Lowell taps general obligation bonds for street improvements

2013-10-30T18:55:00Z 2013-10-30T22:44:06Z Lowell taps general obligation bonds for street improvementsMelanie Csepiga Times Correspondent nwitimes.com
October 30, 2013 6:55 pm  • 

LOWELL | The town will pay for street improvements projects by issuing $800,000 in general obligation bonds.

The Town Council agreed Monday to the move recommended by Clerk-Treasurer Judy Walters and financial consultant Greg Guerretaz.

Jimmy Shanahan of Shanahan & Shanahan, Chicago, which will serve as counsel on the bond issue, said taxpayers will not see an increase due to the bonds.

Shanahan said the bonds essentially refinance 2009 notes used for road improvement.

Walters said the bond issue should be accomplished by the end of the year. To that end, a public hearing on the additional appropriation will be held next with the closing in December.

In another matter, the council agreed to expand its Public Employee Retirement Fund as recommended by the state.

Walters explained the budget includes the town's first, full-time firefighter position. As a civilian employee, the position is planned to be eligible for civilian PERF.

However, Walters said a firefighters' pension fund is another option, so the state requires the change, whether used or not.

Boy Scouts Troop 697 was recognized for work in the creek area behind Lowell Cemetery.

And, at the request of Cedar Creek Township Trustee Alice Dahl, the Freedom Park Committee president, and the urging of Councilman Robert Philpot, R-2nd, the council agreed to a work session with members of the Lowell Little League. No date was set.

The league has a contract with the town to use 34 acres at the 117-acre Freedom Park site, but has done no work toward the move there and, instead, invested in the Lowell Veterans of Foreign Wars Post 6841 fields where it currently plays.

Earlier, Public Works Director Greg Shook said Lowell girls' softball leaders are interested in the space now contracted to the baseball league.

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