RANTOUL — The Rantoul village board is expected to approve issuance of $5 million worth of general obligation bonds at next week's monthly meeting to pay for construction of a phosphorous-removal plant for its wastewater treatment facility.
The bonds would be paid off over 20 years.
Comptroller Scot Brandon said the interest rate on the bonds would start at 2.5 percent and gradually increase to 5.15 percent in the final year of the bonds, to be paid off in 2032.
Brandon said he believes it is fairly typical for the interest rates on bonds to climb over the life of the bonds.
The phosphorous-removal plant was mandated by the Environmental Protection Agency because of the levels of phosphorous being emitted in the village wastewater. Photos were shown earlier this year showing large amounts of algae growing in a stream where the wastewater is being discharged. The EPA said such algae consumes oxygen and can kill fish.
Williams Brothers Construction Inc. submitted the lowest of six bids for construction of the plant — bidding $3,790,000,