College of DuPage Board Approves Early Redemption of Bonds
The College of DuPage Board of Trustees at its April 20 meeting unanimously approved the early redemption of a portion of 2007 General Obligation Bonds, which will yield the College savings of approximately $669,000. This action will result in savings for property taxpayers.
“We are very pleased to seize this opportunity to exercise fiscal responsibility and save our taxpayers money,” said Board Chairman Deanne Mazzochi.
The Board authorized the redemption of $5.735 million of principal associated with the June 1, 2021, maturity of the College’s Series 2007 General Obligation Bonds. Calling the bonds early will yield present value savings of 11.7 percent or $669,000.
“This is a great win for our taxpayers and the College,” said Board Vice Chairman David Olsen. “Our thanks to the entire finance team for their leadership on this savings to residents of our district.”
Brian W. Caputo, Vice President for Administration and Treasurer (CFO), presented the Board with two options, both of which would reduce bond debt. The approved option provided more savings to taxpayers, he said.
“College of DuPage has fully entered a new era of transparency and engagement,” said College of DuPage President Dr. Ann Rondeau. “We will continue to search for ways to operate with greater efficiency so that we are building with confidence toward our future.”
College of DuPage is regionally accredited by the Higher Learning Commission. Serving approximately 28,000 students each term, College of DuPage is the largest public community college in the state of Illinois. The College grants nine associate degrees and offers more than 170 career and technical certificates in over 50 areas of study.
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