Forest Preserve Saves $905,000 With Bond Refunding

WILL COUNTY, IL — The Will County Forest Preserve District says it will save $905,000 by refunding $10 million in general obligation tax bonds. The yield on the bonds fell from 4.18 percent to 2.95 percent, the Forest Preserve's chief financial officer, John Gerl, explained in a news release, saying the refunding opportunity came about because the credit market continues to look favorably on the district's bond offerings.

"The Forest Preserve’s lower interest rate was made possible by the District's Aa1 credit rating from Moody’s rating agency," Gerl said. "Aa1 is the second highest credit rating offered by Moody’s."

The bond refunding was approved last year by the Forest Preserve's board of commissioners and took place on Dec. 13.

"This most recent refunding of the District's 2007 general obligation limited tax bonds is just one more example of how commissioners are continuing to look for ways to save Will County taxpayers money," said Board President Laurie Summers.

The bonds will mature in 2027. Proceeds from the original bond sale were used to acquire land.

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