Meeting in special session Tuesday evening, the Kingsbury Park District Board approved an ordinance to issue $575,000 in general obligation bonds.
The vote was 4 to 0.
The former bond issue was paid off in December.
The new one is for three years with the first payment in 2018.
Park District Director Jerry Sauerwein was asked about the effect the new bonds will have on taxpayers. He said the board had a goal to look at the regular levy and bonds together and come up with a net zero increase to taxpayers. The First National Bank was the successful bidder on the interest rate, which is 2.01 over three years. Sauerwein said the board originally estimated a 2.7 interest rate.
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The bond money will be used to pay for costs over the state grant received for swimming pool improvements, to pay for the development of Bicentennial Park at the intersection of Winter and Fourth streets, and to pay for countertops and cabinets in the meeting room at Patriots Park.
The remaining approximately $246,000 will be set aside for land acquisition.