Coal City Village Board of Trustees met November 28
Coal City Village Board of Trustees met Nov. 28.
Here is the minutes provided by the board:
At 7 p.m. on Wednesday, November 28, 2018, Mayor Terry Halliday called to order the Public Hearing of the Coal City Village Board in the boardroom of the Village Hall. Roll call Trustees Neal Nelson, Ross Bradley, Dan Greggain, David Spesia, Tim Bradley and Sarah Beach. Also in attendance were Matt Fritz, village administrator, attorney Mark Heinle, Tom Best, Police Chief and Ryan Hansen from Chamlin Engineering,
The hearing is held in consideration of Resolution 18-33 and the upcoming annual tax levy. The resolution is to establish essential services and their supporting revenues source resulting in the alternative revenues bonds of 2015-the tornado bonds, to be paid via property taxes collected in the upcoming annual levy. The Village did not receive assistance of reimbursement from either FEMA or IEMA leaving the Village with a debt of over $3 million. The resolution allows the bond debt to be passed to the Village's taxpayers via their property taxes to be collected,
Attorney Heinle explained that the amount is to be paid over a ten year period, with $120,000 due in 2019. Each year the amount will be determined and considered.
Following discussion and comments, Greggain moved to adjourn the public hearing at 7:06 p.m., second by R. Bradley. Roll call-Ayes; Nelson, Bradley, Greggain, Spesia, Bradley and Beach. Nays; none. Motion carried.