The Collinsville Area Recreation District has initiated the refinancing (refund) of its 2004 bonds and anticipates saving $30,000 over the next eight years.
The refinancing process cannot complete until Dec. 1, when the bonds are callable. After that date, all future bond debt repayments will reflect the savings, CARD Executive Director Terry Wilson said.
As of April 30, 2013, CARD had $22,300,000 in long-term debt across all current outstanding bonds.
The district recently published the results of its annual audit for the fiscal year ending April 30, 2013. CARD’s total net position decreased by more than $1.4 million during the year, but the number reflects a $1.5 million write-down for the transfer of Miner’s Theatre to the Miner’s Institute Foundation.
The results of the audit are available at http://www.collinsvillerec.com/pdffiles/CARD%20Final%202013%20Audit.pdf or at the CARD offices during regular business hours, 8:30 a.m. – 5 p.m. Monday through Friday. CARD is located at 10 Gateway Drive, Collinsville.
