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Metamora board OKs resolution to allow bond reimbursement, discusses alternate revenue bond for public safety building
Summary
Trustees approved a resolution declaring intent to reimburse capital expenditures from proceeds of a future obligation and reviewed issuing an alternate revenue bond to finance the planned public safety building; the board voted 6–0 to adopt the resolution.
Attorney Brunton reviewed financing options for the proposed public safety building and recommended issuing an alternate revenue bond as the most favorable option. He explained the benefits of that financing approach to trustees and outlined next steps to coordinate with the Rural Fire Department on their funding share.
Brunton presented a Resolution Making Declaration of Official Intent Regarding Certain Capital Expenditures to be Reimbursed from Proceeds on an Obligation issued by the Village of Metamora, explaining this is a formal step required by the Securities Act to permit later reimbursement of prior expenditures. Trustee Merle Weyeneth moved to approve the resolution; Trustee Darin Alig seconded and the board voted 6 yeas, 0 nays to adopt the resolution.
Staff will schedule a meeting with the Rural Fire Department to confirm its participation in financing and proceed with the bond-related procurement steps described by Brunton.
