WESTMONT – The Westmont Village Board on Thursday authorized the issuance of about $11 million in bonds to fund a seriesof infrastructure projects.
The unanimous vote was the latest and last in a series of votes to approve the bond issueance.
Of the $11 million, $8.5 million will be dedicated to street resurfacing.
"We do have roughly 61 miles of streets in town," said Stephen May, director of the Westmont Public Works Department. "With the $8.5 million, we'll catch up on the street resurfacing... We hope to get 30 miles completed in more than three years."
A village-wide survey will act as the guide to which streets will be fixed first, according to Village Manager Ron Searl.
An additional $1.5 million will fund stormwater system improvements, Village Finance Director Spencer Parker said, adding that the remaining $1 million gives the village flexibility.
The village has identified three revenue sources to payy of the borrowed money: utility tax, motor fuel tax and the place of eating tax adopted in June, according to Parker.
“It’s not going to hit the property taxes,” Searl said over the summer.
The eating tax was proposed by the Village Board as a way to erase a $3 million revenue loss due to the repeal of home rule status in November.
Officials said the tax would bring in $760,000 annually to the village. A portion of that amount would pay off the bonds for infrastructure repairs, officials said.
During an August board meeting, Searl said Westmont's infrastructure issues have been put on hold for the past few years.
"This is the best opportunity we've had in a very long time [to fund the repairs]," Searl said. "I think the residents will appreciate it once they see the result of it."