DuPage approves $70 million borrowing package

The DuPage County Board approved a $70 million borrowing plan Tuesday that would pay for nearly two dozen capital improvement projects.

The board voted 10-7 to take on the 30-year debt plan, which will cost DuPage taxpayers an estimated $125 million over its lifetime.

Flood prevention, information technology upgrades and five road projects are among the initiatives included in the capital budget.

A number of residents opposed the borrowing plan because of the lingering concerns over repaying the debt because the county's sales tax revenues have been down and state income tax reimbursements are late. Still, some residents supported the borrowing plan's flood prevention and convalescent center spending.

County board Chairman Bob Schillerstrom pushed for the plan's passage because interest rates are low now and the county's current debt will be reduced siginificantly in a decade. Schillerstrom also said the county would save $5 million by participating in a federal program that helps cover some of the interest payments. Much of the payback burden of the new debt is scheduled to be paid off in the latter half of the 30-year debt cycle. That concerns some critics who said the payback structure adds an extra $15 million to the total bill.

For more details, check back later at dailyherald.com or read Wednesday's Daily Herald.