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La Grange Park board approves intent to issue up to $5 million in bonds for central sewer separation
Summary
The Village of La Grange Park voted to authorize the intent to issue up to $5 million in bonds to fund the central area sewer separation project, accepting $4 million in funding assistance from the Metropolitan Water Reclamation District and scheduling the required public hearing.
The Village of La Grange Park Board of Trustees on May 27 approved an ordinance expressing the village's intent to issue up to $5 million in bonds to help pay for the central area sewer separation project and set a public hearing under the Bond Issue Notification Act.
The vote follows a prior resolution accepting $4,000,000 in funding assistance from the Metropolitan Water Reclamation District (MWRD). Trustee Lautner, speaking in favor, said the project addresses a long-standing concern and noted the MWRD contribution: “I think it's exciting that we're gonna be in a position to finally do something about it.”
The village's presentation said the debt service on the new bonds will be paid from sewer fees collected from the village's water and sewer customers, and staff estimated that the annual debt service is expected to be nearly equal to the village's current debt service. The village noted that existing sewer debt service of about $390,000 per year will end in 2025.
Trustees discussed financing and timing; Trustee D'Aferrio said the project “is an incredible project that's gonna help maintain infrastructure.” The motion to approve the ordinance to authorize issuance of sewage revenue bonds (or in lieu thereof general obligation bonds) in an aggregate principal amount not to exceed $5,000,000 passed unanimously.
The ordinance approves the bond-issuance intent, and a separate order calling the legally required public hearing on the bond sale was approved the same night. Staff and the village's financial adviser and bond counsel previously briefed the board on the bond issuance process.
Implementation steps described by staff include proceeding with the design and construction phases and holding the public hearing required by statute before final bond sale decisions. The board did not set a final sale date at the May 27 meeting.
