MCC to Refinance Loans in Hope of Saving Money

The McHenry County College Board is planning to refinance $2.2 million of bonds and, thank goodness, they are not for the minor league baseball stadium the Board and President Walt Packard were pushing.

McHenry County College has $2.2 million in outstanding bonds, issued apparently without a referendum, for which interest higher than market rate is being paid.

The Board is scheduled to refinance them at Thursday’s meeting and save 2.5 percentage points, as I read the Board packet.

If my reading is correct, the college will save about $55,000.

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