The village is now debt-free.
Wellington’s council Tuesday night approved paying off early a public service revenue funding bond with a nearly $1.7 million remaining balance. The early payoff will save Wellington taxpayers $16,568 and lower the coming year’s budget, Administrative and Financial Services Director Tanya Quickel said.
The 4-0 vote, with Councilman Michael Napoleone absent, puts Wellington in a position where it owes no money, though it is technically responsible for about $3 million in bonds issued in 2016 to pay for road paving in the Saddle Trail neighborhood. But Saddle Trail property owners bear that entire cost through annual assessments.
The bonds that were paid off were issued in 1999 for a total of $15.6 million to pay for projects including water and wastewater systems and treatment plants, Quickel said. The bonds were refinanced in 2014 with a remaining balance of about $5.4 million. Since then, Wellington has paid about $1.2 million toward the balance each year, Quickel said.
About $1.1 million to pay the bond balance early was transferred from the general, gas tax road capital, road impact capital and recreation impact funds. More than $560,000 already was budgeted for this year to pay down the bond.
Wellington’s new debt-free status is “a very strong statement,” Quickel said. “That’s a tremendous place to be.”