Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Infrastructure topic
No spam. Unsubscribe anytime.
Oswego board authorizes up to $24.3 million in bonds for Lake Michigan water connection
Summary
The Village approved issuance of tax-exempt general obligation bonds not to exceed $24.3 million to help fund the village's share of the DuPage Water Commission/Lake Michigan connection; staff expects to close a WIFIA loan this year that will cover a portion of the project.
The Village of Oswego voted to authorize tax-exempt general obligation bonds not to exceed $24,300,000 to finance a portion of the village's connection to the DuPage Water Commission and Lake Michigan water supply.
Andrea (staff) told the board the village's estimated share of the total DWC project is roughly $88 million for construction and about $11 million for a capital cost recovery charge; financing will include a WIFIA loan (up to 49% of eligible costs) and two bond issuances, the first of which — the not-to-exceed $24.3 million bonds — is intended to generate approximately $20 million needed in 2025. Andrea said the debt-service illustration included in the packet is conservative and that the village expects to close on the WIFIA loan this year before issuing a final bond tranche.
A motion to approve the ordinance authorizing the bond issuance was made, seconded and passed by unanimous roll call.
