Council adopts $5.7 million bond ordinance amid questions about debt and paydown

The Vernon Township Council adopted Ordinance 26-14, a bond ordinance appropriating $5,700,000 and authorizing the issuance of $5,303,000 in bonds or notes for various township improvements.

During the public hearing and council discussion, a council member asked the CFO how much the township had reduced bond principal in preparation for the current budget cycle. The CFO replied, "I believe it was 600,000," and said she would confirm the figure. A council member said he believed the township’s total debt was about $36 million; the CFO said she would provide exact figures and that the annual debt statement and supporting information were available online.

There was no public comment during the hearing and the council moved to adopt the ordinance by roll call. The roll call recorded the following responses from those called: Council member Catino — yes; Council member Ortiz — no; Council member Resurra — yes; Council member Sparta — yes; Council president Higgins — yes. The ordinance passed with four votes in favor and one opposed.

Council members asked staff to provide more detailed debt documentation, including the breakdown between notes and bonds and the schedule of paydowns, to ensure clarity about long-term obligations and the use of bond proceeds. The CFO said she would confirm the numbers and make the debt documentation available online.

The ordinance will proceed according to the statutory post-adoption schedule for bond ordinances; staff said the town will observe required waiting periods before proceeding with projects funded by the ordinance.