Cary uses federal Bond Program.
The McHenry County Board voted in August to give the village $5 million in economic stimulus bonding power.
The bonds were made available under the federal Build America Bond program and is the first time in Cary’s history that the village has issued general obligation bonds, which contributed to the village’s rating.
“All taxpayers should be very happy about the improved bond rating,” Village President Tom Kierna said.
The bonds would be paid back through existing funding mechanisms such as motor fuel tax, and would not require additional taxes.
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