Ordinances to ratify the establishment of a special service area and issue bonds for the replacement of a deteriorating water main system south of the Algonquin and Pyott roads will be up for discussion at Tuesday’s Lake in the Hills Committee of the Whole meeting.
The board adopted an ordinance in April that proposed the establishment of the special service area. A public hearing then was held in June.
Under tax law regarding special services areas, a 60-day period following the public hearing is required to allow citizens the opportunity to file an objection, which can be done with a petition signed by 51% of the voters and owners on record within the proposed special service area. No objections were filed during the 60 days. To pay for the water main replacement, the Village Board reached consensus on a 20-year general obligation bond.
A general obligation bond requires the village’s property taxes to be pledged on the bonds if the SSA taxes are insufficient to pay the debt.
Although village code requires that water supplied outside Lake in the Hills’ corporate limits be billed at 150% of the charges set forth for residential customers, staff had recommended to charge residents with the SSA the same rate as incorporated customers.
The Committee of the Whole meeting will be at 7:30 p.m. at Lake in the Hills Village Hall, 600 Harvest Gate. So long as the board reaches consensus, the ordinances will appear on the agenda of Thursday’s board meeting.