Forest Preserve District of Will County refinanced $68.4 Million of their 2005 General Obligation Unlimited Tax Bonds resulting in a savings of over $4.8 million. 

The 2005 Bonds had a coupon rate of 5 percent, and were issued following approval of a referendum by Will County voters.  The Forest Preserve Board has been able to buy thousands of acres of land with the bond money to preserve for future generations. The average interest cost on the new 2012 Refunding Bonds is 2.32 percent, and they will mature beginning on Dec. 15, 2016 through Dec. 15, 2024.  

The Finance Director of the District brought the idea of refinancing to the Forest Preserve's Finance Committee in January.  As Finance Committee Chairman I endorsed the idea of refinancing along with the rest of the Finance Committee members.  The refinancing proposal was approved by the full Forest Preserve Board in February and the new bonds were sold later in February. 

Due to obtaining a much lower interest rate in the refinancing, it will result in a savings of $4.8 million in realestate taxes being paid by Will County residents over the next 12 years.