Taxes to Go Down Due to Bond and Interest Restructuring at L-Way District 210
Lincoln-Way High School District 210 approved its tax levy but reduced the tax rate by restructuring the bond and interest fund.
Since the cost of bonds is at an all-time low, the Lincoln-Way High School District 210 Board of Education on Dec.13 authorized a plan to restructure its $225 million in bonds. Despite the approved $3.5 million tax levy increase for 2012, the restructuring works to bring the actual tax rate down. According to Superintendent Lawrence Wyllie, the tax rate should drop between 5-7 cents. At a minimum, the restructuring brings the rate down from $1.83 to $1.78. He likened the restructuring to a basic home mortgage refinance plan. When the rates drop below the initial percentage, homeowners typically refinance the mortgage to take advantage of the lower monthly cost. "We're selling bonds at a lower rate. …It's going to reduce the (tax rate…
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