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Resolution Expressing Official Intent Regarding Certain Capital Expenditures, Related To Financing Streetscape And Infrastructure Improvements In And For The Village, Together With Such Engineering, Electrical, Financial, Legal, And Other Professional Services Related Thereto As May Be Advisable And Necessary, To Be Reimbursed From Proceeds Of An Obligation 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 certain streetscape and infrastructure improvement expenditures from proceeds of a future debt obligation.
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Recommended Action
Adopt the resolution expressing the Village's official intent to reimburse certain streetscape and infrastructure improvement expenditures from proceeds of a future obligation to be issued by the Village. Adoption of the resolution preserves the Village's ability to reimburse eligible expenditures but does not obligate the Village to issue debt.
Prior Board Action
The Board has taken the following prior action(s):
* In December 2025, the Village Board approved an ordinance authorizing debt issuance for new money and refunding purposes. The refunding purpose was completed in February 2026. The debt issuance for new money is pending further holistic borrowing plan discussions to be held in July 2026.
* The Village Board has previously approved capital improvement planning and budget appropriations that include streetscape and infrastructure improvements. The two most recent include:
o RES 25-301: A Resolution Approving a Contract with A Lamp Concrete Contractors, Inc. for Project 25-20, Oak Park Avenue Streetscape Improvements in an Amount Not to Exceed Amount $18,464,984 and Authorizing its Execution
o RES 26-150: A Resolution Approving A Purchase Price Agreement with Victor Stanley, LLC. for the Purchase of Street Furniture for the...
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