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TO: Mayor John Laesch and the City Council
FROM: Chris Minick, Chief Financial Officer
DATE: May 20, 2025
SUBJECT:
Seeking a Motion to Approve An Ordinance providing for the issuance of not to exceed $95,000,000 General Obligation Bonds 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 2025 C General Obligation (GO) Bonds.
BACKGROUND:
The City's Capital Improvements Plan and 2025 City Budget call for the financing of various capital projects through the issuance of General Obligation Bonds of the City. The major projects include construction costs for Fire Stations 4, 9, and 13, River Edge Park expansion, Bilter Road Improvements, the parking garage on New York Street, and the final payments on the City's newly opened Public Works Facility.
Bonds were sold in January of 2025 to accomplish the financing for the first two tranches of funding. The series of bonds sold in January were intended to finance the entire purchase of the parking garage at 2 W New York St, which has been completed, and initial funding for the fire station projects (stations 9 and 13 specifically), Farnsworth and Bilter Roadway Improvements, and the River Edge Park Expansion Project. During the budget process for 2025, 3 draws of bonding were anticipated during 2025 and early 2026 to accomplish the financing plan for these improvements. The funding draws were staggered to avoid the accrual of interest expense on funds not immediately needed for construction purposes.
The City is now ready to undertake the next phase or tranche of funding so that construction of the projects already ...
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