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Westmont hires Raymond James as municipal adviser as village plans up to $34 million bond for fire station and water work
Summary
The Westmont Village Board on Oct. 30 approved hiring Raymond James as municipal adviser for a potential $34 million bond issuance to fund a new fire department headquarters and water-system projects. Trustees approved the adviser contract by roll call after staff outlined uses, timing and how debt service would be paid.
The Westmont Village Board on Oct. 30 approved an agreement to retain Raymond James as the village's municipal adviser as staff pursues a potential issuance of up to $34 million in general-obligation/alternative-revenue bonds to finance a new fire department headquarters and water-system improvements.
Director Altek told trustees the proposed bond would cover construction of a fire headquarters (staff estimated a potential construction cost in a range discussed publicly), architecture and related moving costs, and roughly $4 million in water projects including North Park, Chicago and Bullard water-main improvements and water-treatment-plant rehabilitation. He told the board the water portion was anticipated in the long-range water-financing plan and…
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