Director’s Note – Refinancing Current Bond

Similar to refinancing your home mortgage, the Library in conjunction with Vermilion LSD refinanced the Library Improvement Refunding Bonds, Series 2011 for interest savings. Interest savings for the voted bonds will flow back to the taxpayers in the form of a millage reduction. The Library Bonds are a voted bond issue paid directly from a bond levy of the taxpayers. Thus, the refinancing will save the taxpayers over $623,000 in interest savings over the remaining term of the Bonds. This translates to an average potential millage reduction (based upon 2020 assessed values) of approximately .08 Mills beginning in 2021 for the taxpayers, but the actual millage reduction will be determined by the County Auditor’s office and will be based upon current taxable assessed values within the District. “The Library Administration, Library Board and School Board have determined undertaking this refunding is the fiscally responsible thing to do. Going forward the refunding will save the taxpayers some money by reducing the bond millage rate collected by the County Auditor.” said Caroline Springer, Library Fiscal Officer.

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