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Villa Park approves up to $463,750 in debt certificates to purchase four vehicles
Summary
Trustees authorized issuing debt certificates not to exceed $463,750 to finance three squad cars and one dump truck, with a three‑year repayment plan and a short-term transfer from the general fund to the equipment replacement fund to cover 2026 payments.
The Villa Park Board voted March 23 to authorize sale of debt certificates not to exceed $463,750 to finance purchase of three squad cars and one dump truck.
Finance staff said the village solicited quotes and plans to finance with Wintrust Bank on a three‑year schedule. Finance Director Mica described the 2026 budget impact: an additional transfer to the equipment-replacement fund of approximately $8,500 is requested in the amended budget to cover the first-year payment; subsequent payments will be included in five‑year projections.
Trustees asked about funding sources and repayment terms; Director Mica confirmed the monthly payment schedule and that the vehicles would be retired and replaced as part of the equipment‑replacement fund plan. The board approved the ordinance on roll call.
