The Momence City Council filed an obligation retirement resolution Dec. 7 that authorizes it to pay its general obligation bond debt through 2016 using money from the state's Motor Fuel Tax fund.
The city will make three payments totaling $39,085. The first payment of $9,542 is scheduled for June 1, 2016. The second two will be made on Dec. 1, 2016.
The Motor Fuel Tax is one of the ways the state funds local infrastructure and operation costs. By collecting and disbursing the money, villages and cities have a reliable and substantial source of revenue to count on beyond property tax and other revenue streams.
The current budget stalemate put a scare into many communities, since these revenues were held up in the debate. That changed earlier this month when lawmakers found a legislative pathway around the impasse that allowed the state to disburse the Motor Fuel Tax and other funds.
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