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Village approves prepayment of $20 million 2022 note; board expects $500,000–$600,000 in interest savings
Summary
The Village of Mount Pleasant board unanimously approved Resolution 8-2026 to prepay the Note Anticipation Note Series 2022-A (dated 03/15/2022) using TID 5 reserves; the clerk said the prepayment will save an estimated $500,000–$600,000 in interest costs.
The Village of Mount Pleasant board voted unanimously on May 11 to approve Resolution 8-2026, authorizing prepayment of the Village's Note Anticipation Note, Series 2022-A (dated March 15, 2022), using Tax Increment District (TID) 5 reserves.
Clerk Karas explained the transaction to the board, saying the original 2022 borrowing totaled roughly $20,000,000 and that the village has sufficient TID 5 reserves to prepay the note a year early. "Somewhere between $500,000 and $600,000 will be saved in interest costs," Karas said, characterizing the move as fiscally responsible. A trustee who moved the resolution and a seconded motion led to a roll-call vote in which all trustees present voted "aye." The president declared the motion carried.
Trustees framed the prepayment as positive budget news tied to healthy TID balances. No abstentions or dissent were recorded, and the resolution will be implemented per the village's treasury procedures.
