A $10 million bond issue will finance three years of road improvement projects, village officials said this week.
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The 20-year alternate revenue bonds were sold to Memphis-based Morgan, Keegan & Company Inc. Village Administrator John Downs said the 3.67 percent average annual interest rate on the bonds is “a very favorable rate.”
The bond debt will be repaid with revenues from a 0.5 percent sales tax levied by the village to pay for the roadwork needed to serve the rapidly growing suburb. Residents approved the local sales tax in a 2001 referendum.
Roads earmarked for upgrades over the next four years include 191st Street and 195th Street this year, 104th Avenue in 2005, LaPorte Road and Schoolhouse Road in 2006 and Owens Road in 2007, Downs said.
The revenues generated by the sales tax have enabled the village to pay its share of improvement projects carried out by the Illinois Department of Transportation, he said.
The sales tax money also helped the village qualify for a $1 million federal grant to upgrade LaPorte Road, Trustee John Mazzorana said.