Unlike much of the country, Grayslake is debt-free

While many of the country's major financial institutions, individuals and towns have been moaning about debt problems of their creation, Grayslake is far from the fray.

Officials announced the village has paid off its last debt. Mayor Timothy Perry said a longtime conservative fiscal policy and the privatization of many village services have led to the lack of debt.

"With all the bad news out there, (the residents') village is OK," Perry said.

Village board members recently authorized Perry to sign an agreement to cover the last remaining debt of $191,938 for water reservoir and pump station bonds issued in 1990 to bring Lake Michigan water to Grayslake.

More than $60 million in projects have been covered without borrowing since 1990, including Grayslake's new police station that opened last year, upgraded water and sewer lines and road improvements.

Perry said it's rare for a village or city to be debt-free. He said Grayslake will continue to be financially strong by having a lot of services provided by outside companies, saving the village on contributions to a state municipal employee retirement fund.

Only three village employees are with Grayslake's public works department. Snow plowing is done by a private company hired by the village.

"We don't have to own the trucks," Perry said. "We don't have to hire the drivers."