A $10 million alternate revenue bond sale to finance road improvements is in the works in Mokena.
The Village Board this week agreed to put the bonds, which would be paid back with revenues from the town’s 0.5 percent sales tax, on the market later this month.
Assistant Village Administrator Kirk Zoellner said the proceeds would pay for five years of road or intersection upgrades on several streets, including Cherry Street, Townline Road, 191st Street, 195th Street, 104th Avenue, LaPorte Road and Schoolhouse Road.
The village can expect interest rates around 4 percent, Zoellner said. “Interest rates are probably as favorable as they’re going to be for quite some time,” he said.
Because the estimated $736,000 annual payback costs would be taken from the $895,000 a year expected from the .05 percent sales tax approved in a 2001 referendum, the bond issue will not raise real estate tax bills, village officials said.