In order to pay its debts, maintain services and fulfill its commitment to keep the library open until the end of the year, Des Plaines will have to take out a short-term $5 million loan by Dec. 1, city officials said.

Earlier this month, the city agreed to co-sign a $1.5 million loan for the library, and also needs to borrow $3.5 million to make debt payments by the beginning of next month, according to city documents. The city expects to pay about $23,000 in interest for the 60-day loan.

The loan is needed because Des Plaines is owed $12.4 million from delayed Cook County tax receipts and doesn’t have enough in the general fund to cover the $3.5 million shortfall. Next month’s debt payment is $8.3 million, documents show.

The county could disperse the money it owes in mid-December.

Around the same time last year, the city was faced with the same predicament and took out a $6.5 million loan, officials said. The  loan will be discussed at the city council meeting on Monday.

jmdelgado@tribune.com