Officials briefed on $91M outstanding debt and potential $250M peak; board approves updated reimbursement resolution

PMA Securities advisers briefed trustees July 7 on the village’s current debt, planned bond issuances and a reimbursement resolution to preserve tax-exempt financing options. Key figures: PMA reported the village’s outstanding debt is roughly $91,000,000. Staff and advisers said the village had planned additional borrowings to fund governmental projects and TIF-related work and that, if all projects currently in planning proceeded, the village’s total debt exposure could reach about $250,000,000 over the next several years (including approximately $41,000,000 in near-term planned issuance and additional TIF and general governmental projects totaling roughly $160,000,000 in the pipeline). PMA said the '25 issuance that was intended in 2024 is now expected to be about $41,000,000 if the village proceeds. Reimbursement resolution: advisers explained federal tax rules that require an official declaration of intent before reimbursing prior capital expenditures with tax-exempt bond proceeds. The village previously passed a reimbursement resolution on Dec. 4, 2023 with a not-to-exceed amount of $7,800,000; delays in issuing 2024 bonds caused expenditures that would be reimbursed to exceed that amount. The finance presentation recommended adopting an updated reimbursement resolution that increases the not-to-exceed amount so the village can reimburse eligible May/June expenditures and preserve tax-exempt treatment. Board action: Trustee Lawrence moved to recommend the village board pass a resolution expressing official intent to reimburse certain capital expenditures from future obligations; the motion was seconded and passed on roll call. Advisers said a larger reimbursement number does not obligate the village to borrow that amount — it only sets an upper bound for tax-exempt reimbursement eligibility. Discussion points: trustees questioned the assumptions behind the long-range projections, the role of proposed TIFs, the timing of the bond issuance (deferred in 2024 pending election), and whether the projections included projects not yet approved by the board. Advisers and staff said many figures reflect projects currently in the planning pipeline and that final decisions would return to the board for approval. A member of the public asked for clarity on past tax increases and how funds were authorized; the transcript contains a public comment expressing concern about tax changes and debt levels.