State of Illinois Capital Markets Presentation
Plan of Finance
Use of
Proceeds
Security
Financing Overview
The Series A Bonds are being issued to fund the
Pension Buyout Program and the AAI Reduction April 1
Program (see next slide).
The Series B Bonds are being issued to refund for
economic savings certain outstanding general
obligation bonds.
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.
Amortization
Taxable
Series A
Amortization*
Sept. 1
Tax Exempt
Series B
2020
12,000,000
2020
5,690,000
2021
12,000,000
2021
16,670,000
2022
12,000,000 2022
16,695,000
2023
12,000,000 2023
16,725,000
2024
12,000,000 2024
16,715,000
2025
12,000,000 2025
23,755,000
2026
12,000,000 2026
6,815,000
2027
12,000,000 2027
43,535,000
2028
12,000,000 2028
6,400,000
2029
12,000,000 Total $152,000,000
2030
12,000,000
2031
12,000,000
2032
12,000,000
2033
12,000,000
2034
12,000,000
Interest
2035
12,000,000
Payment
Dates
April 1 and October 1, commencing October 1,
2019
2036
12,000,000
2037
12,000,000
Mode
Fixed Rate Bonds; Series A Taxable and Series B
- Tax exempt
2038
12,000,000
2039
12,000,000
Ratings
Baa3 (Stable) / BBB- / (Stable) / BBB (Negative)
2040
12,000,000
(Moody's/S&P/Fitch)
2041
12,000,000
Series A
10:15 A.M, Series B - 10:45 A.M.
2042
12,000,000
Pricing*
Central, March 26th
2043
12,000,000
2044
12,000,000
Closing*
April 9th
Total $300,000,000
*Preliminary, subject to change.
AL OF THE STAT
OF ILLINO
AUG. 26 1818View entire presentation