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Villa Park sells rollover bonds; low bid 3.13% for 2025A general obligation issue
Summary
The Village approved an ordinance to issue rollover general obligation limited-tax bonds (series 2025A) to refinance prior alternative-revenue bonds and finance capital projects. Spear Financial reported four bidders; the low bid was 3.13% (Hinsdale Bank & Trust). The board adopted a revised ordinance reflecting the sale.
The Village of Villa Park Board of Trustees adopted an ordinance authorizing the issuance of general obligation limited-tax bonds, series 2025A, to refinance prior alternative-revenue bonds and provide capital funding.
Manager Guerra said the bonds (described in the ordinance as a rollover to cover obligations on earlier alternate revenue bonds) are sized to remain under the village’s debt service extension base. Attorney Ryan Morton and staff described the annual practice of issuing rollover bonds to manage debt and free capacity for capital projects.
Dan Forbes of Spear Financial reported on the competitive sale held that morning. Four bids were received and the low bid — Hinsdale Bank & Trust — priced the bonds at 3.13 percent interest, which Spear characterized as one of the lowest rates they have seen recently. Forbes summarized the allocation of sale proceeds to specific prior obligations and capital components and noted the bonds will be paid from the DSEB (debt service extension base) levy.
Trustees voted to adopt the revised ordinance reflecting the actual sale terms delivered that day. The motion passed on a roll call vote.
