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Salem Lakes approves $1.9 million one-year promissory note to fund capital projects
Summary
The Village Board authorized the issuance and sale of a $1,900,000 general obligation promissory note (Series 2025A) in a 6–1 roll-call vote to provide short-term funding for the capital plan; the note carries a 3.7% interest rate and is callable March 1, 2026, with final maturity Dec. 1, 2026.
The Salem Lakes Village Board on a 6–1 roll-call vote authorized the issuance and sale of a $1,900,000 general obligation promissory note, series 2025A, to fund capital projects and smooth levy impacts.
The vote followed a presentation by Ariana Schmidt of Ehlers, the village’s municipal advisor, who described the financing as a one-year, private-placement promissory note designed to work within levy-limit constraints. "There is an interest rate of 3.7% which is lower than our presale estimate," Schmidt said, and she noted a…
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