Bond refinance saves Dundee Township Park District more than $1.8 million
Friday, December 4, 2020
The Dundee Township Park District will save more than $1.8 million by refunding its Alternate Revenue Source Bonds, Series 2010A on December 8, 2020. With the refunding, the District will be issuing Alternate Revenue Source Bonds, Series 2020A & 2020B with a final maturity date of December 15, 2034, on both issuances and an average interest rate of 2.07%.
The Series 2010A bonds were initially issued in the amount of $13,500,000 to construct the Randall Oaks Recreation Center. These bonds had a final maturity date of December 15, 2034.
The Park District has paid down $2,335,000 of the 2010A bonds, leaving the remaining $11,165,000 to be refinanced by the 2020A and 2020B bonds.
"This couldn't come at a better time for our Dundee Township residents as we continue to face challenges with the pandemic," Dundee Township Park District Executive Director Dave Peterson said. "The District Board and staff made this refinancing a priority. The District was able to lock in an interest rate of 2.07%, and the bonds will be completely paid off in 2034."
The decision to refinance the bonds was part of the District's commitment to continually evaluate their financial position and provide quality recreational services at a reasonable expense to the residents of Dundee Township.
The District's success and fiscally conservative approach have not gone unnoticed. In 2019, the District was awarded its first Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association.