The Bond County Unit 2 school board has taken action to complete refunding general obligation bonds.
A resolution was approved at the March meeting to issue $1.115 million in taxable bonds and $6.91 million in non-taxable bonds.
Work on the bond situation began in November of last year when the board issued working cash and life/health safety bonds. Superintendent Wes Olson said the recent action of the board only restructures existing debt, but sells it at a lower interest rate.
It was learned that initially, the bond tax rate will increase. Olson said there will be a 3 cent increase in the Bond levy. It will level out through the second half of the structure, he said.
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The superintendent said it is hoped a local financial institution will be interested in buying the bonds.