Agenda Item:
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Consideration and Action on an Ordinance Providing for the Issuance of Approximately $10,090,000 General Obligation Bonds, Series 2026A and Approximately $3,895,000 General Obligation Bonds, Series 2026B, of the Village, to Finance Various Capital Improvements in and for the Village, Providing for the Levy and Collection of a Direct Annual Tax Sufficient to Pay the Principal and Interest on Said Bonds, and Authorizing the Sale of Said Bonds to the Purchasers Thereof
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Staff Contact: Nikki Larson, Deputy Village Manager/Chief Financial Officer
Budget Impact: Budgeted
Budget Fund: 130-000-000-39205, 200-000-000-39205
Strategic Priority Addressed: Reliable Infrastructure, Community Resilience, Economic Vitality
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BACKGROUND AND ANALYSIS
At the June 18, 2026 Village Board Meeting, the Village Board will be asked to consider approval of an ordinance issuing two series of planned bond issuances. General Obligation Bond Series 2026A is proposed to finance infrastructure improvements throughout the Village over the next three years and General Obligation Bond Series 2026B is proposed to finance the first installment of bond issuances for the Glencoe Public Library renovation and expansion project.
General Obligation Bond Series 2026A
The Village's Community Investment Program (CIP) establishes priorities for infrastructure investments (including water production and distribution systems, storm and sanitary sewer systems, streets) and capital equipment and vehicles (such as squad cars, ambulances and other various vehicles and equipment) over the next 10 years. The CIP also includes a corresponding funding plan to finance these expenditures through a combination of charges for services, cash reserves, grants and bond proceeds.
The Village's current CIP approved as part of the Calendar Year 2026 Budget contemplated the issuance of $7.0 million in General Obligation Bonds and $3.4 million in General Obligation Alternate Revenue Water Bonds. ...
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