Council completes process for certificates of obligation Posted in: News The Elgin City Council’s work on issuing certificate of obligation debt to fund city projects came to fruition last week, resulting in a low interest rate with a shorter list and smaller borrowing amount than originally proposed. Last Monday evening, the Elgin City Council held a special meeting to discuss and take action about the proposed certificates of obligation for 2021. The council went into executive session to receive legal advice, and once the council reconvened into special session, Elgin Mayor Ron Ramirez spoke about the council’s reasoning for its upcoming vote. State law allows for an item to be recognized by ...PLEASE LOG IN FOR PREMIUM CONTENT. Our website requires visitors to log in to view the best local news. Not yet a subscriber? Subscribe today!