Series of November 2019 Capital Bonds
SEAL OF
THE STAT
Series of November 2019 Capital Bonds - Issuance Terms and Schedule
Use of Proceeds
Financing Overview
The Bonds are being issued to provide funds to finance capital
projects under the State's capital program and to pay costs of
issuance of the Bonds.
Security
The Bonds are direct, general obligations of the State and,
pursuant to Section 9(a) of Article IX of the Illinois Constitution
and the General Obligation Bond Act of the State of Illinois, as
amended (the "Bond Act"), the full faith and credit of the State is
pledged for the punctual payment of interest on all bonds issued
under the Bond Act, including the Bonds, as it comes due and for
the punctual payment of the principal of all bonds issued under
the Bond Act, including the Bonds, at maturity, or on any earlier
redemption date, and redemption premium, if any. These
provisions are irrepealable until all bonds issued under the Bond
Act, including the Bonds, are paid in full as to both principal and
interest.
Interest
Payment Dates*
May 1 and November 1, commencing May 1, 2020
Mode
Ratings
Fixed Rate Bonds
Baa3 (Stable) / BBB- (Stable) / BBB (Stable)
(Moody's/S&P/Fitch)
Sale Date*
November 6th
Closing*
November 21st
OF ILLINOI
AUG 96 1818
*Preliminary, subject to change.
November 1
2020
Amortization*
Series A
Series B
Series C
30,000,000
2021
30,000,000
2022
30,000,000
2023
30,000,000
2024
30,000,000
2025
30,000,000
2026
30,000,000
2027
30,000,000
2028
30,000,000
2029
30,000,000
2030
30,000,000
2031
30,000,000
2032
30,000,000
2033
30,000,000
2034
30,000,000
2035
30,000,000
2036
30,000,000
2037
30,000,000
2038
30,000,000
2039
30,000,000
2040
30,000,000
2041
30,000,000
2042
30,000,000
2043
30,000,000
2044
30,000,000
Total
$300,000,000 $300,000,000
$150,000,000
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