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Mount Vernon cedes $1.91 million in private activity bonding authority to regional development authority
Summary
The council unanimously approved Ordinance #2026-04 to cede $1,911,870 in private activity bonding authority to the Southeastern Illinois Economic Development Authority; the authority can be used for private development only and must be obligated by May 1 or revert to the State.
The Mount Vernon City Council on Monday approved Ordinance #2026-04 to cede $1,911,870 in private activity bonding authority to the Southeastern Illinois Economic Development Authority.
City Manager Nathan McKenna presented the ordinance, explaining the State of Illinois allocates private activity bonding authority that can be used for economic development. McKenna told the council the city must obligate the allocation by May 1 or it will be returned to the State. The ordinance specifies the funding is limited to private development and cannot be used for public projects.
Council Member Donte Moore moved to suspend the rules and take action on the ordinance; Council Member Joe Gliosci seconded. Council Member Donte Moore then moved to approve Ordinance #2026-04; Council Member Joe Gliosci seconded and the vote was unanimous.
The ordinance transfers the city's allocation of private activity bonding authority to a regional authority so it remains available for southeastern Illinois projects; the council did not specify any local projects that will use the authority at this meeting.
