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The Village Board unanimously approved authorization for short-term debt certificates of up to $39 million to cover costs while the expected WIFIA loan remains delayed. The certificates could be canceled if the WIFIA loan closes.
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The action gives Montgomery a temporary financing option while the Village waits for its WIFIA loan process to move forward. Proposals were expected August 3, with closing planned for August 6, although staff said an alternate plan may be needed if the loan is jeopardized. The Board also approved a watermain replacement cost-sharing agreement with Wayside Cross and updated the number of Class M-2 liquor licenses, without approving a new license for Louie Gas and Food Mart.
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