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Hainesville chair introduces $750,000 promissory‑note proposal to finance village improvements
Summary
The chair moved to authorize a business loan agreement and issue a $750,000 promissory note to finance village projects; an interest rate of about 5.5147% was cited. The transcript includes the motion but records no vote or final outcome.
Chair opened the business portion of the Hainesville Village Board meeting by introducing a motion to authorize a business loan agreement and to issue a $750,000 promissory note to finance certain village projects and improvements.
The motion's wording as read by the chair referenced financing "certain projects and improvements for the village of Hainesville, Lake County, Illinois," and the issuance of a $750,000 promissory note evidencing the village’s obligation. When asked about the interest rate, a participant cited "5 point 5.147," which was recorded in the transcript as 5.5147 percent.
The transcript does not show a mover, a second, a vote tally or an adoption of the measure. Board discussion on the loan terms beyond the interest‑rate mention was not recorded in the provided excerpt. The chair moved on to other business after the question about the rate.
Because no vote or formal outcome appears in the transcript, it is not possible to report whether the note was authorized; any final adoption, ordinance or execution of loan documents would be recorded in subsequent minutes or official documents.
