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Board hears first reading of about $8.2 million bond ordinance for capital improvements
Summary
Finance staff read the first of two hearings for a proposed approximately $8.2M general obligation bond (Series 2024) to fund street lights, sewer/storm improvements and water‑main replacements; staff said home‑rule sales tax receipts will be used for debt service and the second reading will coincide with the bond sale.
Miss Burkholner, representing finance, presented the first reading of an ordinance to issue approximately $8,200,000 in general obligation bonds (Series 2024) to fund capital improvements including street lighting, sewer and storm-sewer repairs and water-main replacements. She said the village intends to use increased home-rule sales tax collections (which began July 1) to make bond payments.
Burkholner said the first reading precludes action tonight and that the second reading will coincide with the bond sale in two weeks; she also noted staff will present how the debt service will be paid and that lower market rates give hope for a favorable sale. Trustees asked no substantive questions during the first read and no vote was taken.
