Board opts for 20-year financing option for sewer sludge removal

Ehlers presented two borrowing scenarios to finance the Village’s sewer sludge-removal project: a 10-year level debt service plan with higher annual payments and lower total interest, and a 20-year amortization featuring a balloon payment in year 10 that reduces near-term annual payments and offers flexibility for other capital needs. Ehlers advised the Village would retain roughly $1.4 million in remaining general obligation borrowing capacity under either option.

After discussion, the Board approved proceeding with the 20-year option. The motion to proceed with the 20-year amortization passed (mover recorded as SM; seconded by Trustee Sonya Zebro). Staff will continue coordinating with Ehlers on final borrowing documents and will return with details on structure and timing.