Des Plaines officials may decide to repay some of the city’s debts with reserve money from the city’s general fund to save on long-term interest, the Daily Herald reported.
Officials could choose to pay off $810,000 of debt from a loan that was used to purchase land for a proposed fire station in 2001. Funds to build the fire station were not available at the time.
At their meeting at City Hall Monday, committee members also discussed refinancing debt from some of the city’s TIF districts to take advantage of better interest rates.
For the story, visit the Daily Herald’s website.
“We must be aggressive if we’re going to going to pay down debt, relieve the general fund, and keep property taxes low,” Matthew Bogusz, third ward alderman and finance committee chairman, wrote in a memorandum to the press.
Earlier: Des Plaines receives budget award.