Palatine borrows to fund police headquarters

The Palatine village council this week unanimously approved borrowing $7 million through a bond issue as part of the funding plan for the new police headquarters.

Officials said that because the village waited to implement this second phase bond issue, and its bond ratings were recently affirmed, it was able to capture a lower interest rate, creating $1.2 million in interest payments savings over the bond’s life.

Construction of the new police station on Hicks Road, near Northwest Highway, began in July 2010. It is expected to be complete near the end of the year.