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Kirkland weighs loan or bond to cover $366,871 IDOT Pearl Street Bridge invoice
Summary
Trustees discussed applying for a three-year loan and other options to address IDOT Invoice #127326, which lists a total of $366,871.61 for the Pearl Street Bridge; village staff will investigate a Resource Bank loan and attorney outlined bond costs and tradeoffs.
The Village of Kirkland is exploring financing options after being presented with Illinois Department of Transportation Invoice #127326 for the Pearl Street Bridge project, which the minutes list at $366,871.61.
President Ryan Block said IDOT suggested the village adopt a "Resolution With Intent" and apply for a three-year loan for $225,000 to cover part of the invoice and use Motor Fuel Tax (MFT) funds to pay loan installments over three years. Village Attorney Matthew Walter warned that issuing a bond would carry higher initial costs for bond counsel and reduce short-term savings, though it could improve cash flow over time. Clerk Leslie Scidmore will pursue loan discussions with Resource Bank as a next step.
Trustees asked questions about MFT allowable uses, bond fees and cash-flow implications. No formal financing resolution or bond issuance occurred at the meeting; staff were directed to get a loan proposal and to report back with options and estimated costs.
