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VOL. 13 • NO. 31
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THURSDAY, JULY 27, 2017
Board issues bonds for village infrastructure, library remodeling By Paul DelGuidice FOR THE VILLA PARK INDEPENDENT
Nearly three months after voters gave the Village of Villa Park the green-light to issue property taxbacked bonds to be used for infrastructure improvements and another bond issue to pay for library remodeling, the first such issue of bonds is ready. Obtaining a favorable interest rate on the bonds was a critical step in the process, according to Village staff. With the Villa Park Finance Department working closely with financial advisors Speer Financial, interest rates have been locked in for the first bond issues. The close, or sale, of the bonds should take place in the first week of August, according to Finance Director Kevin Wachtel. “We’re very pleased with the result, it is exactly on target with what we expected with the markets,” he said of the infrastructure bonds. Designated Series 2017B, the short-term (five-year) bonds in the amount of $1.15 million will carry an interest rate of 2.06%. This issue will be used for public infrastructure projects, including (but not limited to) storm water drainage improvements in connection with the Jackson Pond improvement project and a portion of the Michigan Ave. improvement project, according to Village staff. “With an overall true interest cost of 2.06%, it’s a really good rate,” said Wachtel. The Board of Trustees voted unanimously to approve this bond issue at the rates indicated. Discussion continues on library bonds The Board then moved on to discussion and a vote on the first trench, or portion, of the total approved library bond issue. This portion, in the amount of $5 million, is designated
Series 2017C and will be followed in a year by another bond issue in the amount of $5.6 million. The first trench of bonds will carry an overall interest rate of 3.35% and a 20-year term. “[A rate of] 3.35% is a fantastic rate, we are very pleased with that,” Wachtel said. “Our bond team was very aggressive with that and we are
pleased with the end result.” The funds received from issuing the bonds will be used to start remodeling the library. Planned upgrades include an addition to the current library, upgrades to equipment and environmental systems as well as acquisition of new library materials and storage facilities.
Market conditions make bond prices favorable According to Wachtel, the market conditions were very favorable for the bond pricing. The library bonds will also close in the first week of August. “This will not exceed 10.6 million, right?” asked Trustee Don Kase.
Willowbrook hosts Summer Theatre Camp
“That is correct,” Wachtel said. “The referendum authorization is for $10.6 million par value of bonds.” Trustee Cheryl Tucker asked if the rates were locked in. “This is the overall rate we will pay,” said Wachtel, “The longer term rate bonds have a coupon rate
See BOARD, Page 13
COURTESY PHOTO Villa Park Independent
From June 19 to present, nearly 50 students going into grades 2 through 9 participated in a summer Theatre Camp held at Willowbrook High School. Participants, pictured here, rehearsed scenes, honed their improv skills and learned about the technical aspects of theatre through a variety of games.
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