5F. Resolution Awarding Sale of 2025 General Obligation Bonds
Superintendent's Recommendation:
MOTION TO ADOPT RESOLUTION NO. 25-23, A RESOLUTION AWARDING THE SALE OF $9,155,000 GENERAL OBLIGATION BONDS, SERIES 2025A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT.
Background:
On October 16, 2025, the Board of Commissioners authorized the Chief Financial Officer (CFO) to prepare the official statement, set sale conditions and solicit bids for the $9,325,000 2025 General Obligation Bonds. These bonds, in combination with a variety of additional funding sources, are to provide the funds necessary to carry out the projects listed in the 2025 Asset Management Program (AMP).
The CFO has been working with the Park District’s Fiscal Advisor, Public Financial Management (PFM) and the Park District’s bond counsel, Taft Stettinius & Hollister, LLP, to issue the official statement and prepare for the sale. During this process market conditions changed allowing the size of the bond issue to be reduced to $9,155,000 and the length of the bonds to be decreased by one year. Neither of these changes will impact the projected annual tax levy that will be needed.
The CFO also requested a rating on these bonds and discussed the bond issue with Moody’s Investor Services. The Park District currently holds a ‘Aaa’ rating from Moody’s. The discussion with the Moody’s representatives went very well with no major questions or issues raised. On November 4, 2025, Moody’s confirmed and published the Park District’s ‘Aaa’ rating. They cited the District’s very large, diverse tax base along with a strong financial position, supported by strong management and ample flexibility to adjust user fees and staffing levels to match demand as reasons for the strong rating.
The bonds are being sold by competitive bid with bids due on the morning of November 13, 2025. Bond counsel will complete the multi-page resolution that will include the details of the bond issue including the name of the successful bidder, the interest rate and required tax levies. A draft of this resolution is included with blanks that will be completed once the bids are received. The completed resolution will be e-mailed to Commissioners several hours before the meeting on November 13, 2025.
The bonds being sold are general obligation bonds, which require the Park District to levy property taxes to provide funds for their repayment. The information presented on October 16, 2025, estimated the property tax levy to be $675,000 annually starting in 2025 and going through 2050. The CFO will update the Board on the actual levy required for the bonds since it is dependent on the interest rates and final structure of the bonds.
Relationship to the System Plan:
The Request for Action supports the following goal(s) of the System Plan:
Goal 1: You Belong Here
Goal 2: Parks Matter
Goal 3: Lead by Example
by financing park improvements as part of a well-planned and managed long-term debt strategy.
Attachments:
