New Ambulance 2020-02-20 002
Local News

Homewood plans to issue bonds for infrastructure, capital expenses

Money from a proposed bond issue will cover the cost of Homewood’s newest ambulance, delivered in February. (Eric Crump/H-F Chronicle)

A public hearing was held before the village board meeting Tuesday in Homewood to discuss a bond issuance the village is expected to approve.

The village would issue a bond for $2 million to pay for things like a new ambulance for $300,000, lighting on Martin Avenue for $110,000, a sewer system design for Ridge Road between Ashland Avenue and Center Avenue for $100,000 and electrical work at the Homewood Science Center for $50,000. 

Money from a proposed bond issue will cover the cost of Homewood’s newest ambulance, delivered in February. (Eric Crump/H-F Chronicle)

In total, $1.1 million is earmarked for projects, mostly under the realm of public works. Just under $900,000 would remain available for budget adjustments.

Homewood previously issued bonds in 2002, 2006, 2010, 2014 and 2017 for 0.5 percent of its equalized assessed valuation. State law allows local governments to incur debt up to 8.625 percent.

The village has $537,000 of outstanding bond debt presently. Finance Director Dennis Bubenik said in village documents that is low compared to other towns. Homewood’s Standard & Poor bond rating is AA.

During the meeting, a liquor license request was approved for Vida Tacos at 18102 Martin Avenue. The restaurant will be allowed to serve beer and wine.  

A budget amendment was also approved for $18,190 to pay for firefighter and paramedic training. 

A contract for sandblasting and painting fire hydrants was awarded to Go Painters for Maywood for $50,000. Go Painters was lowest of three bidders at $87 per hydrant. 

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