Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Bond Abatement topic
No spam. Unsubscribe anytime.
Village approves tax‑abatement ordinance for Series 2024 GO bonds
Summary
A companion ordinance abating 2025 taxes to pay principal and interest on Series 2024 general obligation bonds (used for water and sewer projects) passed after a motion to waive the second reading; finance staff said home‑sales tax revenue will be used for that debt service.
The village board approved a second abatement ordinance on Oct. 28 that applies to general obligation bonds issued in 2024 to finance water and sewer projects.
Finance staff described that the Series 2024 bonds are paid using home‑sales tax revenue and that the abatement prevents those amounts from increasing the tax levy. “The 2024 GO bonds that we issued for various water and sewer projects, we use home sales tax to pay the principal and interest on that,” the finance representative said. Trustee Selfridge moved to approve the ordinance and waive the second reading; the board approved the motion on roll call.
The item was acted on during the meeting as a first‑read/waive‑second reading motion; the transcript records the motion and the roll‑call approval but does not provide a full numeric roll call breakdown in the minutes.
