Longmeadow SSA Bond & Interest Fund

Village of Northfield, IL FY2023-24 Approved Budget

Function

Established in 2004, the Special Service Area was put in place to fund the installation of sanitary sewer mains, minor storm water improvements, and the resurfacing of the private lane. Upon completion, the sanitary system was dedicated to the Village while the street and storm water remained private. All improvements were paid for through the levying of a special service tax that is paid for by the homeowners who benefited from the work.

Bond Status

Established in 2004 to account for the debt service associated with a $1,885,000 bond issue to construct sanitary sewers in the Longmeadow SSA. The bonds are secured by a tax levy on all taxable property in the SSA. The balance of $993,000 was refunded in 2014 at a true interest rate of 1.7779% and matured in December 2022.



Fiscal Year 2023-24 Highlights

Upon completion of the FY2022/23 audit, this fund will be closed and the balance will be remitted to the Longmeadow Homeowner Association. Those proceeds will only be allowed to be used for roadway or storm water work.

Longmeadow SSA Revenues and Expenditures for Fund/Dept 06-00


Longmeadow SSA Fund Balance