R-27-26 Authorizing the Village Administrator to proceed with the Refunding of General Obligation Bond Series 2015A (Waterworks and Sewerage) and General Obligation Bond Series 2015B of the Village of Lemont, Cook, DuPage and Will Counties, Illinois subj418 Main Street I Lemont, IL 60439
TO: Village Board Meeting
FROM: Darshana Prakash, Finance
THROUGH: George Schafer, Village Administrator
SUBJECT: A Resolution Authorizing the Village Administrator to proceed with the
Refunding of General Obligation Bond Series 2015A (Waterworks and
Sewerage) and General Obligation Bond Series 2015B of the Village of
Lemont, Cook, DuPage and Will Counties, Illinois subject to specified
parameters
DATE: April 13, 2026
SUMMARY/BACKGROUND
The Village of Lemont is evaluating a bond refunding transaction in accordance with the debt
policy established by the Village Board, which requires a minimum net present value (NPV)
savings of 3%.
This matter has been previously reviewed and discussed by the Village Board at the February
16 Committee of the Whole meeting and the March 9 Village Board meeting. At those
meetings, Bernardi Securities presented available refunding options.
At the time of the March 9 presentation, the proposed refunding reflected estimated net
savings of approximately $205,700, along with a required Village contribution of approximately
$360,000 at closing. Since then, Bernardi Securities has provided weekly sensitivity analyses
as interest rates fluctuate. As of April 9, interest rates would need to decline by an additional
10-12 basis points to achieve combined net savings of at least $198,000.
Due to ongoing market volatility and fluctuations in interest rates driven by global economic
conditions, the timing of this opportunity is highly sensitive. As a result, it may not be practical
to obtain additional Board approval at the precise moment when market conditions become
favorable. Accordingly, staff recommends that the Village Board authorize the Village
Administrator to proceed with the bond refunding on behalf of the Board, provided the
following conditions are met:
• Combined net savings of at least $198,000
• Net present value savings of at least 3%
• A Village contribution at closing not to exceed $360,000 (reduces 2015B term by one
year)
This authorization will enable the Village to act promptly in response to favorable market
conditions while ensuring compliance with established financial parameters.
ANALYSIS
Consistency with Village Policy
STAFF RECOMMENDATION
Approve the Resolution
BOARD ACTION REQUESTED
Approve the Resolution
ATTACHMENTS
Resolution to authorize VA to refund bonds.pdf
VILLAGE OF LEMONT
RESOLUTION
NUMBER R-21-26
A RESOLUTION AUTHORIZING THE VILLAGE ADMINISTRATOR TO PROCEED
WITH THE REFUNDING OF GENERAL OBLIGATION REFUNDING BONDS
(WATERWORKS AND SEWERAGE ALTERNATE REVENUE SOURCE), SERIES
2015A AND GENERAL OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE
SOURCE), SERIES 2015B, OF THE VILLAGE OF LEMONT, COUNTIES OF COOK,
DUPAGE AND WILL, ILLINOIS, SUBJECT TO SPECIFIED PARAMETERS
JOHN EGOFSKE, Village President
CHARLENE M. SMOLLEN, Clerk
SAMUEL FORZLEY
JANELLE KITTRIDGE
KEN MCCLAFFERTY
KEVIN SHA UGHNESSY
RICK SNIEGOWSKI
RON STAPLETON
Trustees
Published in pamphlet form by authority of the Village President and Board of Trustees of the Village of Lemont on 04-13-2026
RESOLUTION NO. _R-�,�-26
A RESOLUTION AUTHORIZING THE VILLAGE ADMINISTRATOR TO PROCEED
WITH THE REFUNDING OF GENERAL OBLIGATION REFUNDING BONDS
(WATERWORKS AND SEWERAGE ALTERNATE REVENUE SOURCE), SERIES
2015A AND GENERAL OBLIGATION REFUNDING BONDS (ALTERNATE REVENUE
SOURCE), SERIES 2015B, OF THE VILLAGE OF LEMONT, COUNTIES OF COOK,
DUPAGE AND WILL, ILLINOIS, SUBJECT TO SPECIFIED PARAMETERS
WHEREAS, the Village of Lemont, Counties of Cook, Will and DuPage, Illinois (the "Village"),
has heretofore issued certain outstanding bonds (the "Bonds"); and
WHEREAS, the Village Board has previously adopted a debt management policy requiring that
any refunding of outstanding bonds achieve a minimum net present value savings of three
percent (3%); and
WHEREAS, the Village has been presented with an opportunity to refund the Bonds which, at
the time of presentation, demonstrated estimated net savings of approximately $198,000, with a
Village contribution of an amount not to exceed $360,000 at the time of refunding; and
WHEREAS, current market conditions are volatile, with interest rates subject to rapid fluctuation
due to global economic factors, making the timing of such refunding opportunities highly
sensitive; and
WHEREAS, it may not be practicable for the Village Board to convene and approve the
refunding at the precise time market conditions are favorable; and
WHEREAS, the Village Board desires to authorize the Village Administrator to proceed with
such refunding on behalf of the Village, provided that the transaction meets the financial
parameters established by the Village Board;
NOW, THEREFORE, BE IT RESOLVED by the President and Board of Trustees of the Village
of Lemont, Will and Cook Counties, Illinois, as follows:
SECTION 1. The foregoing recitals shall be and are hereby incorporated as findings of the
Village Board.
SECTION 2. Authorization. The Village Administrator is hereby authorized to proceed with the
refunding of the Bonds and to take all necessary actions to bring such refunding to market,
including the execution of all necessary documents, subject to the conditions set forth herein.
SECTION 3. Conditions. The authorization granted herein shall be contingent upon the
refunding meeting all of the following parameters:
a. The refunding achieves combined net savings of not less than $198,000;
b. The refunding achieves a net present value savings of not less than three percent (3%); and
c. The Village contribution at the time of refunding does not exceed $360,000.
SECTION 4. Additional Actions. The Village Administrator, together with the Village's
financial advisor, bond counsel, and other appropriate officials, is hereby authorized to take all
further actions necessary or appropriate to carry out the intent of this Resolution.
SECTION 5. Severability. If any section, paragraph, or provision of this Resolution shall be
held to be invalid or unenforceable, the same shall not affect the validity of the remaining
provisions.
SECTION 6. Effective Date. This Resolution shall be in full force and effect immediately upon
its passage and approval as provided by law.
PASSED AND APPROVED BY THE PRESIDENT AND BOARD OF TRUSTEES OF
THE VILLAGE OF LEMONT, COUNTIES OF COOK, WILL, AND DUPAGE, ILLINOIS, ON
THIS 13th DAY OF APRIL 2026.
PRESIDENT AND VILLAGE BOARD MEMBERS:
Samuel Forzley
Janelle Kittridge
Ken McClafferty
Kevin Shaughnessy
Rick Sniegowski
Ron Stapleton
AYES:: NAYES
V
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AT)PEST:
CHARLENE M. SMOLLEN
Village Clerk
ABSENT: ABSTAIN:
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JOHN EGO KE
President
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