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Village adopts resolution to issue $2.185 million in general obligation promissory notes
Summary
The Village Board adopted a resolution authorizing the issuance and sale of general obligation promissory notes, series 2025 A, after a competitive sale; the low bidder was BOK Financial Securities and the sale produced lower-than-expected debt service.
The Village Board voted to adopt Resolution 2025-10 authorizing the issuance and sale of general obligation promissory notes, series 2025 A, in a competitively bid offering. The village’s municipal financing advisor reported the issue was downsized by $35,000 due to premium received at sale, producing about $132,000 less total debt service than the presale estimate.
The advisor reported the village’s credit rating remained at its most recent level and characterized it as “double a 3.” The low bidder on the competitive sale was BOK Financial Securities. The advisor said the notes include callable maturities after 2035 and that Bond Trust Services will continue to serve as paying agent. A closing date and wire receipt of funds was anticipated on Aug. 14, 2025.
The advisor presented estimated tax impacts: the first levy year impact (the 2025 levy payable in the 2026 budget) was about $40 on a $250,000 assessed-value property and a roughly $4 impact in subsequent years for the village portion of the issue. The advisor recommended competitive sale as it yielded bid results that saved the village an estimated $75,000 compared with the highest bid in the pool.
The board adopted the resolution by motion; the meeting record shows a motion, a second and a voice vote with the motion carrying.
