On Wednesday, March 16, 2016, the Village refinanced $7.5 million in General Obligation Bonds issued in 2008 for Stormwater projects. The refinancing saved $1,000,000.00. 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 about $60,000 per year in debt service payments.
"We expected to save approximately $850,000," 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."
The Village continues to benefit from the AAA bond rating issued by Standard & Poors (S&P). This is the agency's highest rating. Standard & Poors acknowledged the efforts of the Village's Long Range Plan and exceptional management practices as contributing factors for the AAA rating. All Downers Grove residents and businesses benefit as the Village has the ability refinance bonds at a lower cost.