Stone Park officials introduce $10.35 million bond ordinance and present draft FY2026 appropriations

Trustee Marco A. Gutierrez presented Ordinance 25-06, authorizing up to $1,600,000 in taxable General Obligation Refunding Bonds, Series 2025A, and up to $8,750,000 in General Obligation Bonds, Series 2025B, for the Village of Stone Park to finance capital projects and refund outstanding obligations.

Mayor Beniamino Mazzulla explained the legal language in the 37-page ordinance is required for municipal bond compliance, saying the verbiage "is necessary for compliance" as he answered Trustee Gutierrez’s request for clarification. The ordinance would allow the village to levy and collect a direct annual tax sufficient to pay principal and interest and to deposit those taxes into a designated escrow account.

The board also reviewed draft appropriations for the fiscal year ending 2026. Mayor Mazzulla asked department heads to confirm that bills are submitted "in a timely manner before the end of the current fiscal year" so obligations are recorded in the correct budget year.

No formal vote on Ordinance 25-06 or the appropriations was recorded at the committee meeting; the ordinance was introduced for committee review and clarification. Next steps include additional review and any required public hearings or board votes in subsequent meetings.

The meeting record indicates the ordinance was presented by Trustee Gutierrez and discussed with the mayor; no final action or vote on the ordinance or the draft appropriations was taken at this committee meeting.