Title
Consideration and action on an ordinance providing for the issuance of not to exceed $42,000,000 General Obligation Bonds, Series 2025, 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
A parameters ordinance allows the Village Board to adopt an ordinance authorizing the sale of bonds at a future date, as long as certain parameters are met. These would include maximum par amount, interest rate, maturity date, etc. The ordinance also designates certain elected and appointed officials to complete the sale on behalf of the Village Board if the terms of the ordinance are met. A parameters ordinance allows more flexibility in setting a sale date for the bonds.
Parameters for the General Obligation Bonds, Series 2023
Maximum issue size: $42,000,000
Purpose: 2025 capital improvements relating to capital improvements within the Village, including water and sewer infrastructure improvements, street maintenance projects and facility renovations
Maximum maturity date: December 1, 2050
Authorization to sell Bonds expires: December 1, 2025
Maximum interest rate: 5.50% for tax-exempt bonds and 7.00% for taxable bonds
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.
Bond Sale Timetable
September 22, 2025: List Sale in Bond Buyer
October 7, 2025: Post Sale on Parity
October 7, 2025: Distribute Notification of Sale and Preliminary Official Statement
October 14, 2025: Sale
November 4, 2025: Closing. Bond Proceeds received
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