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District says working cash bonds sold at 2.95%, trimming about $73,000 in interest costs
Summary
A district administrator said Riverside-Brookfield Twp SD 208 sold tax-exempt working cash fund bonds at 2.95% (below the 3.29% November projection), saving roughly $73,000; staff will request a transfer through operations and maintenance to the capital fund when bond proceeds arrive Feb. 24.
A district administrator reported Feb. 10 that the district sold tax-exempt working cash fund bonds at an interest rate of 2.95%, down from the 3.29% rate presented to the board in November. "We sold the bonds today," the district administrator said. "We closed today at an interest rate of 2.95%, saving the district roughly around $73,000 in interest costs."
The administrator told the board the next step is a board approval of a transfer from the working cash proceeds. The funds will pass through operations and maintenance and then to the capital fund; staff said the district will request that transfer on Feb. 24, the day bond proceeds are expected to arrive. The administrator said it is required that the funds pass through the operations and maintenance account before moving to capital.
Board members did not take a formal vote on the bond sale itself at the meeting; the presentation was informational and staff said they will bring the required transfer request to the board when proceeds are received. The district did not provide bond par amount, underwriter details, or an ordinance number in the meeting discussion.
