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Westmont holds public hearing on proposed $35 million bond for fire station, water projects; no public comment
Summary
At a Feb. 19 public hearing the Westmont Village Board received staff remarks on a proposed not‑to‑exceed $35 million alternate‑revenue general obligation bond to fund a new fire station, public works cold storage and water system upgrades; staff explained term, funding sources and expected market conditions and no members of the public offered comments.
Mayor Nero opened a statutorily required public hearing on the village's plan to issue general obligation bonds not to exceed $35,000,000 (alternate revenue source, Series 2026) to finance capital projects.
Director Altek recited the hearing notice and explained that proceeds would help fund a new south‑end fire station, a public works cold storage facility, approximately 1.25 miles of water main replacement along North Park Street/Chicago Avenue/Boulevard Street and water‑plant rehabilitation including pumps, generators and system controller replacements. Altek said roughly $4,000,000 of the total issuance would be paid from future water‑rate revenue and that the remainder would use an existing sales tax established last year; staff described a proposed 20‑year term and noted a principal prepayment strategy intended to save about $650,000 in interest over the life of the bonds.
Altek told the board staff expects market conditions in April to yield an interest rate under 4 percent but noted the exact rate will be determined when the bonds are sold. He also noted the public notice was published Jan. 29, 2026, in the Westmont Suburban Life as required by the Bond Issue Notification Act (BINA).
The mayor asked for residents who wished to speak; no one came forward. Mayor Nero closed the hearing at 6:17 p.m.
Because this was a hearing rather than an adoption vote, the board did not take final action on the bond sale at the meeting; staff will proceed to market and return with sale results and any required authorizing ordinance and financing documents.
