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TO: Mayor Richard C Irvin
FROM: Christopher A Minick, Chief Financial Officer/City Treasurer
DATE: April 14, 2022
SUBJECT:
An Ordinance providing for the issuance of not to exceed $56,000,000 General Obligation Bonds, Series 2022, of the City of Aurora, Kane, DuPage, Kendall and Will Counties, Illinois, for the purpose of financing capital improvements in and for said City and refinancing certain outstanding obligations of 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 2022 General Obligation Bonds.
BACKGROUND:
The 2022-2031 Capital Improvements Plan and 2022 City Budget call for the procurement of a ladder truck and financing of various capital and economic development projects through the issuance of General Obligation Bonds of the City. The major projects include preliminary costs for the construction of the Public Works Facility as well as the relocation of Fire Station 4 as well as various improvement and remodeling projects.
In addition, the City anticipates refunding bonds issued in 2012 and 2013 for the Library (now the library District) to take advantage of lower interest rates which will lower debt service costs.
DISCUSSION:
We intend to sell the 2022 GO Bonds the week of May 9, 2022 to provide resources for the aforementioned projects.
Attached is a draft bond ordinance. The final bond ordinance will be prepared after the bonds are sold and the exact interest costs are known.
IMPACT STATEMENT:
Adoption of the Ordinance will allow for the financing and timely construction of various capital improvements and projects.
RECOMMENDATIONS:
That the City Council approve the attached, proposed ordinance that would authorize the issuance of the city's 2022 GO Bonds.
cc: Finance...
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