Frankfort Square Park District Issues $136,000 in Bonds, Abates Taxes for Residents

Frankfort Square Park District Meeting | September 2025

Article Summary: The Frankfort Square Park District Board of Commissioners approved issuing $136,000 in new bonds to pay off existing debt and simultaneously passed a tax abatement, ensuring that payments on other bonds will come from the district’s budget rather than a direct tax levy on residents. The actions aim to manage the district’s debt structure and provide financial relief to taxpayers.

Frankfort Square Park District Key Points:

• The board unanimously approved issuing $136,000 in General Obligation Limited Tax Park Bonds, Series 2025.

• The new bonds, sold to Old Plank Trail Community Bank, will provide funds to pay off portions of outstanding 2019A and 2019B bond series.

• Commissioners also unanimously approved an ordinance to abate taxes for the 2025 levy year related to the 2019A and 2019B bond series, preventing the cost from being passed directly to residents.

• Executive Director Audrey Marcquenski explained that the annual tax abatement is a standard procedure to ensure bond payments are covered by the district’s budget.

The Frankfort Square Park District Board of Commissioners on Thursday, September 18, 2025, took two significant financial actions, approving the issuance of new bonds to restructure existing debt and abating a separate tax levy to prevent costs from being passed on to residents.

In a unanimous vote, the board approved Ordinance No. 25-09-366, which authorizes the issue of $136,000 in General Obligation Limited Tax Park Bonds. The bonds were sold to Old Plank Trail Community Bank, N.A., and will mature on October 15, 2026, with an interest rate of 3.65% per annum. The primary purpose of this new debt is to provide a revenue source for making payments on previously issued bonds, specifically the General Obligation Refunding Park Bonds from Series 2019A and 2019B. This financial maneuver allows the district to manage its long-term obligations effectively.

“President, Craig Maksymiak, read by title and requested consideration of Ordinance No. 25-09-366,” the meeting minutes state, before Commissioner Phil Cherry made the motion to adopt the ordinance, which was seconded by Denis Moore and passed without opposition.

In a related but separate measure, the board also unanimously approved Ordinance No. 25-09-365, which abates the tax levied for the year 2025 intended to pay the principal and interest on the same 2019A and 2019B bond series. A tax abatement is a measure that cancels or reduces a tax levy. In this case, it means the park district will use existing funds from its budget to make the bond payments rather than collecting the money directly from taxpayers through a specific line item on their property tax bills.

Executive Director Audrey Marcquenski explained the reasoning behind this recurring action. “Ms. Marcquenski reported that the Park District annually abates taxes and by doing so ensures that bond payments are expensed from the District’s budget so that costs are not passed on to its residents,” according to the meeting minutes.

This practice provides a direct financial benefit to property owners within the Frankfort Square Park District, as the debt service obligation does not result in an additional tax burden for the specified bonds. Commissioner Frank Florentine made the motion to adopt the tax abatement ordinance, which was seconded by Lauren Breedlove. The motion passed with all members present voting in favor. The board also formally approved its accounts payable listing and accepted the August Treasurer’s Report during the meeting.