Bond plans move ahead for Joliet library, new vehicles

A divided City Council this week took the next step needed to issue $10.5 million in bonds for library improvements and new city vehicles.

The council voted to hire the firm Ice Miller for $9,500 to prepare the separate bond issues.

They include a $6.5 million bond for interior renovations of the Joliet Public Library branch downtown and a $4 million bond to fund a program to replace city vehicles.

The plan is to pay off the library bond with a $6.5 million state grant awarded for the project. The library is supplying $4 million in reserve funds for the total $10.5 million cost.

The bond for vehicle replacements will be paid through a 3-cent increase in the city’s gasoline tax that took effect in February.

“The 3 cents a gallon looks like it will be plenty to pay off the bond and keep our vehicle replacement program going,” Finance Director James Ghedotte told the council’s Finance Committee when it reviewed the issue before the full council meeting Tuesday.

The council voted, 7-1, to hire Ice Miller for vehicle replacement bonds.

But the vote was a closer 5-3 for the firm to prepare the library bonds.

Council member Larry Hug questioned the reliability of a state grant as government revenues slide because of the impact of the COVID-19 pandemic.

“You’re rolling the dice,” Hug said. “If I was going to roll the dice and gamble, I’d do it on the ponies, not on the state of Illinois.”

The state grant replaces a previous plan to fund the bonds through property taxes.

Hug was joined by Jan Quillman and Terry Morris in voting against the library bonds. Hug was the lone no vote on the issue of the vehicle replacement bonds.