LYNWOOD | The Lynwood Village Board on Tuesday approved the sale of a general obligation bond in the amount of $690,000 to be used for street repairs, which includes street lighting, pavement, curbs and sidewalks and other various road projects.
Raphaelita McKenzie, of financial advisers Speer Financial in Chicago, explained the bond sale to the board.
“Ruan Securities will be the underwriter for the bond,” McKenzie said. “We got a favorable interest rate of 3.169 percent for 10 years. We felt it was the right time to sell the bond and procure the funds.”
The village will pay the underwriter $80,000 per year for 10 years. Ruan Securities is headquartered in Des Moines, Iowa. A second bond for $855,000 has not been sold. The village is still waiting for a favorable rating on that one.
Village President Gene Williams was pleased the village could procure the funds at a favorable price.
“There will be a lot of road construction and improvement done in the village as a result of this bond,” Williams said. “The expansion of Joe Orr Road is bringing new business to our village, and we have to be prepared for the growth.”
The first phase of the Joe Orr Road extension is scheduled to be completed in November. According to Public Works Director Bob Myers, the project is two weeks ahead of schedule.
In other action, the board:
• Announced trick-or-treat hours will be from 3 to 7 p.m. Oct. 31.
• Announced there will be a Fire Prevention Week open house from 10 a.m. to 3 p.m. Saturday at the fire station at 3701 Glenwood-Dyer Road.
• Announced that the Parks and Recreation Department will host a bus trip from noon to 6 p.m. Oct. 21 to Odyssey Fun World in Tinley Park. There will be hay rides, a pumpkin patch, pig races, a corn maze, and a hay maze. Cost is $13. Residents can call Village Hall at (708) 758-6101 for more details.
• A trip to Brookfield Zoo is being planned for Dec. 15. More details will be released as they are finalized.