The District 201-U Board of Education recently approved $7.19 million in working cash bond funds that will support the school system’s programs and services.
In return, district property owners will pay $12.08 million from 2001 through 2005, according to figures provided by a representative of the Harris Trust and Savings Bank, which is underwriting the funds.
The additional $4.89 million represents interest and bonding costs, said William Hepworth, vice president and manager of Harris’ public finance division in Schaumburg.
Hepworth said the 47-cent projected bond and interest rate will take effect in 2001, picking up where the previous $1.03 bond and interest rate left off.
“We’re not causing the district’s tax rate to go up,” Hepworth said, noting the new rate is less than half the previous year’s.
The levy will cost the owner of a $150,000 home in the district $1,060 over the five years the bonds are being repaid. The homeowner will pay $218.55 a year the first four years, and $186 the fifth year, according to calculations by Ron Koelling, Crete Township assessor.