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TO: Mayor Richard C. Irvin
FROM: Christopher A. Minick, Chief Financial Officer/City Treasurer
DATE: April 20, 2023
SUBJECT:
An Ordinance providing for the issuance of not to exceed $35,000,000 General Obligation Bonds, Series 2023A, of the City of Aurora, Kane, DuPage, Kendall and Will Counties, Illinois, for the purpose of financing capital improvements in and for said City, providing for the levy of a direct annual tax sufficient to pay the principal of and interest on said bonds, and authorizing the proposed sale of said bonds to the purchaser thereof.
PURPOSE:
To obtain the approval of the City Council of a proposed ordinance providing for the issuance of the Series 2023A General Obligation (GO) Bonds.
BACKGROUND:
The 2023-2032 Capital Improvements Plan and 2023 City Budget call for the financing of various capital projects through the issuance of General Obligation Bonds of the City. The major projects include continued construction costs for the Public Works Facility, the relocation and construction of various fire stations in the City to improve response times and better meet service demands, River Edge Park expansion, and various street and intersection improvement projects.
The attached draft ordinance is the first official step in selling bonds to finance these projects. The ordinance is structured as a "parameters ordinance" and sets forth various conditions under which sale of the bonds is approved, providing the terms of the bonds are within certain parameters as defined in the ordinance. We have structured the ordinance to provide some flexibility to take advantage of the most beneficial bond structure given market conditions at the time of bond sale.
DISCUSSION:
We intend to sell the 2023A GO Bonds the week of June 12, 2023 to provide resources for the aforementioned projects.
The final bond ordinance will be prepared after the bonds are sold and the exact interest costs are known.
We do anticipate that there will be a subsequen...
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