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Shorewood board approves tax‑abatement ordinance for Series 2021 GO bonds
Summary
The board approved an ordinance abating 2025 taxes to pay principal and interest on $14.2 million Series 2021 general obligation bonds (public works facility), waiving the second reading; finance staff said utility taxes in the general fund pay that debt service.
The Shorewood village board on Oct. 28 voted to approve an ordinance abating taxes for 2025 so proceeds from designated revenue sources can be used to pay principal and interest on $14,200,000 in general obligation bonds, series 2021, which financed construction of the public works facility.
Finance staff explained that the abatement clarifies the village’s intention that those abated amounts should not be added to the tax levy and noted the bonds are paid using utility taxes that flow to the general fund. “These next two items are our tax abatement ordinances… There are 2021 general obligation bonds, which finance the construction of the public works facility,” a finance representative said during the discussion. Trustee Selfridge moved to approve and waive the second reading; another trustee seconded and the motion passed on roll call.
The board took similar action on a companion abatement for Series 2024 bonds during the same meeting (see separate item). No board member requested additional conditions when the motion was considered.
