During the July 15, 2019 city council meeting, the city council voted 13-0 to approve the refunding of general obligation and sewer bonds which total approximately $975,000 in savings to the City of Kankakee. Alderman Larry Osenga (R-3) was not in attendance.
“I am very appreciative of the City’s long-standing relationship with Bernardi Securities. It has been a priority of the administration to seek opportunities to save taxpayer dollars and promote efficiency of the City’s operations. I commend Elizabeth Kubal, Comptroller and Burt Odelson, Corporation Counsel for working with me to reduce costs. I believe the city council was very pleased to learn of this opportunity and I am proud that we worked together to deliver results of our residents,” said Mayor Chasity Wells-Armstrong.
The City has up to 90 days to refinance the bonds. A series of three general obligation bonds in the amount of $17,140,000 will be refinanced saving taxpayers approximately $874,700. In addition, a sewer bond in the amount of $1,730,000 will be refinanced saving taxpayers approximately $100,300.
“This is a huge savings for the City, the taxpayers and demonstrates sound financial management of resources. We approved another balanced budget and continue to seek ways to save money for our residents. The City of Kankakee is moving in the right direction,” said Alderman Carl Brown (D-7) who serves as the vice-chair of the budget committee.