FISHER — The village board voted to issue bonds for $1.746 million, with $700,000 earmarked for the water treatment facility improvement project as well as replacing seven fire hydrants and repairing three others.
The Sangamon Valley Development contractor will receive $900,000 as per the tax increment finance district development agreement with it. That repays the development costs for the finished phase 4 of Heritage Estates.
The bonds will be issued Dec. 19 and the Dewey Bank Citizens Bank of Milford will purchase all of them, according to Tim King of Monticello who acted as consultant on the deal. The bonds mature in 2028, but there is a seven-year call feature when they could be paid off early or restructured. The village will pay a 4.15 percent interest rate and $46,000 in expenses to the bond counsel and financial adviser.
The board tabled discussion on what to do about replacing the furnace in the old community/city hall building. Some residents rent it for family dinners because the fee is so inexpensive. But there is only one more Christmas event scheduled this year and the building has been offered rent-free because of the heating problems. Space heaters are being used to keep the pipes from freezing.
Several trustees balked at buying a new furnace for nearly $3,000 when the future of the building is not clear. Some trustees would like to see the property sold.