Title
Consideration and Action on a Resolution Expressing Official Intent Regarding Certain Capital Expenditures to be Reimbursed from Proceeds of One or More Obligations to be Issued by the Village
History
An important component of our capital improvement program is borrowing funds to pay for needed capital projects. For tax exempt borrowing purposes, the attached reimbursement resolution is needed to ensure that the bond funds can be used for capital projects before the General Obligation Bonds, Series 2025 are issued later in 2025.
The 2025 bonds are scheduled to be issued in October. Because the 2024 Bonds were not issued in fiscal year 2024, and the 2025 debt was not issued earlier this year as was planned, the 2025 debt issuance is expected to total $40.93 million.
The attached resolution declares the Village’s intent to utilize bond funds for projects currently underway. This action is not required to issue bonds but provides for the most flexibility in applying tax exempt bond funds.
In the coming years, we anticipate approving a similar resolution each year as part of the budget approval process. This will formally declare which capital projects we anticipate will be bond funded and will provide flexibility to issue bonds early in the year or later, depending on market conditions or other factors.
Recommended Action/Motion
I move to recommend to the Village Board to pass a Resolution entitled: RESOLUTION EXPRESSING OFFICIAL INTENT REGARDING CERTAIN CAPITAL EXPENDITURES TO BE REIMBURSED FROM PROCEEDS OF ONE OR MORE OBLIGATIONS TO BE ISSUED BY THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS.