The Village of Gilberts, Kane County, Illinois successfully issued $17,475,000 Special Tax Refunding Bonds, Series 2015 on June 23, 2015.
The Bonds were issued to currently refund the previously outstanding Special Service Area Number 9 Special Tax Bonds, Series 2005 which previously refunded Special Tax Bonds, Series 2001. The 2001 bonds were issued to finance infrastructure improvements to the approximately 600 acre special service area, which consists of 924 single family homes, 489 townhomes and 62 duplexes. The bonds are payable from a special tax on each of the parcel owners annual property tax bill, calculated based on annual debts service.
The 2015 refunding bonds were Build America Mutual insured and generated net interest savings of approximately $1,013,401. The interest savings generated approximately $780.43 for each single family homeowner in the special service area and approximately $476.04 for each duplex and townhome owner.