May 20, 2016
For Immediate Release
Contact: Tim Schram
Debt Refinancing Saves
Summit, IL Taxpayers Over $295,000 
Favorable Bond Market Conditions Help Results

CHICAGO, IL - May 20, 2016 - In an effort to save taxpayers money, Summit Public Library District recently issued $3,215,000 in General Obligation Refunding Library Bonds, Series 2016. The bonds, which refunded the District's previously outstanding series 2002 and 2003 bonds, decreased interest costs and will save a total of over $295,500 over the next seven years (the life of the bonds). On a present value basis, the savings is almost 9% of the refunded bonds principal amount. The bond savings will result in lower property taxes for property owners.
JPMorgan Chase Bank purchased the bonds with a 1.77% interest cost through a private placement (or non-public offering). Mesirow Financial, Inc. served as the placement agent. Ehlers serves as the District's municipal advisor and assisted with the sale. "The bonds which were sold in early April and closed on April 26, 2016 had a very good outcome," stated Adrienne Booker, Municipal Advisor at Ehlers. Booker continued, "Favorable bond market conditions and purchaser interest in tax-exempt debt for bonds maturing within seven years helped to result in a low interest cost on the District's series 2016 bonds."

About Ehlers 
Ehlers, an independent municipal finance advisor for over 60 years, is ranked third nationally in number of competitive sales advised.  (Source: Bloomberg competitive sales between 1/2/2015 and 12/31/2015. (212) 318-2000) Ehlers' goal is to help public sector clients' achieve practical financial solutions at the lowest cost to taxpayers. Ehlers works with counties, municipalities, townships, school districts, and other governmental units to build better communities through the products and services offered include: Debt Issuance Services, Economic Development and Redevelopment, Financial Planning, and Strategic Communications. The only allegiance is to the communities to which are served by Ehlers. Visit   for more information.
About The Summit Public Library District
The Summit Public Library District is dedicated to providing optimal library services to the public. Summit Public Library District serves the residents of the Village of Summit and their guests, providing materials for personal enrichment, self-advancement, and relaxation to all age groups, providing facilities for community groups and programming for all age groups. Visit more information.

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