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Ladd plans six-month reinvestment of MFT CD as IDOT bid date set for STU project on East Cleveland Street
Summary
Trustees agreed to reinvest $136,198.94 of Motor Fuel Tax funds for six months at 3.95% APY to bridge timing with a tentatively scheduled Feb. 27, 2026 IDOT bid letting for a $200,000 STU grant restricted to East Cleveland Street.
President Pro Tem Dan Nelson and Engineer Adam Ossola reviewed a Motor Fuel Tax (MFT) certificate of deposit maturing Dec. 27, 2025. Clerk Rhonda Bezely reported the MFT checking balance at $68,278.30 and the proposal to reinvest $136,198.94 for six months at 3.95% APY with North Central Bank so funds remain available for a planned Surface Transportation Urban (STU) project in FY26.
Engineer Ossola told trustees IDOT is tentatively scheduling a state bid letting in Springfield on Feb. 27, 2026. The $200,000 STU grant is limited to federally eligible portions of East Cleveland Street (from Route 89 to the railroad) and would fund oil-and-chip surfacing and curb repairs on as many deteriorated spots as the money allows. Trustees voted unanimously to reinvest the MFT CD and to approve Resolution #1202 so the village can proceed with the STU bid process.
