Board Approves Responsible Refinancing
At its Feb. 21 meeting, the Forest Preserve District of DuPage County Board of Commissioners approved a refinancing of debt that will hold taxes at the current level and allow the Forest Preserve District to pursue several long-planned recreational projects.
Commissioners voted to take advantage of low interest rates to refinance $38.7 million of the District’s debt into a new $42.7 million offering. Under the new general obligation bonds, the District’s annual debt service will stay at its current level.
“We are always looking for ways to stretch dollars as far as possible,” said Forest Preserve District President D. “Dewey” Pierotti Jr. “The refinancing is similar to what homeowners do every day in DuPage County and allows us to provide more recreational opportunities without additional burdens on taxpayers.”
The extra $4 million will be considered to fund improvements at St. James Farm Forest Preserve in Warrenville and at Willowbrook Wildlife Center in Glen Ellyn. Both of these locations have established master plans that outline developments to improve public offerings and infrastructure.
District officials hope to complete the bond sale by April 2012 and announce a more detailed schedule for the improvements in coming weeks. The bonds will extend through 2024.
Established in 1915, the Forest Preserve District of DuPage County manages over 25,000 acres of prairies, woodlands and wetlands. Each year, over 4.3 million visitors enjoy the District’s 60 forest preserves, 145 miles of trails, five education centers, and scores of scheduled programs and events. To learn more, call 630-933-7200 or visit dupageforest.org.
Media Contact: Bill Weidner, Office of Public Affairs, 630-871-6406
News Release Date: Feb. 23, 2012