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Board considers ordinance authorizing $2.54 million promissory note to refinance term loan
Summary
Trustees reviewed an ordinance authorizing a credit agreement and issuance of a $2,538,004 promissory note to refund and extend an outstanding term loan; staff said revised packet attachments were provided and the ordinance reflects refinance documents.
The Village Board reviewed an ordinance that would authorize a credit agreement for the purpose of refunding and extending an outstanding term loan and approve issuance of a $2,538,004 promissory note as security for repayment.
Staff noted the meeting packet included revised attachments and that the refinance documents from Republic Bank were intended to be in the packet; legal counsel and staff said the substance of the ordinance aligns with the refinance paperwork before the board.
Trustees asked clarifying questions about amortization and how much of the reported monthly payment goes toward principal; staff said amortization schedules would be provided after lock-in and would contain the principal breakdown. No final timetable for execution was set at the open meeting beyond the motion before the board.
The ordinance was presented as part of the active agenda; trustees discussed procedural attachments and staff said the packet had been corrected to include the refinance attachments.
