Title
Consideration and action on an ordinance providing for the issuance of not to exceed $40,500,000 General Obligation Bonds, Taxable 2026A and Tax-Exempt 2026B GO Bonds for Capital and Redevelopment, to finance various capital improvements in and for the Village, providing for the levy of taxes to pay said bonds, and authorizing the sale of said bonds to the purchaser thereof.
History
The proposed parameters ordinance authorizes the Village of Orland Park to issue up to $40,500,000 in taxable and tax-exempt General Obligation Bonds to finance a series of priority capital, redevelopment, and economic development initiatives (collectively, the “Project”). The Village has identified several major capital and redevelopment needs and does not have sufficient available funds to complete them without borrowing.
2026 General Obligation Bonds
Parameters for the Taxable General Obligation Bonds, Series 2026A and General Obligation Bonds, Series 2026B
-Maximum issue size: $40,500,000
-Maximum maturity date: December 1, 2051
-Authorization to sell Bonds expires: June 15, 2026
-Maximum interest rate: 7% taxable/5.50% tax-exempt
-Optional call dates: Allowed, will be set forth in Notification of Sale, but not later than 10 ½ years from the date of issuance (2036). May call portions of maturities in increments of $5,000.
-Designated Officers: Village President and one of the Village Manager or Finance Director, or any other officer or employee of the Village so designated by a written instrument signed by the President or the Finance Director.
-Method of Sale: Competitive Sale.
Use of Bond Proceeds:
Bond proceeds may be used to fund the following components of the Project:
1. Dick’s House of Sports (Repaid Through TIF)
A. $6.8 million (taxable) - Incentive to Dick’s House of Sports
· RDA planned for approved at 12/1/25 BOT meeting.
· $6.8M must be funded into escrow by 2/27/26. Dick’s target opening: Spring 2029.
· First 3 years of principal & interest capitalize...
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