- Associated Press - Tuesday, July 28, 2015

July 28—COAL CITY — The Village of Coal City finance committee discussed Monday night some of the amounts the municipality is looking to fund regarding infrastructure repairs because of the EF3 tornado that hit the area June 22.

To prepare for some of the needed expenditures the village held a public hearing before its regular board meeting Monday night.

“The quickest we can issue bonds would be Aug. 24 by holding the public meeting tonight,” Village Administrator Matt Fritz said during the finance committee. “We’re not saying we have to issue them now. You need more information and numbers but this is the start of the conversation.”

The hearing was about a plan to issue up to $7.5 million in general obligation bonds.

Fritz said the Monday night hearing would give the public a chance to talk, and for the board to listen, to any issues they may have.

There was no public comment during the hearing.

“The proceeds of the bonds will be used to finance the costs of the acquisition, construction, rehabilitation and equipping of certain infrastructure within the municipality and matters related thereto and including, but not limited to, certain working capital costs and costs related to the immediate response for public health and safety related to the aftermath of the tornadoes which affected the Village on June 22,” Mayor Terry Halliday read to the board and public.

The finance committee heard some initial estimated costs for infrastructure repair, including to roads and lighting.

Depending how many of the roads the village patches versus rebuilds, the project could cost the village anywhere from $3.5 million for minimum patching and overlay costs to the most-needed roads, to $17.5 million for complete resurfacing and reconstruction of all roads including Broadway Street from Spring Road north to the treatment plant.

The village has not yet heard from its insurance provider to see what will be covered and what won’t.

Officials used the amount of just more than $9 million, which would include everything but Broadway Street repairs, for their report to Illinois Emergency Management Agency that seeks help from the state.

Fritz said the Broadway Street repair could not be added to the IEMA report because Broadway Street would be under federal guidelines.

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(c)2015 the Morris Daily Herald (Morris, Ill.)

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