A refinancing move by the Village Board is expected to save the village more than $50,000 in interest costs, according to a financial adviser.
Kevin McKenna, a financial adviser to the village, said lower interest rates will mean lower overall payments for two bond issues.
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In effect, trustees voted recently to refinance a $755,000 bond issue that financed upgraded police and fire equipment and public improvements, and a $5 million bond issue for improvements to the wastewater treatment system.
“There are better interest rates out there” than when the bonds were first sold, Village Manager Jim Smithberg said.
In other business, trustees voted to increase funding for RPTV, the Romeoville public access television station, to $3,500 a month from $1,500.