Palatine retires bonds early, will use savings for infrastructure

Palatine will have more money for infrastructure after paying off $1.84 million in outstanding bonds early.

The village council voted to reduce the outstanding debt six years early by using cash on hand in the Sewerage Fund, resulting in interest savings of $182,810.

The council will meet in October to discuss how to use the savings.

That's great work. Being debt free is something that I think a lot of towns and other taxing bodies would just dream about," District 1 Council Member Tim Millar said.