Hinsdale Village Board
Among other business Tuesday night, trustees:
• approved a new water rate structure that includes a $15 infrastructure maintenance and improvement fee on each bill (issued every two months) to fund water and sewer infrastructure projects. A typical household of four is expected to see an increase of $1.58 a month. The new rates are expected to bring in an additional $750,000 a year.
• agreed to issue almost $3.1 million in general obligation bonds to refinance bonds issued in 2012 to take advantage of a .93 interest rate. The refinancing will save the village about $180,000 over the 10-year life of the loan. The village expects to repay the bonds with sales tax revenue. Village President Tom Cauley noted the village was able to get a good rate because it has a AAA bond rating from Standard & Poor, a rating less than 10 percent of Illinois municipalities have achieved.
• decided to pursue almost $2.4 million available in federal American Rescue Plan Act grant funds from the state. The village expects to receive $1.2 million in September and another $1.2 million a year after that.
• agreed to spend $38,400 for design enhancements for the approach to the planned pedestrian bridge over the Tri-State Tollway along 47th Street so it will resemble the Oak Street bridge
