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Glencoe board approves roughly $14.3 million in bonds to fund infrastructure and library expansion
Summary
The board approved two Series 2026 general obligation bond issues — about $10.4 million (Series 2026A) for village infrastructure and roughly $3.895 million (Series 2026B) for library expansion soft costs — with closing expected July 2; the village’s AAA rating helped secure rates under 4%.
The Glencoe Village Board on June 18 approved a bond ordinance authorizing the sale of two general obligation bond series to finance capital projects and the first phase of a library expansion.
Deputy Village Manager Vicky Larson said the village held online auctions earlier in the day for Series 2026A (about $10.4 million) to fund villagewide infrastructure projects in 2026–2028 and Series 2026B (about $3.895 million) to pay soft costs for the library expansion. Larson noted the board had included the bond issuance in the 2026 budget and the village’s AAA bond rating helped secure favorable interest results.
Mark Garantina of Spear Financial presented the sale results: the winning bid for Series 2026A produced an interest rate just under 3.92 percent in a competitive auction; Series 2026B’s winning bidder produced a roughly 3.891 percent rate. Larson said approximately $3 million of the larger series will be abated from the property-tax levy and paid from the village’s water fund reserves.
The ordinance was approved on a roll call vote; staff expects to close on the sale and receive proceeds on July 2. The board also heard no public comment on the sale prior to voting.
Financial highlights discussed earlier in the meeting noted the village’s general fund revenues of about $26.1 million and an ending governmental fund balance near $15.2 million for fiscal 2025, context that officials cited in discussing the village’s capacity to manage the new debt.
