Elgin Capital Improvement Plan Note

Elgin’s City Council on April 16 approved a resolution providing for the issuance and sale of a $533,000 General Obligation Improvement and Capital Improvement Plan Note, Series 2025A, to fund the City’s 2025 Street Improvement project.

Mike Bubany of David Drown Associates, financial consultants based in Minneapolis, recommended the City combine this note with the temporary bond note taken out last year.

The Plainview News reports, if combined, a total of $533,000 will be bonded for. It will be a bank placement with Peoples State Bank and will be paid back over 10 years, with the last payment in 2036.

There should be a public hearing regarding the assessment this fall, and payments will start mid-year in 2026.