District 100 does refunding to hold down 2011 and 2012 bond levy

On November 29 approximately $7.08 million will be borrowed for refunding of debt.

See below the interest on the new borrowing is anticipated to be 3.75%.   The following figures are taken from:  http://www.boarddocs.com/il/district100/Board.nsf/files/8NPK59/$file/Final+POS+11-9-11.pdf

Click on the photocopy to enlarge: 

The proceeds will be used on lessen levies for the following notes.

More exacting details should be available after the December School Board meeting.

District 100 is attempting to take the following debt structure: (from:  http://www.boarddocs.com/il/district100/Board.nsf/files/8NPK5S/$file/Pricing+Final+2011+Nov+16.pdf)

and changing it to the following: 

Basically total tax rate—education tax, misc and bond and interest—will be frozen for next year 2011 levy and following year 2012 levy. 

Levy Yr       Current       After refunding

2011          5.25            5.00

2012          5.34            5.00

2013          5.57            5.50

2014          5.60            5.63