Cook County, Illinois General Obligation Refunding Bonds
Liquidity
The County benefits from strong liquidity
Under state law, cash of the County in its corporate capacity is deposited into a consolidated account known as the "C-Fund"; includes
cash for County General Fund, Health Enterprise Fund, Election Fund, and other non-major governmental funds
FY 2021 C-Fund cash balance averaged $1,283.7 million (compared to $619.8 million in FY 2020); comptroller continues to target
payment of invoices within 7-10 days of their receipt
Additional flexibility provided through $100 million revolving line of credit, which is completely undrawn; facility was extended in
February 2022 and is set to expire in 2025
County expects to pay off outstanding amount of PNC Revolver with its 2022 Sales Tax Revenue Bond issuance
Cash and Liquidity Position (C-Fund)¹
($mm)
3,000
2,500
2,000
1,500
1,000
500
0
Dec
Jan
Feb
Mar
Provider
PNC Bank
BMO Harris N.A.
■FY 2020
■FY 2021
Apr
May
Jun
FY 2022
Jul
Aug
Sep
Oct
Nov
Summary of Outstanding Revolving Credit Agreements
Interest Rate
Expiration
80% of 1 day LIBOR +
11/1/2022
Applicable Spread
1 Month LIBOR +
Applicable Spread
2/1/2025
Authorized Amount
Outstanding Amount
$175 million
$171 million
$100 million
$0
1. Cook County Office of the Chief Financial Officer. July 2022 cash balance as of 7/5/2022. See p. 51-52 of the Preliminary Official Statement dated August 3, 2022.
OF COO
CO
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