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Council approves noncallable taxable note change on financial advice
Summary
Ordinance 15‑2025 amended the city's note redemption provisions to issue a noncallable taxable note after staff counsel and capital markets advice; council adopted the change unanimously.
The Forest Park City Council on May 19 adopted Ordinance 15‑2025, amending prior ordinance language to modify redemption provisions for certain taxable notes and declaring an emergency.
Council discussion indicated that the city’s capital markets advisor recommended issuing the note as noncallable. Council member Sylvester said KeyBanc Capital Markets advised that a noncallable structure would be in the city’s financial interest, and the ordinance was adopted by roll call, 7‑0.
The ordinance replaces earlier language that allowed redemption prior to maturity with 30 days’ notice, instead authorizing issuance of a noncallable note for the taxable bond. The change was described in council comments as a financial decision made on professional advice to improve marketability and terms for the city’s borrowing.
The ordinance was posted in advance as required and adopted following motions to suspend full reading and proceed by title. Staff will proceed with the financing process consistent with the new redemption provisions and the city’s capital markets advice.
What’s next: staff will coordinate with the city’s financial advisor and counsel to finalize issuance documents and return any required financing papers for administrative or council execution as needed.
