The Batavia park board Tuesday approved borrowing almost $432.000, to pay for fixing and developing parks.
It agreed to sell non referendum nontax-capped general obligation bonds, for a one-year term, at 2.347 percent. District taxpayers will pay $7,997 in interest on the loan.
The district has borrowed money this way since 1991, shortly after Illinois' property tax cap law went in to effect. At that time, taxing bodies subject to the cap were allowed to retain some borrowing authority that would not be subject to the limitation. The district has the ability to borrow up to $600,000 this way, without having to ask voters' permission.
Resident Carl Dinwiddie was one of two members of the public at Tuesday's meeting, and the only one to speak on the matter. He again asked the board to not borrow the money, saying district residents need their taxes to go down. Dinwiddie and his wife, Yvonne, spoke against the measure at a public hearing last month.
The district staff has identified a minimum $1.5 million worth of capital projects for the 2011-12 fiscal year.
The top five are stopping the leak and improving water temperature at Quarry Beach; renovating Saratoga Park; installing a park for the Tanner Trails and Mirador subdivisions in North Aurora; building a small shelter at 217 S. River St. and demolishing a nearby building; and starting the first phase of renovating Memorial Park, a two-year project.
Quarry Beach alone is expected to cost $750,000 to $1 million, depending on what solution is identified.
Planning and development director Jim Eby said the district hopes to design the fix this summer and start work once the season ends in August.
Besides the bond money, the district expects to use money left in its capital fund. Its annual financial report for the fiscal year that ended April 30, 2010 indicated it had more than $1.9 million in that fund.