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Council authorizes up to $32 million in water and sewer revenue bonds
Summary
The council approved an ordinance authorizing issuance of waterworks and sewerage revenue bonds in an aggregate principal amount not to exceed $32 million to fund infrastructure projects, with one abstention recorded.
The Crest Hill City Council approved an ordinance authorizing the issuance of Waterworks and Sewerage Revenue Bonds in an aggregate principal amount not to exceed $32,000,000.
City engineer Ron Wiedemann presented the ordinance and said the bonds would finance water and sewer projects; council approved the ordinance following a roll-call vote. Alderman Nate Albert abstained from the vote and cited a potential conflict of interest related to employment with Edward Jones; the mayor thanked him for the transparency.
The ordinance (recorded as Ordinance 2023 in the minutes) passed on the roll call. The engineer said grant funding for a related transmission main (a DCEO $400,000 award) had been received and that the project would proceed to bidding in the coming weeks.
Next steps: City staff will proceed with bond issuance planning and schedule project bidding and implementation in coordination with the city engineer and finance staff. The council did not discuss bond sale structure, underwriter selection or specific debt service schedules at the meeting.
