.

Woodridge Schools Treasurer Saves District Taxpayers $1 Million

Property taxpayers will see a seven-figure savings over the next seven years due to the refinancing of $6.5 million in school improvement bonds.

$1 million saved is $1 million earned.

At Tuesday night’s meeting, treasurer Deanna Levenger announced a seven-figure savings would be passed on to property taxpayers within the district over the next seven years. 

Last week, Levenger finalized the deal when she issued $6.5 million in school facilities improvement refunding bonds that were secured in 1994 through the unlimited tax pledge. The money originally helped pay for the construction of the Woodridge Middle School, and covered improvements to the Woodridge High, Intermediate and Elementary Schools, she said.

In other words, Levenger saved $1 million by selling new bonds at a lower interest rate (1.72 percent) to pay off existing bonds that carried a higher interest rate (4.65 percent).

The savings from the refinancing will only go to property taxpayers because the money being used to pay off the $6.5 million tab comes from the district’s debt service payment fund, not the general fund, she said.

The savings accrued per taxpayer will vary depending on the valuation of one’s property. Either way, once its divided up, the savings per capita will be relatively small.

Encouraging news for the district

The district was able to refinance due, in large part, to the fact that it was assigned its first Moody's Aa2 bond rating. 

Moody’s rationale behind the approval:

  • The district’s historically stable financial operations.
  • Historical first attempt approval of renewal levies
  • The district’s proactive approach to addressing the back-to-back levy failures in November and March.
  • The district’s moderately sized tax base with additional room for development.

Read on:

Woodridge Schools: Pay-to-Participate Approved, New Levy One Step Away From Ballot

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something