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Council approves second round of borrowing

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The Elgin City Council approved issuing debt to fund more infrastructure projects, from road upgrades to park improvements, during their most recent meeting on November 16.Last week’s action was the final step in issuing the second series of certificates of obligation (COs) this year, named series 2021A, a process that began earlier this fall. Certificates of obligation are a form of borrowing that political subdivisions such as cities can use to fund capital improvement projects.Series 2021A is planned to fund about $12.2 million in projects such as:Veterans Park improvements, phase 1 ($600,000)Add/renovate police department station ($3,500,000)Demolish building at 202A Depot ...

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