Politics & Government
Village of Romeoville Votes to Refinance $13.5M in Bonds
The unanimous decision is anticipated to save the village of Romeoville about $550,000.
Photo credit: www.romeoville.org
ROMEOVILLE, IL – Trustees in Romeoville unanimously voted to approve a $13.5 million bond refinancing to save the village about $550,000.
The bonds were first issued in 2007 to fund the construction of Fire Station 3 and repay earlier bonds issued to buy the property where the station was built, according to finance director Kirk Openchowski.
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The village hasn’t gone to market yet on the refinancing, Openchowski said, but the new interest rate on the bonds is estimated at 2.34 percent, down from the previous rate of 4.26 percent.
“It means that there’s less pressure on the taxpayers,” Mayor John Noak said.
Find out what's happening in Romeovillefor free with the latest updates from Patch.
The board also voted to buy the BMO Harris Bank building at 626 Town Hall Drive for $1.2 million, Openchowski said.
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