Board sets parameters to refinance two 2015 bond series, estimating roughly $115,000 in savings

The Lemont Village Board voted to adopt Ordinance O-19-26, authorizing not-to-exceed parameters for issuing general obligation refunding bonds to refinance two bond series issued in 2015.

Darshana introduced the ordinance and Bob Vail of Bernardi Securities presented refinancing scenarios. Vail said the combined refunding would not exceed $5,050,000 and estimated net savings of roughly $115,000 under the current market assumptions. He showed options that would shorten maturities or apply additional local contribution to increase savings — noting legal constraints require showing at least a dollar of savings in each year if the maturity structure is shortened.

Vail described the two series as financing water infrastructure (2015A) and the 2007/2015 refunding for the police station (2015B, payable from utility tax). He reported current true interest costs near 4% with potential to lower to approximately 3.02%–2.98% in illustrative scenarios and cited a separate rating call with Moody’s as a next step ahead of pricing.

Trustees asked questions about market timing and the ordinance’s six-month authorization window; Vail said the ordinance’s parameters are valid for six months and the board could reauthorize later if needed. The board approved the ordinance on a roll-call vote.

The action sets parameters only; the actual bond sale and final pricing will follow standard financing steps, including a Moody’s rating call and board review of final documents.