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Village of Stone Park approves ordinance authorizing up to $10.35 million in bonds
Summary
The Village Board on April 8 adopted Ordinance 25-06 authorizing up to $1.6 million in taxable refunding bonds (Series 2025A) and up to $8.75 million in general obligation bonds (Series 2025B) to finance capital projects and refund outstanding obligations; the measure passed with one abstention.
The Village of Stone Park Board of Trustees on April 8 approved Ordinance 25-06 to issue 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, to finance certain capital projects and to refund specified outstanding obligations.
Trustee Marco A. Gutierrez moved to adopt the ordinance, and Trustee Sylvia Terrazas seconded the motion. In the roll-call vote recorded in open session, Trustee Gutierrez abstained; all other trustees voted aye and the ordinance passed.
Mayor Beniamino Mazzulla reiterated that "it is common practice for municipalities to utilize bonds for infrastructure, capital improvements, etc.," noting that the ordinance provides for levy and collection of a direct annual tax sufficient to pay principal and interest and authorizes deposit of taxes into a designated escrow account for the bonds.
The ordinance text as presented in the meeting specifies the bond series and an authorization to levy taxes to pay debt service. The board did not provide an effective date for the bonds during the hearing and did not specify which capital projects will be funded from the proceeds during the April 8 meeting.
Next steps will typically include finalizing terms with underwriters or bond counsel and completing any escrow arrangements; those procedural steps were not detailed in the meeting record.
