Burr Ridge Paying Off All Its Debt: Mayor

BURR RIDGE, IL – Burr Ridge trustees decided earlier this month to pay off the village’s remaining debt – $6.3 million.

More than a decade ago, the village borrowed money to pay for a new police department building. Recently, the Village Board had been considering its options on the debt, including paying it all off.

“Name a Cook or DuPage municipality that has voted to pay off its debt,” Mayor Gary Grasso said in a message on Patch on Monday.

When a former Village Board voted more than a decade ago to pay for the construction of the new police station through a low interest rate, it also approved the creation of a repayment account that today has saved $5 million, Grasso said.

“Our Village also has more than adequate balance reserves,” Grasso said. “The police facility bond is coming due this December. Rather than ‘roll it over,’ which the current Board could have justifiably done given today’s highly favorable interest rates for such bonds, it took a bolder and more prudent step, in my opinion, of paying off the bond and saving about $250,000 in interest and refinancing fees.”

Grasso said the move was an example of responsible government and “quite a refreshing accomplishment anywhere, especially in Illinois.”

“But you will not read about all the excellent work of our Village Board in the Burr Ridge Patch,” the mayor said.

Grasso also contended Patch did not report that Burr Ridge and Willowbrook were joining forces in filing a complaint with the U.S. EPA, accusing the agency of withholding information vital to the safety of residents.

“These are positive actions by the Village Board to fight for our residents, strengthen our fiscal health and improve everyday business operations in Burr Ridge,” Grasso said in the message on Patch.

Patch reported on the decision by Burr Ridge and Willowbrook on Sept. 28, nearly a month ago.