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District staff recommends awarding $1.00 million rollover bonds at 3.07% and moves to adopt abatement for series 2019A
Summary
Staff reported the district received a low bid at a 3.07% net interest cost for its 2025 annual rollover general-obligation limited-tax bonds, recommended awarding the issue at a revised price of $1,002,665, and introduced an abatement ordinance for existing series 2019A alternate-revenue bonds; motions were made but no roll-call votes are recorded in the transcript.
Unidentified Speaker 3, Unidentified Speaker: The district announced results of a competitive sale for its general obligation limited-tax "rollover" bonds and recommended awarding the series 2025 issue to the low bidder. "The low bid was a 3.07% net interest cost bid from Time Bank, Park Ridge, Illinois," Unidentified Speaker 3 said, and recommended awarding the issue at a revised price of $1,002,665 with an anticipated closing on Dec. 18 and a final maturity on Dec. 15, 2026.
The presenter said the 3.07% bid was about 62 basis points lower than last year’s rollover bid, that one-year Treasury yields had declined to about 3.57%, and that net proceeds increased year over year by $33,545 (about 3.51%). Staff explained this is a one-year issue intended to exercise the board’s annual levy authority for the district’s limited-tax capacity.
In the same discussion, Unidentified Speaker 3 described a separate routine action: an abatement ordinance for the district’s outstanding alternate-revenue bonds (series 2019A). According to the presenter, alternate-revenue bonds are sold with a backup property tax levy to secure market pricing, and an abatement ordinance allows the board to instruct the county not to extend or collect that backup levy for the year.
Procedural steps were taken on both items: Unidentified Speaker 1 moved on the bond item (meeting transcript: “I move to that bond ordinance study session”), and Unidentified Speaker 5 later moved the abatement ordinance, which was seconded. The transcript records the motions and seconding but does not include a roll-call vote tally or a recorded outcome for either the bond award or the abatement ordinance during this meeting.
What happens next: staff identified an anticipated closing (Dec. 18) and provided closing documents for board review. If the board formally adopts the bond ordinance and the abatement ordinance in a recorded vote at a subsequent point, that action will affect the levy for the coming year and the district’s debt-service schedule.
