Urbana Park District awards $1,002,665 rollover bonds to Time Bank at 3.07%

The Urbana Park District board voted unanimously on Dec. 9 to award its 2025 annual rollover park bonds — Ordinance 2025‑06 — to Time Bank of Park Ridge, Illinois, at a net interest cost of 3.07%, a district presentation shows. Aaron Gold, an independent municipal advisor with Spirit Financial, presented results of a competitive sale that drew four bids and recommended awarding the $1,002,665 issue to Time Bank.

Gold said the low bid of 3.07% was 62 basis points lower than the district’s winning rollover bid last year and that one‑year Treasury yields had fallen 66 basis points over the same period. "We received four bids. The low bid was a 3.07% net interest cost bid from Time Bank," Gold said in his presentation. He told the board the district’s net proceeds from this rollover increased by $33,545 (about 3.51%) year over year and that the district plans to close the transaction on Dec. 18. The bonds have a final maturity of Dec. 15, 2026.

In describing the structure, Gold said these are general obligation limited‑tax bonds the district issues under its non‑referendum bonding authority to refill levy capacity one cycle at a time. He also noted the district increased the issue size by $8,895 to fully utilize levy capacity for the year.

After the presentation a board member moved to award the bonds to Time Bank and to adopt Ordinance 2025‑06; the motion was seconded and passed by roll‑call vote recorded as unanimous. The board packet and staff noted closing documents will be circulated ahead of the Dec. 18 closing and that the capital improvements fund will reflect the financing after closing.

What’s next: staff will finalize closing documents and execute the sale on Dec. 18; the district will record the bond proceeds and apply them to the park district capital needs outlined in the board materials.