More Top Picks Best E Readers For Arthritis Sufferers
player ready...Refinancing an old debt has netted the Homewood-Flossmoor High School District 223 $1 million. A similar maneuver could reap an additional $500,000 in October.
“If it’s legal to do it and to our advantage, you’ve got my vote,” said Robert Butler, a District 233 board member.
With the possibility of capturing an interest rate of about 3 percent, the board has been considering restructuring debt that dates back to 1999.
The school board approved the refinancing at Tuesday’s regular meeting. The district can either return the proceeds back to taxpayers as a property tax reduction or direct the proceeds to a capital improvement fund.
Because a refund would save individual taxpayers less than $5 a year, board member Richard Lites said targeting the new cash into needed improvement projects is more prudent. The board is considering three capital projects, including a new stage in the auditorium, an expanded cafeteria and improvements to ease traffic congestion on Flossmoor Road.