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Oak Park School District plans Feb. 3 sale of final phase of voter-approved bonds
Summary
Baker Tilly told the Oak Park Board of Education the district will seek bids on Feb. 3 for the third and final phase of a previously voter-approved bond issue (about $22,395,000 for this tranche), with closing expected Feb. 27; the authorizing resolution is in the board packet and will be voted at the next meeting.
Baker Tilly municipal advisor Mr. Nelson told the Oak Park Board of Education on Dec. 9 that the district is preparing to sell the third and final phase of a voter-approved bond issue, an issuance estimated at about $22,395,000. The district is scheduled to receive bids on Feb. 3 and to close the bonds on Feb. 27, when proceeds would become available for planned school-improvement work.
Nelson said the authorizing resolution prepared by True Law Firm is included in the board packet and will be presented for a vote at the board's next meeting. He described the standard municipal-bond process: receive competitive bids from underwriters on the sale date and select the financing offering the lowest true interest cost under state law.
Trustee Hoda asked for the total amount authorized across the three bond phases; Nelson replied that the voters originally approved $54,445,000 in total authorization. There was a brief numeric misstatement during the exchange, which the presenter corrected in his response. Nelson reiterated that this December presentation was informational only and that the formal authorization would be on the next meeting's agenda for a vote.
No vote or formal action on the bond sale was taken at the Dec. 9 meeting; the board received information and will consider the authorizing resolution at the next meeting.
