The Niles Community Schools Board of Education provided some much needed relief for Niles taxpayers this week.

The board announced Monday that it sold its general obligation bonds at an interest rate much lower than school officials were expecting.

That is welcome news for Niles residents who have seen gas prices spike and the city raise its utility rates in recent weeks.

School officials estimate that the 3.88 percent interest rate (4.75 percent was forecast) will save taxpayers approximately $8.8 million over the life of the bond, which is 30 years.

It also lowers the amount levied from property owners from 3.89 to 3.4, saving an estimated $25 a year for a person whose home is worth $100,000.

It is not a lot of money, but every little bit helps.

Voters narrowly passed a pair of bond proposals totaling $40 million during a special election in May. The proposals will pay for improvements to safety, infrastructure and technology throughout the school district.

In the days following the vote, board members said it was up to them to make good on the public’s trust by doing everything they could to minimize the financial impact the bonds would have on taxpayers.

Although a lot remains to be done, the board is well on its way to making Niles residents feel good about voting “yes” “yes” this spring.

Not only is Niles getting a better school system, it is getting it at a better price.

That is a good deal from where we sit.

 

Opinions expressed are those of the editorial board consisting of Publisher Michael Caldwell and editors Ambrosia Neldon, Craig Haupert, Ted Yoakum and Scott Novak.