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Council to vote on certificates of obligation next week

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The Elgin City Council is nearing the end of its work in determining the composition of the list of city projects to be funded through the proposed issuance of debt. During the March 9 meeting, at the beginning of the Elgin City Council’s discussion of the topic, the council voted on their intent to issue certificates of obligation for 2021, a mechanism for the city to borrow money for capital improvement projects, with a not-to-exceed amount of $25.9 million. Due to increasing property values, the issuance of certificates of obligation would not increase the debt portion of the city’s property tax ...

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