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A Discussion Regarding an Ordinance for Bond Refunding
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Introduction
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Consideration and action on an ordinance providing for the issuance of not to exceed $55,000,000 General Obligation Refunding Bonds, Series 2025, of the Village of Oak Park, Cook County, Illinois, for the purpose of refunding certain outstanding bonds of the Village, providing for the levy and collection of taxes sufficient to pay said bonds, authorizing the sale of said bonds to the purchasers thereof, and authorizing an escrow agreement with respect to said refunded bonds.
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Recommended Action
Authorize the Village Manager and Interim Chief Financial Officer to prepare an ordinance for the issuance of not to exceed $55,000,0000 General Obligations Refunding Bonds, Series 2025, for the purpose of refunding certain outstanding bonds of the Village.
Prior Board Action
There is no prior Board action associated with this item.
Background
The Village of Oak Park has the opportunity to refund certain outstanding bonds at a lower interest rate. Series 2015A, 2015B, 2016A, 2016D, 2016E and Series 2017A are currently callable. The intent is to refund certain maturities that provide debt service savings to the Village.
Timing Considerations
Current market conditions are favorable for the Village to refund current bonds at a lower interest rate.
Budget Impact
Funding options would need to be evaluated to determine the most favorable to the Village.
Staffing Impact
There is no staffing impact associated with this item. The item aligns with the department’s core service delivery.
DEI Impact
There is no DEI impact associated with this item.
Community Input
There has been no community input given in relation to this item.
Staff Recommendation
Authorize the Interim Chief Financial Officer to work with external parties to prepare the ordinance for board approval for the issuance of $55,000,0000 General Obligations Refunding Bonds, for the purpose of refunding certain outstanding bonds of the Village.
Advantages:
• The Village Board will receive a lower interest rate and debt service savings on outstanding bonds of the Village.
• The Village will have the opportunity to enter the market when interest rates are favorable.
Disadvantages:
• There are no disadvantages to this action.
Alternatives
If interest rates are unfavorable, then the refund will not move forward.
Anticipated Future Actions
The Interim Chief Financial Officer will prepare the ordinance for the November 11, 2025, board meeting.
Prepared By: Donna M. Gayden, Interim Chief Financial Officer
Reviewed By: Ahmad Zayyad, Deputy Village Manager
Approved By: Kevin J. Jackson, Village Manager
Attachment(s):
1. Draft Ordinance