At the Board meeting on Dec 5 -Sharp discussed the various costs the Village may incur by extending the project until spring. After discussions & concerns were voiced about all aspects, he proposed we request the contractor, Constructors, Inc the following:

  • They complete the concrete patching work on B Street which had been estimated at $14,225
  • They would pay up to $2,500 of our attorney’s fees pertaining to the amendment of this contract
  • Nebco, a related company to Constructors, Inc would purchase our Highway allocation bond issue at an interest rate of 2.79% saving the Village approximately $16,966 in interest costs over the life of the bonds and $5,000 in issuance costs by doing a private placement.
  • The village will waive all liquidated damages through May 31, 2018 of approximately $36,300.

Johnson moved to authorize our attorney to extend the above counter offer to Constructors, Inc. Seconded by Brdicko. Roll call vote: All – Aye.

Bond financing was discussed with the representative from Ameritas. Moses moved to approve the Resolution 2017-7 to Call of the 2017 Street Improvement Bond Anticipation Notes. Seconded by Brdicko. Roll call vote: All – Aye.

Moses moved to waive the require three readings of Ordinance 2017-5 Issuing $700,000 General Obligation Highway Allocation bonds. Seconded by Brdicko. Roll call vote: All – Aye.

Moses moved to Adopt Ordinance 2017-5 Issuing $700,000 General Obligation Highway Allocation bonds. Seconded by Brdicko. Roll call vote: All – Aye.