Olympia Fields Flows Toward Water Main Bond Issue

Olympia Fields Village trustees celebrated the village's 'AAA' credit rating on Monday, stating that top score will secure the $3.35 million dollars in bond issue financing needed for a water main expansion project. 

"We're the only south suburban municipality with a AAA bond rating," said Trustee Willis Pennington. "And, we're one of only 169 municipalities in the U.S. with that rating."

Attorney Jimmy Shanahan told board members that the issuance and general obligation bond sale was originally estimated at $3.7 million, but the lower figure was projected because of the AAA score. Shanahan & Shanahan, which maintains offices in Chicago as well as Greenwood, Ind., specializes in municipal and state bond issues.

"We're very glad to hear that," said Board President Debra Meyers-Martin.

The water main expansion and repair project will enable the Olympia Fields Country Club to switch to city water and end its dependence upon wells, said Village Trustee Robert C. Waite. "They use 12 and a half million gallons a year," said Waite. 

The new water main will run for approximately one mile, under Western Avenue, the railroad tracks, and though the Country Club, said Waite. He said the project should equalize water pressure throughout the entire system.

Waite said hopes were high the project would be complete by the end of 2011, but that everyone wanted to work with one caveat: "they don't want it to interfere with golf season."

The board will hold a public hearing about the bond issue on Monday, April 18, at 7 p.m. at the Village Hall, 20040 Governor's Highway.