Note: The Bond Bank program terminated on Dec. 12, 2013.
Formed in 1989, the Bond Bank sought to provide low cost bonding mechanisms for various municipal improvement projects. Over 20 communities borrowed from the Bond Bank in amounts ranging from $500,000 to $20,000,000. The advantages of using the Bond Bank over a fixed rate bond issue were:
Lower issuance costs: The Bond Bank eliminated the need for an underwriter, financial advisor and rating agency.
Speed of issuance: The average turnaround time from application to funding was 40 days.
Competitive interest rates: Variable interest rates along with a low program expense rate currently at 1.15% make this program competitive.
Debt instrument flexibility: Able to modify key financing provisions (amount term, amortization, collateral, covenants) with the consent of only one entity.
The South Suburban Mayors and Managers Association no longer provides Public Works technical assistance. In 2009, 33 municipalities formed the Suburban Public Works Directors Association, a 501c6 organization, to provide technical assistance, and keep members abreast of state legislation, government regulations, and training and safety issues. Meetings are held on the first Thursday of each month at 11:30 a.m. at the Flossmoor Station Restaurant & Brewery located at 1035 Sterling Avenue, Flossmoor, IL.
However, the SSMMA Liaison Committee provides a link between the Suburban Public Works Directors Association and SSMMA members.
Click here for more information about the Suburban Public Works Directors Association.
At a Management and Finance Committee meeting on May 5, 2014, John Cooke, the Director of Cook County’s Office of capital planning and policy and Matt Garrison of the Gordian Group, made an excellent presentation to the Managers about the Job Order Contract Review, which could provide valuable assistance to our communities. Click here for the slides. Please contact Matt Garrison at firstname.lastname@example.org or 312-505-4809 if you have questions about the program.
How to get to the contracts:
1. Go to the list of “Awarded Contracts” link on the County’s website: https://datacatalog.cookcountyil.gov/Finance-Administration/Office-of-the-Chief-Procurement-Officer-Awarded-Co/qh8j-6k63?.
2. Once there, in the search bar on the right side, type in “JOC Contractor.”
3. You’ll see 12 contracts listed. I don’t believe that you can download the contract unless you have a user name and password set up. I downloaded one of the contractor’s contracts. Here is the link: http://www.cookcountygov.com/taxonomy2/Procurement,%20Office%20of%20the%20Chief%20Procurement%20Officer/Contracts/12-28-340%20EC5.pdf.
- (IDOT) Illinois Department of Transportation
- OSHA (Occupational Health and Services Administration)
- American Public Works Association