Cook County Sales Tax Revenue Bonds
Flow of Funds Benefits Bondholders
Debt Service on Hand with Trustee in Advance of Payment
No history of payment delays from State to County to Trustee
SEAL
COOK
ANUARY 18:31
KCO
SILL
Illinois
Department of A*
Revenue
(A) The Illinois Department of Revenue ("IDOR") collects the
Pledged Sales Tax Revenue on the County's behalf. IDOR
deposits all funds collected on behalf of local
governments with the State Treasurer
Accounts Held by Trustee
(B)
B
State Treasurer
98.5%
County of
Cook
Pledged Sales Tax
Revenue Fund
B
1.5%
Tax Compliance and
Administration Fund
(Held by the State)
*IDOR withholds 1.5% of taxes as an administrative fee
D
Interest Sub-
Account
(C)
Principal Sub-
Account
(D)
On or before the 25th of each month, IDOR certifies the
disbursement of funds collected by IDOR on behalf of
local governments to the State Comptroller, less 1.5%
which is transferred into the Tax Compliance and
Administration Fund. Within 10 days of the certification
provided by IDOR, the State Comptroller will issue orders
for payments to local governments, including the County
The County deposits all Pledged Sales Tax Revenue with
the Trustee into the Pledged Sales Tax Revenue Fund
On or before the 20th of each month or upon receipt of
funds, the Trustee will transfer the following amounts:
Rebate Fund
|
ii.
E
Residual Transferred
Back to County
¡¡¡.
To the Interest Sub-Account, an amount equal to
20% of the next interest payment
To the Principal Sub-Account, an amount equal
to 10% of the next principal payment
To the Rebate account, any amount required
Excess funds flow back from the Bond Trustee to the
County. Once the transfers in (D) occur, the County may
use Pledged Sales Tax Revenues for any lawful purpose
**Junior Lien and Debt Service Reserve Funds may be funded in the future, though none exist at this time. If such funds are funded in the future, they would be funded pursuant to the Master
Indenture before (E) (i.e. excess funds flow back from the Bond Trustee to the County). With respect to the Series 2013 Sales Tax Bonds, payments are obligated to be made annually into a
Permitted Sinking Fund pursuant to an Escrow Agreement.
Source: Master Indenture and Public Act 100-0587
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