The Commercial-News, Danville, IL

Local News

November 13, 2012

Oakwood board refinances bonds

OAKWOOD — Village trustees approved an ordinance Monday to authorize the issuance of $270,000 in alternate revenue source bonds.

Board members began discussions in August about the possibility of issuing the new bonds to pay off existing general obligation bonds that were issued in 1980 to take advantage of current lower interest rates.

Board members are refinancing the amount left due and are not extending the payoff schedule. The newly authorized bonds will still have an eight-year maturity, the same as the current bonds, which means the bonds will be paid off in 2020.

With the refinancing, board members are expected save about $15,000. Bernardi Securities of Chicago is handling the bond sale.

Mayor Robert Jennings brought to the board proposed changes to the water ordinance in regard to the village’s shut-off policy of unpaid water bills.

According to Jennings, the village can allow for up to 52 days to pass before a water service is shut off for non-payment. Water bills are sent out at the end of the month with a due date of the 15th of the following month. If the water bill goes unpaid, a 10 percent penalty is added. The unpaid bill is allowed to "ride" until a second water bill goes out at the end of the following month with the previous month’s unpaid charges added to it.

If both month’s bills are not paid by the 15th, a notice is sent out that the water will be shut off in seven days.

Jennings said there are habitual abusers to the system and it is costing the village time and money.

Jennings said he contacted several other county municipalities and found Oakwood had the most lenient payment procedures among them.

Board members approved changes to the water ordinance that states if the water bill is not paid by the 15th, a 10 percent late fee will be added and a seven-day notice will be sent and the water service will be disconnected after the seven-day notice.

Board members instructed village attorney Steve Miller to make the necessary changes to the water ordinance and bring back for their approval at the December meeting.

Trustees heard from Connie Martin concerning the golf cart ordinance. Martin has recently purchased an older model golf cart for her 71 year-old father and while having it modified to meet village requirements found out that the village ordinance only allows four-wheel golf carts. Martin had purchased a three-wheel golf cart.

After some discussion, the trustees agreed to have the village attorney change the wording in the current ordinance to allow three-wheel golf carts, as long as they are a factory-made golf cart chassis. Trustees will vote on the proposed change at their December meeting.

Board members also approved changes to the liquor ordinance as recommended by the Oakwood liquor commission. The change will allow Class A liquor licensees to also sell packaged liquor for consumption off-premises. Currently, Class A licensees are not allowed to sell packaged liquor.

The change came about after a request by the Pit Stop Bar and Grill to be able to sell packaged liquor. Jennings said the Pit Stop currently has a Class A license that allows for the sale and serving of liquor for consumption by an establishment where food is served and dancing allowed. The change to the liquor ordinance will now allow all Class A licensees to sell packaged liquor.

What’s next

Oakwood Village Board members will meet at 6:30 p.m. Dec. 10 in the village hall.

 

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