The Will County Forest Preserve District has squeezed an additional $3.1 million in funding from the recent sales of two bonds, Executive Director Mike Pasteris said.
One key, Pasteris said, was the district’s AA+ financial rating–the second highest possible. Typically the higher the rating, the more money a governmental body gets to keep from bond sales. The district also purchased special insurance that bond purchasers will be repaid.
The financial boosts enabled the district to knock one-half percent off the purchasers’ returns.
“A half a percent adds up when you’re talking about millions of dollars,” Pasteris said.
The district paid $332,755 for both insurance policies, coupled with the cost of obtaining the rating.
The bonds will be paid out of tax revenue, officials said.