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Urbana Park District adopts 2025 abatement ordinance for 2019 alternate‑revenue bonds
Summary
The board unanimously adopted Ordinance 2025‑07 on Dec. 9 to abate the 2025 levy related to series 2019A alternate‑revenue‑source (ARS) park bonds; staff said the abatement filing is a required annual compliance step and read an abatement amount for the levy as $1,046,000 at the meeting.
The Urbana Park District board unanimously approved Ordinance 2025‑07 at its Dec. 9 meeting to abate the tax levy for 2025 that serves as the backup levy for the district’s 2019A alternate‑revenue‑source (ARS) bonds. Staff described the ordinance as a compliance filing that instructs the county clerk not to extend the backup property‑tax levy if the district can pay debt service from existing resources.
During the discussion staff noted this is the sixth year of the 20‑year bond commitment tied to the original 2019 borrowing (the original amount stated in the presentation was $14,950,000). Staff read the abatement amount for the current levy at the meeting as $1,046,000 and said the ordinance must be filed by mid‑February and can be adjusted by the county clerk through late December to align levy records.
An Unidentified Speaker moved to approve Ordinance 2025‑07 and a second was recorded; the board adopted the ordinance by unanimous roll call. Staff said the abatement preserves the district’s compliance posture by documenting that existing revenue resources will be used for debt service and that the backup levy is directed to be reduced by the county clerk as filed.
What’s next: staff will execute the abatement filings with the county clerk within the statutory window and reflect the abatement in next year’s levy calculations.
