Barrington poised to borrow millions for improvements

Barrington officials are preparing to borrow $11.25 million for extensive public works improvements, even as they look for cost savings in refinancing their nearly decade-old public safety building and village hall.

But before the village sells bonds Sept. 14 to pay for water, sewer, road and sidewalk improvements, it will hold a second public hearing at 6 p.m. Aug. 24 at village hall.

A first, more informal public hearing was held last Monday night, though no members of the public attended.

Village board members and staff believe today's low interest rates and construction costs make this an ideal time to pursue these public works improvements.

"There's a large number of projects that need to be done throughout the village," Director of Community and Financial Services Jason Hayden said.

The bonds, which would be repaid from sewer, water and telecommunications taxes, would finance two or three years of work to complete these projects.

Bonds for the water and sewer work will cost $8.7 million, while those for the roads and sidewalks will be $2.55 million.

Meanwhile, the village is also seeking a refund of the bonds sold in 1998 and 1999 for construction of the current village hall and public safety building as well as water and sewer projects done around the same time.

If the market remains favorable for such action through next month, the refund is expected to save taxpayers $542,165 in property taxes and water and sewer debt service payments.

"Right now the market is pretty favorable for refunding them, and that refund would go directly back to the taxpayers," Hayden said.

Village board members approved a resolution Monday establishing parameters for a refund - such as ensuring any change to the current repayment plan would save a minimum of 3 percent.

Barrington issued $5 million in bonds in 1998 to build the public safety building, $5.9 million in 1999 for village hall and $2.6 million in 1999 for water and sewer projects.

Board members plan to vote on the refund Sept. 14 - the same day they also would issue the new bonds.