MALTA – Kishwaukee College district taxpayers will see a lower tax rate this year due to bond refinancing that will save them money for the foreseeable future.
Kishwaukee College approved a reduced tax levy rate at the Tuesday Board of Trustees meeting, according to a news release from the college. The board was able to lower the rate because the college refinanced $48.5 million in general obligation bonds earlier this year.
Kishwaukee College Chief Financial Officer Jill Hansen said in the news release that district taxpayers will save about $14 million over the life of the bonds, which extend to 2037, because of the college being able to take advantage of lower interest rates.
The general obligation bonds that were refinanced, which the college took on for the addition of the student center and renovation of older parts of the building, were initially issued in 2010.
Bob Johnson, chairman for the college's board of trustees, said the district’s tax levy rate is now at its lowest since 2011.