Worth may need loan to cover for late property taxes

By William Jones

Worth trustees, concerned whether Cook County will provide the village its share of property tax revenue in time to pay the bills, have authorized the mayor and finance director to seek credit at a local bank.

Trustees voted 5-0 to authorize Worth Mayor Randy Keller and finance director Dwayne Fox to seek a $500,000 line of credit, if necessary, to hold the village over until the county releases Worth’s cut of property tax revenues.

Trustee Lezley Zubaty, who serves as the board’s finance committee chairman, said the credit may not be necessary, but that by the time officials know whether they need the credit or not the mayor and finance director must be able to move quickly to pay the bills.

A limit of $500,000 would be set, with the idea to pay off the loan immediately after receiving the tax revenues. The village would incur a yet-to-be determined interest rate and likely fees to open such a line of credit, Fox said. Fox recommended the village keep the line of credit open to be ready if the same problem occurs in the future.

Fox noted Worth has struck credit deals like this in the past with Founder’s Bank, and would likely work with its successor, The Private Bank, on the new deal.

This is part of the November 5, 2009 online edition of The Reporter.

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