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Oswego board approves up to $27.2 million bond for Lake Michigan water connection
Summary
The Village of Oswego approved an ordinance authorizing up to $27.2 million in general obligation bonds to help fund the village’s connection to the DuPage Water Commission; staff said the bond is one part of a multi-source funding plan that may include a WIFIA loan.
The Village of Oswego on June 9 approved an ordinance authorizing the issuance of general obligation bonds not to exceed $27,200,000 to finance improvements connected to the village’s planned connection to the DuPage Water Commission and Lake Michigan water.
Andrea, a village staff member who presented the funding plan, said the strategy includes two bond issuances and possible federal financing such as a WIFIA loan. “This bond issuance is for, not to exceed $27,200,000, and that will help fund some of the expenses related to the DuPage Water Commission,” Andrea said during the meeting.
Board members had no substantive questions during the presentation. The ordinance specifies that the village will levy and collect a direct annual tax sufficient to pay principal and interest on the bonds. A trustee moved, another seconded, and the board approved the ordinance by unanimous roll-call vote.
Why it matters: the bond is part of a multi-source financing plan the village has used to secure the long-term water supply. Village officials said the Lake Michigan connection is intended to ensure clean, safe water for decades and that the new bonds mirror an earlier issuance last year.
The ordinance authorizes staff to sell the bonds and to continue coordinating funding with state and federal partners. The board took the vote immediately after the presentation; the financing is now authorized but the village will still complete sale and closing steps before funds are expended.
