Item 6G. Resolution Awarding Sale of 2026 General Obligation Bonds
Superintendent's Recommendation:
MOTION TO ADOPT RESOLUTION NO. 26-15, A RESOLUTION AWARDING THE SALE OF $7,290,000 GENERAL OBLIGATION BONDS, SERIES 2026A; FIXING THEIR FORM AND SPECIFICATIONS; DIRECTING THEIR EXECUTION AND DELIVERY; AND PROVIDING FOR THEIR PAYMENT.
Background:
On August 20, 2026, the Board of Commissioners authorized the Chief Financial Officer (CFO) to prepare the official statement, set sale conditions, and solicit bids for the 2026 General Obligation Bonds. The bond proceeds of $7,154,000, in combination with a variety of additional funding sources, will provide the funds necessary to carry out the projects listed in the 2026 Asset Management Program (AMP).
The CFO has been working with the Park District’s Fiscal Advisor, PFM Financial Advisors LLC (PFM), and the Park District’s bond counsel, Taft Stettinius & Hollister, LLP, to issue the official statement and prepare for the sale. The sources of funding for the bonds include a par amount of $7,290,000 and a discount or premium to be determined when the bonds are sold on October 15, 2026. The uses of the bonds total $7,154,000 for project funding. Following the sale of bonds, the Park District will have approximately $64 million in debt outstanding.
The CFO requested a rating on these bonds on behalf of the Park District and participated in a credit discussion to review the Park District’s credit profile and the bond issue with Moody’s Investor Services on September 28, 2026. The Park District currently holds a ‘Aaa’ rating from Moody’s. The discussion with the Moody’s representatives went well with no major questions or issues raised. On October 6, 2026, Moody’s confirmed and published the Park District’s ‘Aaa’ rating citing the district’s strong economic base, stable reserves, and an expectation of future balanced operations.
The bonds are being sold by a competitive sale. Bids are due on the morning of October 15, 2026. 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 October 15, 2026.
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 August 20, 2026, estimated the property tax levy to be $675,000 annually starting in 2027 and ending in 2041. 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:
Resolution No. 26-15 Awarding the Sale of GO Bonds Series 2026A.pdf
