The Village’s FY2015 budget plans include a 2014 bond issue to be used for street resurfacing and sidewalk replacement purposes.  The estimated $8 million dollar bond issue will free up available resources in the Capital Projects Fund to be transferred to the Emerald Ash Borer (EAB) Fund for the removal and replacement of parkway trees.  This is over $3 million less than the $11.2 million bond issue the Village had originally contemplated.  General Fund surplus funds over the last two years allowed the Village to transfer a portion of these funds to the EAB Fund, lowering the amount of the required bond issue.  The bond proceeds are being run through the Village’s Capital Projects Fund, because bond buyers are likely to be more comfortable purchasing bonds that will be used for street purposes rather than for EAB remediation. 

The Village’s financial consultant, Mr. Kevin McCanna, of Speer Financial, will be at the Village Board meeting to report on the bond sale and to answer any questions that may arise. 

Recommendation

It is recommended that the Village Board accept the bids as recommended this evening providing for the issuance of the General Obligation Bonds, Series 2014.