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Kirkland board weighs three-year loan, bond options to pay $366,871 IDOT invoice for Pearl Street Bridge
Summary
Village officials discussed options to pay IDOT Invoice #127326 ($366,871.61), including a suggested three-year $225,000 loan to be repaid with future MFT funds and longer-term bonding; Clerk Scidmore will explore a loan with Resource Bank and Attorney Walters outlined bond tradeoffs.
Village President Ryan Block told trustees that Illinois Department of Transportation Invoice #127326 totals $366,871.61 for the Pearl Street Bridge project and that IDOT had recommended the village adopt a "Resolution With Intent" and consider a three-year loan for $225,000 to cover part of the bill, with remaining payments from current Motor Fuel Tax (MFT) reserves. Block said the loan approach would allow future incoming MFT funds to cover loan payments over the next three years.
Village Attorney Matthew Walter cautioned that issuing a bond carried higher up-front costs, including fees for bond counsel, and could reduce near-term cash reserves even though it may improve long-term cash flow. Trustee Fruit asked about bonding; Walter said bonds require initial direct costs and engagement of bond counsel. Village Clerk Leslie Scidmore said she will contact Resource Bank to explore short-term loan options to satisfy the invoice.
