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Riverside staff recommends ballot question to convert street-and-bridge bond levy into annual tax levy
Summary
A village staff member recommended the Village of Riverside put a PTELL ballot question before residents to convert the existing debt-service levy for roads into an annual street-and-bridge tax, arguing the move preserves funding continuity and avoids costly new bond borrowing. No formal vote was recorded in the transcript.
A village staff member recommended that the Village of Riverside place a ballot question before residents to convert the village’s debt-service levy for street and bridge work into an annual tax levy under the Property Tax Extension Limitation Law (PTELL).
The presenter told the village board that PTELL ordinarily limits annual increases to either the consumer price index or 5%—whichever is less—but the statute includes three exceptions. The staff recommended using the PTELL “extension limitation” option, a one-year increase above the 5% cap whose higher levy base then carries forward in future years, allowing the village to continue road investments without issuing new bonds.
"That option would allow the village to get that question…
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