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D. 202 OKs selling refunding bonds to save up to $2.3 million

District 202 will re-fund several building bonds to save taxpayers up to $2.3 million.

The Board of Education at its June 11, 2012 regular meeting approved issuing $16.7 million in bonds to refinance building bonds from 2003 and 2004. This refunding is expected to save up to $1.5 million over the next 10 years because of significantly lower interest rates.

The Board also approved re-funding debt certificates used to buy approximately 195 acres of land known as the Kelley property. This action should save District 202 about $800,000.

Plainfield East High School, John F. Kennedy Middle School and Eichelberger Elementary School were all built on this land.

Re-funding these bonds will likely cause a slight reduction in the long-term debt service tax levy for homeowners, said John Prince, assistant superintendent for business and operations.

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