First Bond Sale for 9750 Project Going to Full Village Board

The Orland Park Finance Committee decided Monday to put the first bond sale proposal in front of the full board, so they can choose one of two ways to sell, and whether bonds will be sold locally to interested parties.

Update, 1:46 a.m. Tuesday, March 6

will be deciding soon on one of two ways to sell bonds, to pay off money borrowed for the .

The two methods described during Monday night's committee meeting by Barbara Chevalier, vice president of Speer Financical, include selling through a competitive structure or through a negotiated sale. Competitive means a request for bids is put out, and lowest gets the bond sale. A negotiated sale would mean bringing in an underwriter to help broker the deal.

Both are viable options, given a handful of factors, Chevalier said. Factors include the total money amount the village will be taking out, between $30 million and $40 million total in bonds broken up into two issuances. Also, the village's credit rating is considered, which is set at AA1 by Moody's and AA+ by S&P. Another factor is market volatility, and Chevalier said the market has been more steady this year.

"There’s no right answer or wrong answer," Chevalier said. "We work with both types. We can facilitate either one."

The board will also be expected to decide whether any of the bonds should be sold locally.   

Original Post, 5:58 a.m. Monday, March 5

Tonight, we will be using the live-blogging system Cover It Live to give a minute-by-minute rundown of Monday night's  meeting. This is still a new foray, so we ask for a healthy dose of patience as we move forward. 

Look through the Cover It Live window, and you’ll see an area where you can join in.

Attached are agendas and media packets for what will be discussed tonight. Leading up to the meeting, let me know if there's anything you particularly want to know about in the comments.

Kathy Quilty March 06, 2012 at 03:18 AM
Great coverage. I like it.
Ben Feldheim March 06, 2012 at 04:06 AM
Thanks Kathy. I do want to make a quick note. The woman, Barbara, speaking about the 9750 bonds is Barbara Chevalier from Speer Financial. She was flanked by Kevin McCanna, also from Speer. More info about them here: http://www.speerfinancial.com/staff_bios.php
Arthur Huff March 06, 2012 at 04:38 PM
They're selling bonds to pay off money they borrowed..... Isn't a bond sale just government speak for "borrowing money?" Couldn't one say that they are borrowing money to pay off money they borrowed?


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