by Jim Masters
LANSING, Ill. (August 25, 2021) – Village taxpayers will save a collective $940,000 through 2028 under a bond issue Lansing School District 158 renegotiated at a lower rate.
The original $7.8 million bond issue was earmarked for remodeling work at Coolidge Elementary. The remaining $6.9 million will be paid under the new rate of 0.9%. The initial rate was 4% when the bond was issued in 2013, according to Mark Crotty, District 158 Assistant Superintendent for Business Operations.
“The district could refinance the bond at a lower rate because we have been financially responsible, which makes the district a highly desired investment,” he said. “The district is taking full advantage of favorable (bond) market conditions.”
Dr. Nathan Schilling, Superintendent of Schools, said District 158 had planned all along to seek refinancing on the bond when it first came eligible to do so in 2021.
“We put the bond refinance out for auction and the interest rate came out better than we thought, so the board approved the refinance (on Augusut 17),” he said.
He explained that Lansing homeowners could see a “slight” reduction on their tax bills, but it will be a little different for everyone over the next seven years as property values fluctuate.