On September 15, 2015, the Fox Lake Grade School District 114 Board of Education successfully refinanced $4,215,000 of its Series 2001 Bonds. This represents the remaining balance on the Bonds that were issued in order to build the new Lotus Elementary School in 2001.
By taking advantage of the low municipal interest rate environment, the District 114 Board of Education lowered its interest cost by approximately $164,000 over the last few years of the repayment term. As a result, taxpayers will see a reduction in property tax bills over the next five years. The Lotus Elementary School building will be completely paid off on January 1, 2021.