Buffalo Grove sells $6.3 million in bonds to fund roadwork
Buffalo Grove trustees voted Monday to issue nearly $6.3 million in bonds to finance street and infrastructure improvements this year.
The bonds will be repaid over 15 years using property tax revenues, officials said. It is not clear yet how the bond issue will affect residents' tax bills, according to officials.
The bonds were sold Monday through an online auction won by Robert W. Baird and Co., which offered a 2.18 percent interest rate. Fourteen bids were submitted.
The village's search for a low rate was helped along by recent positive credit ratings from both Standard & Poor's and Moody's.
"I think if you look through those (reports), they're very complimentary to the village," said Kevin McCanna, the village's independent financial adviser. "The theme that runs through them is strong management, strong financial flexibility and strong liquidity, so I think they're saying that everything is going very well from their viewpoint on your credit."
Village officials said the money will fund primarily street resurfacing, along with some reconstruction, intended to keep the village up to date on its 20-year road improvement cycle.