Normal Issues New Bonds and Approves SBDC Funds

Town Council 12-18-17.jpg

Council Briefing

Normal Town Council: December 18, 2017

The Town of Normal passed an ordinance to reissue up to $10M in bonds to cover the General Fund’s debt obligations. Normal currently has nearly $90.5M in outstanding long-term debt and carries an AAA rating. The town’s debt to assessed valuation, a metric that shows the town’s abilities to cover its debt obligations, currently stands at 10.59%. The metric is slightly down from 11.02% in 2016, but is up slightly over the last 10 years from 8.59% in 2008.

The Council also approved a budget for the Small Business Development Center (SBAC), which includes an additional $7,767.20 in the current fiscal year and $20,854.40 in the fiscal years 2018-2019 and 2019-2020. The SBAC was founded in early 2017 and is located at Illinois Wesleyan University. The office helps local small businesses by providing advice and assistance with securing loans.