District 101 to pay bond abatement

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Updated: March 10, 2012 8:25AM

Keeping up with its promises, Western Springs Elementary District 101 adopted resolutions Jan. 30 mandating the payment of $1.17 million in bond abatement on Jan. 23.

The payment accounts for this year’s bond services on three bonds from 2003, 2005 and 2006 used to finance building renovation projects. Superintendent Brian Barnhart stated that since each of the bonds were taken out, it has been the district’s financial responsibility to foot the bill each January rather than the taxpayers’.

Interests rates on the bonds range from 2 to 5 percent and account for about $240,000 of the district’s payment, said Barnhart.

The district anticipates paying off the bond from 2003 as early as 2015 and the others by 2018 and 2023, according to Barnhart. While this is good news for the district, its impact on taxpayers is likely to be marginal.