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 17-278    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 $4,500,000 General Obligation Corporate Purpose Refunding Bonds, Series 2017B and 2017C, 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 - Bond Ordinance - 2017B&C(29988478_1), 2. Oak Park - Continuing Disclosure Undertaking - 2017B&C(29988457_1), 3. Oak Park - Opinion - 2017B(29988421_2), 4. Oak Park - Opinion - 2017C(29988397_2), 5. Oak Park - GO Ref 2017B & C OS . draft 10.30.17

Submitted By                     

Steven Drazner, CFO

 

Reviewed By

LKS

 

Agenda Item Title

Title

An Ordinance Providing for a Not-To-Exceed Issuance of $4,500,000 General Obligation Corporate Purpose Refunding Bonds, Series 2017B and 2017C, 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 2017B not-to-exceed issue of $1,500,000 will refund the Series 2007 and the 2017C not-to-exceed issue of $3,000,000 will refund Series 2007A.   Estimated combined savings from the refundings total $88,000 over the remaining life the bonds.  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

The interest savings from the two refundings is estimated at $88,000 (allocated $35,000 for 2007 and $53,000 for 2007A) but this number may be more or less depending on the final interest rates upon closing the deal.  Of the total estimated savings, approximately 53% of the savings will be passed through to the Oak Park Public Library since they are liable for about 88% of the outstanding principal on the 2007A issue.

 

Background

N/A.

 

Alternatives

The Village Board may defer or reject the refinancing.

 

Previous Board Action

N/A

 

Citizen Advisory Commission Action

N/A.

 

Anticipated Future Actions/Commitments

N/A.

 

Intergovernmental Cooperation Opportunities

N/A.

 

Performance Management (MAP) Alignment

N/A.