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Urbana Park District staff report low 3.07% bid on Series 2025 bonds; board moves to consider abatement ordinance
Summary
A municipal advisor reported a winning 3.07% net interest cost bid for the district's Series 2025 annual rollover bonds and told trustees the closing is expected Dec. 18. Staff also introduced Ordinance 2025‑07 to abate the Series 2019A backup levy; a motion was moved and seconded but the transcript does not record a final vote.
Aaron Goldman, identifying himself as the municipal advisor from Spear Financial, told trustees the district received four bids in a competitive sale and that the low, winning net interest cost bid was 3.07% from Time Bank, Park Ridge, Illinois.
Goldman said the issue was structured as a one‑year rollover with a final maturity of Dec. 15, 2026, and that closing was expected about two weeks after the meeting. "I therefore recommended the district's general obligation limited tax, Series 2025 be awarded to Time Bank, Park Ridge, Illinois, at a net interest cost of 3.07%," Goldman said. He noted the issue size was increased by $8,895 to $1,002,665 "to fully utilize that levying capacity." The transcript shows staff planned to complete closing documents and record the transaction with the county clerk.
Goldman and staff also explained an abatement ordinance tied to the district's Series 2019A alternate revenue source bonds. As described in the presentation, ARS bonds are sold with a backup property tax levy to attract investors; an abatement ordinance directs the county clerk not to extend that backup levy in a year when the district can repay debt service from existing revenues. At the meeting staff read an abatement figure aloud as "1,046,000" (rendered in the transcript as "1000000 46,000").
A trustee moved to approve Ordinance 2025‑07, "ordinance abating the tax year levy for the year 2025 to be the principal and interest on general obligation park bonds, series 2019A," and the motion was seconded. The board indicated it would perform a roll call; the provided transcript ends before a recorded vote tally or final outcome appears.
What happens next: staff indicated the closing paperwork for the Series 2025 bonds and the abatement ordinance filings would be completed with the county clerk in the coming days. The transcript does not record the board's final vote on Ordinance 2025‑07 or the formal approval of the Series 2025 award within the provided segments.
