Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: ORD 17-277    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 11/6/2017 Final action: 11/6/2017
Title: An Ordinance Providing for a Not-To-Exceed Issuance of $13,700,000 General Obligation Corporate Purpose Bonds, Series 2017A, of the Village of Oak Park, Cook County, Illinois, and Providing for the Levy and Collection of a Direct Annual Tax for the Payment of the Principal of and Interest on Said Bonds
Attachments: 1. Oak Park - Minutes_Ordinance - 2017A(29974589_1), 2. Oak Park - Continuing Disclosure Undertaking - 2017A(29968493_1), 3. Oak Park - Opinion - 2017A(29968456_1), 4. Oak Park - GO Corp Purp 2017A OS (print copy), 5. Oak Park - GO Corp Purp 2017A OS Award Packet, 6. Oak Park - Minutes_Ordinance - 2017A FINAL
Submitted By
Steven Drazner, Finance

Reviewed By
LKS

Agenda Item Title
Title
An Ordinance Providing for a Not-To-Exceed Issuance of $13,700,000 General Obligation Corporate Purpose Bonds, Series 2017A, of the Village of Oak Park, Cook County, Illinois, and Providing for the Levy and Collection of a Direct Annual Tax for the Payment of the Principal of and Interest on Said Bonds

End
Overview
Overview
The 2017A issue will be used to finance certain projects totaling $9.2M in the FY17 capital improvement plan including street, alley, and facility improvements, $4.0M for street/alley resurfacing projects in the FY18 capital improvement plan, as well as financing costs. This will be a tax exempt, non-bank qualified issue (since it exceeds the $10M threshold). Since many of the expenditures have already been incurred and paid thus far this year, Resolution 17-678 is also presented as a separate agenda item for adoption by the Board which allows Series 2017A issue to reimburse the Village for those expenditures already paid. The pricing for the sale of bonds will occur on Monday and updated materials will be provided at the meeting.

Body
Staff Recommendation
Approval.

Fiscal Impact
This will be a twenty year issue and the interest over this duration is estimated to be approximately $6.8 million. The exact amount will be provided upon sale of the bonds.

Background
A total of approximately $15.5 million in capital projects has been budgeted in the current year excluding special revenue and enterprise fund capital expenditures. Included in the $15.5 million are street and alley improvement projects which total $5.7 million, or 37% of this amount. Also included in the FY17 budget is $11.8 million in bond proceed revenue as well as another $3.7 million in dedicated tax revenue to pay for the capital improvement projects.

Of the capital projects budgeted, approximately $12.9 million of expense is projected out of the $15.5 million budgeted in 2017. T...

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