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Salem Lakes board approves resolution to pursue $2 million short-term promissory note
Summary
Trustees authorized moving forward with a resolution to sell an approximately $2 million general obligation promissory note to fund street projects and allow the amount to be exempt from levy limits; bids will be solicited and returned by October for final award.
The Village of Salem Lakes authorized staff to pursue the sale of approximately $2,000,000 in general obligation promissory notes to fund planned street projects and allow the amount to be exempted from the village's levy limit. The board approved the procedural resolution on a 6-1 roll call vote, directing staff and the village's financial advisor to solicit competitive proposals and return to the board for award. Todd, a municipal finance advisor from Ehlers, told trustees the plan is to solicit bids from commercial banks, with proposals due by Oct. 1 and a recommendation to the board at its Oct. 7 meeting. The draft term sheet calls for a short maturity ' a one-year…
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