On Tuesday, September 24 2013, the Village refinanced $8.5 million in General Obligation Bonds issued in 2005 for the Downtown TIF District. The refinancing saved approximately $478,000. The Village saves money by reducing the annual payments on the bonds due to interest rates that are lower now than when the bonds were issued. The bond refinancing will save the Downtown TIF Fund over $80,000 per year in debt service payments.
"We expected to save approximately $300,000," Village Manager Dave Fieldman said. "The savings were better than projected thanks to our AAA bond rating and high demand in the marketplace for the bonds based on Downers Grove's reputation for strong financial management."
In the first quarter of this year, the Village completed the refinancing of library bonds saving $132,000. In all, the Village has saved $610,000 due to bond refinancing this year.