Village approves contingency borrowing declaration for STH 107 reconstruction
The Board approved a Declaration of Official Intent allowing the Village to convert cash used to pay for the STH 107 reconstruction into a loan within three years if cash-flow issues arise, giving the municipality flexibility to replenish reserves.
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The Village Board voted Aug. 5 to approve Declaration of Official Intent NO. 2026-08-05A covering the STH 107 reconstruction project. Administrator Cherek told trustees the declaration permits the Village to treat cash payments for the project as temporary and, if necessary within three years, convert those payments into a borrowing to replenish cash funds.
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