Lincoln-Way to save tax money

Lincoln-Way Community High School District stands to save $1.3 million by restructuring bonds issued in 1998 and 2006.

The restructuring proposal, which the school board is to consider at its Nov. 12 meeting, would enable the district to take advantage of lower interest rates.

As a result, the district's bond and interest property tax rate would remain at 34 cents per $100 of equalized assessed value, Superintendent Lawrence Wyllie said.

"The bottom line is that we have a very favorable market for restructuring while keeping our tax rate at 34 cents as we promised," Wyllie said.

The savings would allow the district to issue $10 million in life safety bonds without affecting the tax rate.

The life safety bonds are required to pay for mandated repairs at Lincoln-Way Central and East.

The repairs, which include door, window and roof work, as well as heating/air conditioning upgrades and the installation of energy efficient lighting, are necessary to comply with state law.

Lincoln-Way North and West do not require such work, as they are new schools.

The district is taking advantage of a down economy to save money, Wyllie said.

"With everything going on in our economy, we have been searching for different sources of revenue," Wyllie said.