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Urbana Park District awards $1,002,665 one-year rollover bond to low bidder, adopts related abatement ordinance
Summary
The Urbana Park District board voted unanimously Dec. 9 to award a $1,002,665 general obligation limited-tax park bond (Series 2025) to the low bidder at a 3.07% net interest cost and adopted an abatement ordinance for Series 2019 ARS bonds to document reliance on existing revenues.
The Urbana Park District board voted unanimously Dec. 9 to award its Series 2025 general obligation limited-tax park bond to the low bidder and to adopt a companion abatement ordinance for earlier alternate revenue source (ARS) bonds.
Aaron Gold, an independent municipal advisor with Spirit Financial, presented results of a competitive sale, saying the district received four bids and that the low bid — a 3.07% net interest cost — came from Time Bank of Park Ridge, Illinois. "I therefore recommend that the district's general obligation…
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