Simply put, the Village is subject to additional control, regulations and oversight by the State of Illinois. This means our municipality can often be at a financial disadvantage, sometimes costing taxpayers thousands of dollars. A good example of this relates to General Obligation bond borrowing for infrastructure projects. Until 2022, interest rates had been at historically low levels. As a non-home rule municipality, the Village is required to obtain voter approval for borrowing through a referendum. It can take four to six months to access a historically low interest rate bond market. In April 2021, the Village obtained a bond at the low rate of 1.71%. Throughout 2022, interest rates soared upwards, adding 4.25% to costs in just 12 months. If the bond issuance had been delayed to 2022, the rising interest rates would have cost taxpayers hundreds of thousands of dollars. For example, an additional 4.25% on a $5 million 20-year bond would cost approximately $2,522,000 in additional interest, which means $2,522,000 in additional taxes.