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Lynwood adopts ordinance authorizing line of credit under Illinois statute
Summary
Trustees waived readings and adopted Ordinance No. 25-02 to establish a line of credit for the village under 65 ILCS 5/8-1-3.1, with Attorney Boyle explaining the ordinance allows a LOC to support municipal financing needs.
The board voted to waive first and second readings and adopt Ordinance No. 25‑02, authorizing the Village of Lynwood to establish a line of credit pursuant to 65 ILCS 5/8‑1‑3.1.
Attorney Boyle explained that the ordinance provides legal authority for the village to establish a LOC to meet short‑term financing needs. Trustee David Lilly moved to adopt the ordinance; the motion carried on roll call with Trustee Rolanda Clark recorded as abstaining on the ordinance vote.
The ordinance was adopted during the March 11 meeting; the text and implementation details will be handled through village finance staff and recorded in the ordinance file.
