Cook County, Illinois General Obligation Refunding Bonds
Debt Profile
The County has undertaken a long-term plan to manage its debt service
The County has $2.4 billion of General Obligation Bonds and $564.1 million of Sales Tax Revenue Bonds outstanding
11.4% of outstanding debt is floating rate with expiration of credit facilities in 2022 and no interest rate swap exposure
The County maintains a $175 million taxable line of credit for used for interim financing needs and an additional $100 million tax-
exempt revolver for liquidity and emergency purposes
County policy limits annual debt service growth to no more than 2% of previous years' budgeted amount until a $400 million
threshold is reached
County Debt Composition ($mm)
Variable Rate Debt Credit Facility Overview ($mm)¹
GO Variable
Revolving Line of
Series
Type
Provider
Amount Expiration
Rate, $360.6
11%
Credit, $171.0,
6%
2014D
Line of Credit
PNC Bank
$175.0 11/1/2022
2004D
Letter of Credit
Barclays
$130.0
12/1/2022
GO Fixed
Rate,
ST Fixed_
Rate, $568.2,
18%
2012B
Direct Purchase J.P. Morgan
$85.1 8/1/2024
$2,064.5,
65%
Credit
Agreement
2012A Direct Purchase J.P. Morgan
General Obligation Debt Service Pre-Refunding (FYE 11/30)1,2
■Principal
Interest
Revolver
BMO Harris
$100.0
2/1/2025
$145.5 11/1/2028
($mm)
300
200
100
0
2022
2023
2024
As of November 30, 2021.
1.
2.
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
Authorized amount of Series 2014D Revolving Line of Credit is $175 million; authorized amount of Revolving Credit Agreement ("Tax-Exempt Revolver") with BMO Harris Bank is $100
million, none of which is outstanding.
Interest rate on variable rate bonds assumed to be 5% for the Series 2004D Bonds and the Series 2012B Bonds and 4.5% for the Series 2012A Bonds. Interest rate fixed to 1.00% for
the Series 2014C Bonds. No effect given to payments from the federal government in connection with "Build America Bonds".
CO
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