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A Resolution Approving Certain Capital Improvements in and for the Village and Expressing Official Intent Regarding Certain Capital Expenditures Related to Such Capital Improvements to be Reimbursed from Proceeds of one or More Obligations to be Issued by the Village of Oak Park, Cook County, Illinois.
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Introduction
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The Village Board is being asked to adopt a reimbursement resolution declaring the Village's official intent to reimburse various capital improvement expenditures from proceeds of future debt obligations.
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Recommended Action
Adopt the attached resolution, which includes:
1. Approving the major capital projects described in Exhibit A;
2. Approving the general financing framework and timing summarized in Exhibit B, based on Scenario 1;
3. Declaring the Village's official intent, under Treasury Regulation Section 1.150-2, to reimburse eligible project expenditures from proceeds of one or more future obligations; and
4. Establishing a maximum not to exceed principal amount of $120,000,000 for obligations expected to reimburse expenditures for the projects covered by the resolution.
Each bond issuance, related appropriation, project contract, and annual levy abatement will remain subject to separate Village Board review and approval.
Prior Board Action
The Finance Committee reviewed the Village's comprehensive major-project financing plan at two public meetings:
? June 18, 2026 - Stifel Public Finance and Speer Financial presented the initial financing plan, which modeled approximately $178.86 million of project costs and five issuances through 2030. The Committee requested a reduced scope, updated project assumptions, and additional analysis of the debt-service structure and taxpayer impact.
? July 2, 2026 - Staff, Stifel Public Finance, and Speer Financial presented a refined plan totaling approximately $128.77 million of modeled project costs, with three issuances through 2028. The Committee ...
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