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Item # 2.A.

                                                           DRAFT MINUTES-
                                                                                    Pending Approval

                 CITY OF WEST CHICAGO – 475 Main Street
                   FINANCE COMMITTEE MINUTES
                                  Special Meeting
                             March 16, 2026


1. Call to Order, Roll Call and Establishment of a Quorum
   Alderman Dimas called the meeting to order at 5:45 p.m. on March 16, 2026. Roll call
   found Daniel M. Beebe, Sandy Dimas, Tracey Hernandez, Matthew Myers, Rebecca
   Stout and Chris Swiatek present. Absent: Alderman Sheahan. A quorum was
   established.

    Staff in attendance: Interim City Administrator Tia Messino, Finance Director Nikki
    Giles, and Business and Community Relations Director Kelley Chrisse.

2. Approval of Minutes

   Finance Committee Meeting Minutes of March 2, 2026.

   Alderman Stout made a motion, seconded by Alderman Swiatek, to approve the
   Finance Committee Meeting minutes of March 2, 2026. Voting Aye: Alderman Stout,
   Swiatek, Beebe, Hernandez, Dimas, and Myers. Voting Nay: 0. Absent: Alderman
   Sheahan. Motion carried.

3. Public Participation / Presentations. None

4. Items for Consent.
   A. Ordinance No. 26-O-0004 – An  ordinance  providing  for  the issuance  of
    approximately $9,395,000 General Obligation Bonds, Series 2026, of the City of West
    Chicago, DuPage County, Illinois for the purpose of financing capital improvements
    within the City, including but not limited to, street and roadway improvements, and
    paying the expenses incident thereto, providing for the levy and collection of a direct
    annual tax sufficient to pay the principal of and interest on said bonds, and authorizing
    the sale of said bonds to the purchaser thereof.

    Finance Director, Nikki Giles introduced Anthony Micelli from Speer Financial and
    Kent Flores from Chapman & Cutler.

    Anthony Micelli from Speer Financial provided a recap of this morning’s activities. He
    noted that bids were taken this morning for the City’s general obligation bonds. He
    stated that the original PAR amount was $9,395,000 and through the open auction
    process there was a total of 12 bids received. He said the best bid was from Stiefel,
    Nicholas & Company with an original bid of 3.8527% and the second-place bid was
    Robert W. Baird & Company at 3.8554%.

   He explained that after the sale, the final interest rates that were proposed by the
    winning bidder were taken and resized the issue in order to get that full project fund
    deposit and max out the amount for the project. And given that, the final PAR was

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$9,495,000, which is an increase of $100,000 from the preliminary PAR that the
    underwriter bid on. The final revised rate was 3.8524%. This issue will go on and
    close April 7th and on that day, the City will receive total proceeds, with net of all costs
     of $9,738,516.08. After premium and netting out all costs, that is the final projected
    deposit.

    Alderman Myers asked what was the total cost of services from Speer Financial. Mr.
     Micelli responded that the total cost of services is $82,190.

    Alderman Dimas asked  if there was a penalty  if paid early. Mr. Micelli responded
    there is no penalty if payment is made after December 30, 2035.

    Alderman Myers asked  if the City decides they have more money than they need
    would Speer Financial determine if those funds should be invested or to repay with
    the additional funds. Mr. Micelli stated that Speer Financial would not make that
    determination.

       It was noted the ordinance for consent was in the amount of $9,395,000 and the new
   amount is $9,495,000 so the motion will be amended with the correct amount.

    Alderman Swiatek made a motion, seconded by Alderman Stout to approve the
   amended ordinance on the Consent Agenda.

    Voting Aye: Alderman Swiatek, Stout, Beebe, Hernandez, Dimas, and Myers. Voting
    Nay: 0. Absent: Alderman Sheahan.

    Motion Carried.

5. Items for Discussion.

6. Unfinished Business. None

7. New Business. None

8. Reports from Staff. None

9. Executive Session (if needed). None

10. Adjournment.

   At 5:57p.m., Alderman Beebe made a motion, seconded by Alderman Stout, to
   adjourn the meeting. All Aldermen voted Aye by voice vote.


   Respectfully submitted,

   Josie Avilez