Schools
District 304 Bond Refinance Saves More than $1 Million Overall
The original bond issue is the one that financed the 2004 construction of Geneva Middle School North.
- Information for this article is from a School District 304 press release.
On Dec. 1, Geneva Community Unit School District 304 completed a bond refunding for the 2004A bond issue. The 2004A bond issue financed the construction of Geneva Middle School North following a successful Nov. 2, 2004, referendum.
The General Obligation Refunding Bond, Series 2011 is a partial refund of the 2004A issue, with the remaining amount to be refunded in the spring. The district will realize a savings of $742,379 on this portion of the refunding and an estimated $1,037,526 savings overall.
The refunding did not extend the time for the debt to be paid but lowered the payments by an average of $130,000 per year.
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The district maintained a AA+ rating with Standard & Poors to receive the best interest rate possible on the transaction. This refunding is part of the District 304 plan to manage its long-term debt.
