NWH Moves Planned $3.5 Million Bond Sale by CL Park District from Paid Legal Notices to an Article

McHenry Country Blog warned Crystal Lake Park District taxpayers about the proposed borrowing of $3.5 million last Tuesday.

Now, new Editor Jon Styf has moved it up to the news pages:

Crystal Lake Park District considers selling $3.5M in debt bonds

Crystal Lake Park District board members are considering selling

The tax hike could be stopped by defeating the proposal in a referendum, but the odds of that happening are so, so slim.

Voters woujld have to pass petitions to gather 7.5% of registered voters’ signatures.

That’s 3,10 signatures.

Of course, the park district could have asked permission in a referendum.

That did not happen.

All that is offered taxpayers, required by state law, is what is called a “backdoor referendum.”

For some reason people in the Crystal Lake area don’t care about its high taxes.

At least not enough to do the work to gather enough signatures to try to stop imposition of these proposed taxes.

Should people want to pass petitions, a copy can be obtained from park district offices in Downtown Crystal Lake or found below:

The signatures have to filed by May 14th for a referendum to be triggered.


Comments

NWH Moves Planned $3.5 Million Bond Sale by CL Park District from Paid Legal Notices to an Article — 4 Comments

  1. More interest expense, $3.5M in principal to repay…..more taxes!

    When is enough enough?

    Why do we always need more?

  2. The Park District has a statutory debt limit for non-referendum debt of 0.575% of Assessed Value.

    I think the additional $3.5 million puts them just under that cap (roughly $8.29 million).

    Depending on the interest rate on this new debt and combined with the interest expense on existing debt, they will be paying roughly $200,000 in interest expense annually for the next few years.

    Given the Park District’s Balance Sheet as of 4/30/17, they should be easily able to fund capital improvements out of their existing fund balances without the need to pile on more debt.

  3. Park district is full of evil greedy people that cannot be sued. They are above the law and have free reign to tax the bejeesus out of you. Their incompetence almost cost my son his life. I will never have anything nice to say about them.

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