ROCK ISLAND COUNTY, Ill. — With retirement funding short by about $15 million, Rock Island County Officials believe $30 million in bonds could be a smart money management decision.
Rock Island County Administrator Jim Snider believes this decision, along with low interest rates, will save taxpayers money in the long run.
"It's like refinancing a house," Snider said. "If your interest rate is at 7.25% and you can refinance to 3-3.5%, it's going to save you money over time. It's not going to eliminate the unfunded issue, it's just going to minimize the amount of cost for the unfunded portion."
The Rock Island County Board will hold a public meeting next month to get feedback on the bond proposal.