Burr Ridge pays off all debt: mayor
BURR RIDGE, IL – Burr Ridge administrators decided earlier this month to pay off the village’s remaining debt – $ 6.3 million.
Over a decade ago, the village borrowed money to pay for a new police department building. Recently, the village council had considered its options on debt, including repayment of the full amount.
“Name a municipality of Cook or DuPage that voted to pay off its debt,” Mayor Gary Grasso said in a post on Patch on Monday.
When a former village council voted over ten years ago to finance the construction of the new police station with a low interest rate, it also approved the creation of a repayment account which has enabled today hui to save $ 5 million, said Grasso.
âOur village also has more than sufficient balance reserves,â said Grasso. âThe obligation of the police establishment expires in December. Rather than “roll it over”, which the current board of directors could have done rightly given today’s very favorable interest rates for such bonds, it took a bolder step and more prudent, in my opinion, to repay the bond and save about $ 250,000 in interest and refinancing costs. “
Grasso said the move was an example of responsible government and “quite a refreshing achievement anywhere, especially in Illinois.”
âBut you won’t read all of the great work of our village council at Burr Ridge Patch,â the mayor said.
Grasso also argued that Patch did not report that Burr Ridge and Willowbrook were joining forces to file a complaint with the US EPA, accusing the agency of withholding information vital to the safety of residents.
âThese are positive actions by the village council to fight for our residents, strengthen our fiscal health and improve day-to-day business operations at Burr Ridge,â Grasso said in the post on Patch.