Waukegan committee discusses $10.5 million bond reimbursement; no vote taken

The Waukegan Purchasing and Finance Committee on Oct. 20 heard a presentation about a proposed resolution to approve reimbursement from proceeds of bonds for extraordinary working capital expenditures in an amount not to exceed $10,500,000. The item was presented for information and no vote was taken.

An attorney for the city told the committee that the city has already expended reserve funds to settle one case and is considering a bond issue to replace those reserves and to evaluate other potential capital purchases. The attorney said the matter would be reviewed at a future committee meeting, likely Nov. 3 or the following meeting, and that further details would be provided when the item returns for formal consideration.

The chairperson emphasized the item was "for discussion only" and would not be voted on during the Oct. 20 meeting. Committee members did not take formal action during this session.