The Village of Tinley Park will sell $ 11,700,000 in bonds to help pay for three large projects - and it's not hitting the higher property taxes to help people.
Citing favorably low interest rates, the village Board Finance Committee unanimously approved a bond that pays $ 2 million for wastewater projects in the village of $ 5,200,000 new shares 80thAvenue Metra train station and towards the expansion of $ 4500000 Tinley Park Conference Centre.
Board, which met on Wednesday night, is expected to approve the bond issue in November, with bonds sold in December.
Trustee Michael Bettenhausen, chairman of the Finance Committee, said the time is right to sell the bonds, noting that lower interest rates that will leave the village annual cost of $ 801,000 to repay the debt.
"The debt-service obligations and the bond issue is not property owners," Bettenhausen said.
The village expects interest rates around 3 percent.
"When you think of borrowing $ 1 million and you only have to pay a $ 67,000 interest, this is outrageous," Bettenhausen said.
Rates are so attractive, the village is asking department chairs, are there other projects that require funding, Mayor Ed Zabrocki said.
"The timing is right," he said.
Financing the debt service for wastewater projects will be water and sewer fund, which is paid by users, Bettenhausen said. Sewer improvements will save money in the long run, the village, Trustee Greg Hannon said, because it is cheaper to replace than repair.
