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LC refinancing $6.4 million worth of bonds to pay for self-insurance program

Posted by wlpo on March 15, 2011

La Salle County is staying self-insured through 2024.

The county board is refinancing $6.4 million worth of bonds to pay for its self-insurance program.  The money will be paid back thru an insurance levy that generates around $1 million a year.

The new bonds will start in 2015 with an interest rate of 2.3%.  The interest rate will go up a little each year before reaching 4.5% when the bonds end in 2024.

Since the county went self-insured in 2004, they’ve saved an estimated $250,000 a year.

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