Village passes bond issue
CALUMET — With a light turnout at the polls Tuesday, village residents approved a referendum to issue capital improvement bonds for replacing aging snow removal and street maintenance equipment, and also for the construction, furnishing and equipping a public works garage. The refenderum passed 45-34.
At the February, 2019, regular council meeting, Village Attorney Jim Tercha presented a resolution for intent to issue capital improvements bonds not to exceed $500,000 to replace equipment such as the village’s sno-go which, due to its age, replacement parts cannot be located to keep the vehicle in proper repair. The motion to accept the resolution, made by Trustee Nathan Anderson, passed unanimously.
The village published a notice of intent to issue capital bonds to finance the costs of the acquisition of snow removal equipment and street maintenance equipment, and the acquisition, construction, furnishing and equipping of the publics work garage and received petitions requesting a referendum on the question of the issuing of the bonds.
What appeared on the ballot Tuesday was the question of whether the village shall borrow the principal sum, up to $500,000 for the purpose of purchasing snow removal and street maintenance equipment, and “acquiring constructing, furnishing and equipping a public works garage, together with site improvements, interests in land, appurtenances and attachments thereof?”
Bonds would be paid within 30 years from the date of issue, and issue its limited tax general obligation capital improvement bonds, in one or more series, for the purposes listed above.
The principal and interest of the bonds, the ballot language stated, shall be payable from the general funds of the village, lawfully available for such purposes, including property taxes levied within applicable constitutional, statutory and charter tas rate limitations.
Village Administrator Caleb Katz said with the passage of the referendum, it will probably be discussed at some length during the regular August meeting, which is scheduled for the third Tuesday of the month.