The Twin Lakes Village Board on Monday instructed its bonding consultant to proceed with setting up a refinancing of existing debt and some new capital borrowing.
On Monday, the board heard its second presentation by Michael S. Hallmann of Lantern Associates about how to best handle the borrowing.
Hallmann laid out a plan that will lower interest rates from 4 to 5 percent to 3.5 percent or lower for the village. The refinancing also will allow the village to complete some capital projects. About $300,000 of that is a development incentive for Mills Development connected to its building of a commercial/senior housing project downtown.
Total principal for the borrowing is $3,360,000. The term of the bonding would be 20 years.
The village did not vote on the proposed plan. They will do that at a future meeting. The village is not obligated to proceed with the borrowing until then.
