Flossmoor Asks Voters To Approve Bond Question On Ballot

FLOSSMOOR, IL — The Village of Flossmoor will be asking voters to vote yes for the approval of general obligation bonds. These bonds would be used to finance needed improvements to village infrastructure, according to the village.

According to the village, if the majority vote to approve this action, $10 million in general obligation bonds would be paid off in 20 years. This bond would be financed by the village's property tax levy and would replace an $8 million bond issued by the village to build the Flossmoor Public Library. That bond will be paid off in 2021, according to the village.

If voters pass this referendum, the bonds would be used for resurfacing and reconstructing streets and sidewalks all over the village. It would also contribute to improvements to stormwater infrastructure used for reducing flooding in the Flossmoor Road viaduct and upstream tributary areas of the Heather Hill, and neighborhood north of Downtown, according to the village.

The village said that the board has intentionally discussed this bond at this time so they can replace debt issuance with another at a similar size to minimize any additional taxpayer costs. According to the village, the current tax levy on the library bond is $623,150 and the estimated impact of the new infrastructure bond tax levy is $643,310.

The village said only 16 percent of residential property taxes go to the Village of Flossmoor. "Approximately, 65 percent of your bill goes to the school districts and the remaining 19 percent goes to other taxing agencies shown on your tax bill," the village wrote.

According to the village, the decision to have this question on the Nov. 3 ballot comes after years of discussions among boards and the need to resurface and reconstruct many streets scattered around the village; along with discussions of major flooding.

Addressing the public concern of the referendum defining a 9 percent interest rate, the village said the rate is the maximum they are permitted by law. Legally, it is required for the village to include this information in the referendum question.

"The village believes that with our bond rating and the state of the current economy, we can obtain an interest rate far less than 9 percent" the village said. "However, it is likely that the Village will issue this debt in more than one issuance (known as a series) over several years. Because the other issuances will not occur until later in the project, it is necessary to disclose the highest interest rate that is permitted by law."

If the referendum successfully passes, construction on streets can begin as early as 2021 and the stormwater projects would begin as soon as funding is known, which could also be next year, according to the village.