Sycamore will save $35,500 over the next 15 years on bonds approved Monday night.

The Sycamore City Council unanimously agreed to issue $2 million in bonds to save $35,500.

An improved bond rating from Moody’s Investor Service has allowed the city to issue bonds at a lower interest rate.

Included in the $2 million is $455,000 to buy back bonds that were issued in 1996 at a higher interest rate.

City Manager Bill Nicklas told the city council the better rating is a compliment to its work and to the department heads who oversee everyday spending and to members of the community.

Roughly $750,000 of the bond will be used to complete Oakland Drive from east of Kmart to about 700 feet west of Peace Road.

Longer intersections on the Bethany Road reconstruction project will be paid for with roughly $500,000 of the bond money.

Installation of new sidewalks and repair of existing ones will be funded by $250,000 of the funds raised.

In the black

The city council accepted an auditor’s report of the city’s financial statements for fiscal year 2002-2003.

According to the audit, all city funds ended the year with a positive balance. Nicklas called the report “good news.” He highlighted the General Fund reserve of $3,009,250.

The reserve increase of $688,000 during the last fiscal year is because of cautious spending and efficient segregation of duties, Nicklas said.

EPA aid

The council approved unanimously to enter an agreement for loan assistance from the Illinois Environmental Protection Agency.

The agency will loan the city $780,000 to aid in drilling Well No. 9 and associated water main and sewer extensions. The package also will include money for installation of radium treatment equipment.

The city will repay the loan at a “simple annual interest rate” of 2.5 percent.

Adolescence in October

Sycamore Mayor John Swedberg declared October the “Month of the Young Adolescent” in Sycamore School District 427.

Swedberg said the adolescent years contribute more to the development of the individual than at any other time of life, except possibly infancy.

“The community itself is also a classroom in which young adolescents learn many lessons,” Swedberg said.

Swedberg asked residents of Sycamore to join the celebration by extending their knowledge about these critical years and undertaking action that will support the healthy development of young adolescents.