VILLAGE OF ORLAND PARK - File #: 2013-0235

• File #: 2013-0235
• Version: 0
• Name: Taxable General Obligation Refunding Bonds, Series 2013A & 2013B - For Discussion Only
• Type: MOTION
• Status: PLACED ON FILE
• File created: 4/9/2013
• In control: Board of Trustees
• On agenda: 4/15/2013
• Final action: 4/15/2013
• Title: Taxable General Obligation Refunding Bonds, Series 2013A & 2013B - For Discussion Only

Date	Ver.	Action By	Action	Result
4/15/2013	0	Board of Trustees
4/9/2013	0	Finance Department	INTRODUCED TO BOARD

Title
Taxable General Obligation Refunding Bonds, Series 2013A & 2013B - For Discussion Only

History
In September 2011, the Village Board authorized a Redevelopment Agreement between the Village and Metra Triangle FC, for the development of the Ninety 7 Fifty on the Park project. At that time, the Village Board approved Ordinance No. 4674, titled "An Ordinance Authorizing a Loan Agreement for and Providing for the Issuance of Taxable General Obligation Refunding Bonds of the Village of Orland Park, Cook and Will Counties, Illinois, Authorizing the Execution of One or More Bond Orders in Connection with the Issuance of Said Bonds and Providing for the Levy and Collection of a Direct Annual Tax for the Payment of the Principal and Interest on Said Bonds". This ordinance allowed for the future issuance of general obligation bonds in an amount not to exceed $65 million in order to provide financing for the project in accordance with the terms of the Redevelopment Agreement.

As authorized by this Ordinance, on April 15th the Village will issue Taxable General Obligation Bonds, Series 2013A and Series 2013B, in the amounts of $18,000,000 million and $2,000,000 million, respectively. The Series 2013A bonds will be sold thru a competitive sale and the Series 2013B bonds will be sold thru a negotiated sale. The negotiated sale participants are Edward Jones, Raymond James and Stifel Nicolaus. Speer Financial will be at the Board meeting to present the results of both sales. Attached to this agenda item are a draft version of the documents that will be presented to the Board outlining the sale terms. The Mayor will be asked to execute the final version of these documents immediately following the Board meeting.

As part of the issuance process, the Village obtained updated bond ratings from Moody's and Standard & Poor's. Both agencies have reaffirmed the Village's rating for this issuance, as well as for the Village's overall outstanding debt; the Village's r...