Two residents made public comments, and we understand the attendance was relatively sparse after the special board meeting the week prior to hear comments on settling the suit over the Commercial Horse Boarding amendment.
Most of the Finance discussion centered around the potential issuance of bonds at current favorable market rates to fully finance the Police Pension Fund, or “Police Pension Obligation Bond” to be discussed further at this evening’s Finance Committee meeting.
In theory, the interest on those bonds would be less than the rate of returns traditionally seen on the pension fund investments, thus netting a positive overall return for the Village. Unfortunately, since President McLaughlin first raised this idea nearly a year ago with the board, interest rates have risen nearly one percent, so accordingly, more critical analysis is required before a decision is made. Those planning to attend should consider listening to the recording for some background, and a queued link to that discussion can be accessed by clicking here.
The Roads & Bridges portion of the meeting included Trustee Cecola’s motion and ultimate Board approval of entering into an “Intergovernmental Agreement” with Cook County for the improvement of Brinker Road, which is not scheduled for resurfacing for the next five years by the county. This agreement would expedite the repair and resurfacing of Brinker with Federal funds available (without the need for bike lanes) in conjunction with the new Village membership in the Northwest Municipal conference. A direct link to that discussion and vote can be accessed here.
Repairs to Ridge Road by Cuba Township were also discussed and approved.
An ordinance allowing for the hiring of up to three part-time police officers was passed during the Public Safety portion of the meeting. This will allow the police chief to bring on additional staff, if needed, including recently retired VBHPD officers in the future.
A summary of the terms of the newest labor agreement with the Village police officers was provided, which was also provided in the latest newsletter. Chief Semelsberger made a point of expressing his appreciation to resident Ted Clark, who has been representing the Village in the last two labor negotiations for his assistance in the process.
The link to the menu of edited recordings from the full meeting can be accessed here.