A press release from the Cary Elementary District 26 School Board:
CARY DISTRICT 26 BOND REFUNDING RESULTS IN SAVINGS TO TAXPAYERS
CARY, IL – The Board of Education of Cary School District 26 took steps this last month to reduce property taxes for its residents through a combination of refunding and fund balance contributions.
The District recently refunded a portion of its Series 2011 Bonds to generate over $620,000 of expense savings by taking advantage of lower interest rates since the bonds were first issued.
Additionally, the Board of Education has dedicated some of its current fund balance to further reduce debt by contributing an additional $250,000 towards principal, and has agreed to set aside $1,600,000 to retire another bond in 2020.
The effect of these actions will result in taxpayer savings of at least $3 million over the life of the existing bonds.
The District engaged the refunding as part of a two-step process and expects further savings to be realized after the next refunding bond sale, scheduled for early November.
Combined with prior refundings undertaken in 2013 and 2014, along with cash contributions from its fund balances, the District expects to deliver a reduction to future property taxes of over $4.7 million once the refunding programs and further abatements are accomplished.
“The refunding of these bonds will result in significant savings for taxpayers of Cary,” said Director of Finance and Operations Jeffrey Schubert.
“It has been the goal of the Board of Education to look for ways to generate taxpayer savings without
impacting our classrooms, instructional programs and services to families.”