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Council authorizes $500,000 short-term loan to Park District, Rodgers abstains
Summary
The council authorized a $500,000, 4% short-term intergovernmental loan to the Chicago Heights Park District to cover a missed bond payment; Mayor David Gonzalez said the loan would likely be repaid within two weeks and Alderman Wanda Rodgers recorded an abstention.
The City Council authorized a temporary intergovernmental loan of $500,000 at 4% to the Chicago Heights Park District to cover a bond payment delayed by late county tax bills. Mayor David Gonzalez explained the Park District was short on funds because real estate tax bills were mailed late by the county and said the loan "would most likely be paid back within two weeks."
The motion carried with Ayes: Smith, Baikauskas, Brassea, Zaranti, Merrick; Alderman Wanda Rodgers recorded an abstention; Alderman Sonia Perez was absent. The loan terms and a repayment expectation were discussed at the meeting; staff and the Park District will proceed with the short-term funding arrangement.
