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 19-94    Name:
Type: Ordinance Status: Passed
In control: President and Board of Trustees
On agenda: 10/21/2019 Final action: 10/21/2019
Title: An Ordinance Approving the Redemption and Payment of Certain Outstanding Taxable General Obligation Corporate Purpose Bonds, Series 2016C of the Village of Oak Park, Cook County, Illinois as Reviewed at the October 7, 2019 Regular Meeting.
Attachments: 1. Oak Park - Minutes_Ordinance - Redemption of Taxable G.O. Corporate Purp..pdf, 2. Bond Series 2016C Amortization Schedule
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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Submitted By
Steven Drazner, CFO

Reviewed By
LKS

Agenda Item Title
Title
An Ordinance Approving the Redemption and Payment of Certain Outstanding Taxable General Obligation Corporate Purpose Bonds, Series 2016C of the Village of Oak Park, Cook County, Illinois as Reviewed at the October 7, 2019 Regular Meeting.
End
Overview
Overview
At the October 7, 2019 Regular Meeting, the Village Board approved the budget amendment which contained this action. Taxable Bond Series 2016C (issued in conjunction with Series 2016B) was used to fund the Village's incentive as outlined in Section 7.4A of the Redevelopment Agreement between the Village and Clark Street Real Estate LLC (Colt Westgate project). The proceeds from the 2016C issue were used towards various public improvements related to this project, including streetscape and landscaping. It is being recommended that the Village exercise its right to "call in" the remaining 2016C outstanding bonds totaling $2,795,000.
Body
Staff Recommendation
Adopt the Ordinance

Fiscal Impact
It is estimated that calling in the outstanding bonds will save the Village approximately $24,000 in net interest expense through final maturity on November 1, 2021.

This savings consists of remaining interest expense on the bonds totaling approximately $125,000 less the interest earnings that CFO estimates could be earned on the funds used to call in the bonds calculated at $95,000 based on current interest rates.

Background
If Series 2016C is not called in, there will be principal and interest payments on May 1, 2020, November 1, 2020, May 1, 2021, and November 1, 2021. The sum of these principal and interest payments will total $2,919,575, consisting of $2,795,000 in principal and $124,575 in interest.

By exercising the right to call in the bonds on December 1, 2019, the Village will save approximately $119,000 in future interest on this bond series less forfeited interest earnings that the CFO could have otherwise earned on...

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