The Manteno board of trustees approved an ordinance Jan. 4 that adjusts the interest rate schedule on its $1 million senior lien general obligation loan.
The loan is part of the village's plan for Central Business TIF District No. 1.
According to the new schedule, the village will pay an interest rate of 2.75 percent for the 2016 calendar year. Beginning in 2017, the rate will be fixed on a yearly basis based on 0.5 percent below the prime rate at the beginning of each year.
This year's rate represents a slight increase from last year's loan payments, which carried a 2.5 percent interest.
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