Title
G.O. Refunding Bonds, Series 2026B Abatement - 2025 Levy - Ordinance
History
The 2026B bonds issued new funds for Governmental and Water & Sewer Fund capital projects, as well as provided bonding capacity for potential TIF projects, as authorized by the parameters ordinance adopted in December 2025. The portion of bonds for governmental projects is funded by new tax revenue utilizing utility tax and an increase to the Home Rule Sales Tax of 0.5% effective January 1, 2024, and will be abated on property tax levies. The portion of bonds for Water & Sewer Fund capital projects is paid for with Water & Sewer user fees, and therefore that portion of the bonds is also being abated.
In addition, the 2026B bonds, issued in the amount of $27,425,000, include capitalized interest which will be used to pay debt service for the next three years. As a result, no property tax levy is required for these payments in the current year.
Financial Impact
The abatement of property taxes as described above.
Recommended Action/Motion
I move to adopt an Ordinance entitled: AN ORDINANCE ABATING TAXES LEVIED FOR THE YEAR 2025 BY AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $27,425,000 GENERAL OBLIGATION BONDS, SERIES 2026B, OF THE VILLAGE OF ORLAND PARK, COOK AND WILL COUNTIES, ILLINOIS, FOR THE PURPOSE OF FINANCING VARIOUS CAPITAL PUBLIC IMPROVEMENTS, PROVIDING FOR THE LEVY AND COLLECTION OF A DIRECT ANNUAL TAX SUFFICIENT FOR THE PAYMENT OF THE PRINCIPAL OF AND INTEREST ON SAID BONDS AND PROVIDING FOR THE SALE OF SAID BONDS TO THE PURCHASER THEREOF, BEING ORDINANCE NO. 6085 ADOPTED BY THE PRESIDENT AND BOARD OF TRUSTEES OF THE VILLAGE OF ORLAND PARK, ILLINOIS ON THE 15TH DAY OF DECEMBER, 2025.