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 about $669,000.
“We are very pleased to seize this opportunity to exercise fiscal responsibility and save our taxpayers money,” board Chairwoman Deanne Mazzochi said in a news release.
The board authorized the redemption of about $5.74 million of principal associated with the June 1, 2021, maturity of the college’s 2007 general obligation bonds. Calling the bonds early will yield present value savings of 11.7 percent, or $669,000, according to the release.
Brian Caputo, COD treasurer and vice president for administration, 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,” COD President Ann Rondeau said in the release. “We will continue to search for ways to operate with greater efficiency so that we are building with confidence toward our future.”