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An Ordinance providing for the issue of not to exceed $18,000,000 General Obligation Corporate Purpose Bonds, Series 2026A, of the Village of Oak Park, Cook County, Illinois, for the purpose of financing streetscape and infrastructure improvements within the Village, providing for the levy and collection of a direct annual tax sufficient to pay the principal and interest on said bonds, and authorizing the sale of said bonds to the purchaser thereof.
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Introduction
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The Village Board is being asked to adopt a parameters ordinance authorizing the issuance of not to exceed $18,000,000 in General Obligation Corporate Purpose Bonds, Series 2026A, to finance approved streetscape and infrastructure improvements.
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Recommended Action
Adopt the ordinance authorizing the issuance and sale of not to exceed $18,000,000 General Obligation Corporate Purpose Bonds, Series 2026A, to finance streetscape and infrastructure improvements within the Village.
Prior Board Action
The Board has taken the following prior action(s):
* On May 19, 2026 the Village Board approved RES 26-211, a reimbursement resolution expressing the Village's official intent to reimburse eligible streetscape and infrastructure expenditures from proceeds of a future debt obligation. The resolution preserved reimbursement eligibility but did not authorize the issuance of debt.
* The Village Board previously approved capital improvement planning, budget appropriations, and project contracts for the Oak Park Avenue Streetscape Project, including the following:
o RES 26-150 - Approved a purchase price agreement with Victor Stanley, LLC for street furniture for the Oak Park Avenue Streetscape Project in an amount not to exceed $73,111, authorized its execution, and waived the Village's bid process for the agreement.
o RES 25-301 - Approved a contract with A Lamp Concrete Contractors, Inc. for Project 25-20, Oak Park Avenue Streetscape Improvements, in an amou...
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