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Salem Lakes trustees signal consensus to pursue $2 million capital borrowing for roads and equipment
Summary
Trustees directed staff to prepare financing for a roughly $2 million debt issue to address a backlog of road and equipment needs after discussing options ranging from $2 million to $6 million and levy impacts on homeowners.
Salem Lakes — Trustees signaled a board-level consensus to direct staff to develop a $2,000,000 capital financing plan to fund road work and other items in the village capital plan, Treasurer’s office staff and a financial advisor told the board at its meeting.
The board’s direction came after a presentation that outlined several funding scenarios — $2 million, $4 million and $6 million — and explained tax and levy consequences. A consultant from Ehlers described the options and the timing constraints tied to the levy-setting process and debt market schedules.
A staff member from the treasurer’s office said the village maintains about 86 miles of roads and that best practice would be to invest roughly 4 miles of roadway per year; the village currently funds roughly 1.5 miles per year. The treasurer’s office and Ehlers described the trade-offs between borrowing amounts and…
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