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Kankakee council approves up to $17.7 million in bonds to fund roads, sewer and capital projects
Summary
Council gave final approval Aug. 18 to ordinances authorizing up to $7.95 million in sewer revenue bonds and up to $9.75 million in general obligation bonds to fund sewer work, road maintenance, a hydroelectric project and other capital needs; refinancing of prior bonds was also authorized as an option.
The Kankakee City Council on Aug. 18 approved second readings of two ordinances authorizing not-to-exceed bond issuances: up to $7,950,000 in sewer revenue bonds (Series 2025B) and up to $9,750,000 in general obligation bonds. Both ordinances passed on final reading by roll call vote, 13 ayes, 0 nays.
Bob Vail, representing Rarity Securities, updated the council on timing, structure and purpose of the financing. “Rates have actually come down a little bit,” Vail said, and the city was targeting pricing the week of Sept. 11 with a closing around Sept. 24 if market conditions hold. He said the GO bonds were structured to net about $9,450,000 for capital projects and the sewer…
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