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ISU saves money by paying off bonds

Fri, 22 Feb 2013 16:17:11 CST
By: Charlie Schlenker

Illinois State University is paying off some bonds early. By using $8.3 million in cash reserves to retire bonds issued in 2003, ISU will save $943,000 over ten years. This is nearly twice the amount of savings a simple refinancing would have generated for the institution in Normal. The University has nearly 74 million in Auxiliary Facilities System reserves and administrators say that is more than enough to deal with repair and replacement needs. The facilities system gets funding from student fees on housing, dining, parking, and recreation activities.

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