Lynwood to borrow $360K for future tax payments

2012-11-14T09:30:00Z 2012-11-17T18:26:19Z Lynwood to borrow $360K for future tax paymentsBob Moulesong Times Correspondent nwitimes.com
November 14, 2012 9:30 am  • 

LYNWOOD | The Lynwood Village Board on Tuesday approved borrowing  $360,000 to keep the village running as it awaits tax payments from the state.

The village will borrow the General Obligation Tax Anticipation Warrant from the First National Bank of Illinois at 4.5 percent interest rate. Payments must be made every six months.

“We have done this same thing in years’ past,” Village President Gene Williams said. “By borrowing the money in anticipation of tax payments, we can keep the village running smoothly.”

If the state pays the village on time, the payment would be made in the spring. The village plans to pay off the loan as soon as they receive the tax money from the state.

“Normally, we get our money in a timely fashion and pay off the warrant as quickly as possible,” Williams said. “We want to minimize the amount of interest we have to pay out.”

The board also approved a motion to purchase new software from ACS Enterprise Solutions. The software is used to conduct village management and administration.

The contract with ACS is a three-year deal for $77,000.

“The software will allow us to take advantage of many new features that will help streamline the village administration process,” Williams said. “It will also allow us to take advantage of Cloud computing to save money on local hardware.”

In other village news, Police Chief Michael Mears requested the board authorize the Fire and Police Commission to conduct a background check of the first two qualified candidates on the police hire list. Mears also requested the first two qualified candidates be hired as officers.

The board approved both requests unanimously.

“We save a large amount of money by hiring experienced officers who can hit the ground running,” Williams said. “Our plan is to hire a mix of experienced and new officers. These two hires will be experienced officers who want to be here.”

 

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