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Library district seeks to re-finance bonds : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, Illinois
Library district seeks to re-finance bonds
Board advised agency could save up to $200,000

by Lyle R. Rolfe


Steve Larson, of Ehlers and Associates, financial consultant for the Oswego Public Library District, was a bearer of good news at the agency's June board meeting.

Larson told board members by refinancing a 2007 general obligation bond issue, they could save up to $200,000 depending on current interest rates at the time the bonds are sold.

Board members approved an ordinance authorizing Larson to proceed with a competitive bid sale next Wednesday, July 16 to refinance the bonds at a lower rate.

The ordinance also grants authority to the district board president, vice president, treasurer, secretary and director to approve the sale, if the rate is satisfactory, without coming back to the full board.

In January of last year, Larson sold $4.9 million in General Obligation Bonds at an interest rate of two percent for the district, saving $500,000 on a $5 million bond issue.

The outstanding bond issue was from 2006 for bonds sold to build the Montgomery Campus, Library. The bonds had a remaining balance of about $8.4 million The interest rate ranged from 4.3 to 4.625 percent over the 20 year life of the bonds.

Sarah Skilton, library director, said the bond sale in 2007 was for $3.9 million.

"However the sale that is about to take place is for $3,145,000. The difference includes both what the library has already paid and the payments that are not able to be refinanced until the call date of 2015," she said.

Both the 2007 sale and this refinancing have the same retirement date of 2027. The current interest rate on the 2007 bond issue is four percent she said.

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