Parks board starts $4.2M bond process, schedules Nov. 5 special meeting

The Danville Town Parks and Recreation Board on a voice vote authorized a declaratory resolution to begin the legal steps for a bond issuance to fund capital projects, with total costs in Exhibit A capped at $4,200,000. The board also agreed to hold a special park board meeting on Wednesday, Nov. 5 at 5:30 p.m. to meet timing needs for town council review and the required public hearing.

Adam Stirlpool, introduced as bond counsel from Barnes & Thornburg, told the board the process requires a park board declaratory resolution followed by a public notice and hearing, a confirmatory bond resolution, and then a town council ordinance approving the issue before marketing and closing. Counsel presented a timetable that anticipates placement of term sheets and marketing, an award before Thanksgiving and an early-December close; counsel said the town would likely receive funds mid-December (counsel noted a receipt date of Dec. 10 on the provided timetable).

Board members asked about quorum and scheduling; the board voted to schedule the special meeting and to approve the declaratory resolution so staff could post hearing notices and advance the bond timeline. The declaratory resolution as read by counsel says the projects listed in Exhibit A are necessary for public health and welfare and estimates total project and soft costs not to exceed $4,200,000.

Next steps: staff will publish the public hearing notice, the park board is scheduled to hold the special meeting on Nov. 5, and the town council will consider the ordinance later in the process. The board did not provide a numeric roll-call tally in the transcript for the declaratory-resolution vote; meeting minutes should be checked for the official roll-call record.