The State's Credit Fundamentals Continue to Improve
Taxable Series of April 2019A - Pension Acceleration Bonds
Use of
Proceeds
Security
Financing Overview
The Bonds are being issued to fund the Pension
Buyout Program and the AAI Reduction Program
(see next slide).
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
April 1
Series B
2020
12,000,000
2021
12,000,000
2022
12,000,000
2023
12,000,000
2024
12,000,000
2025
12,000,000
2026
12,000,000
2027
12,000,000
2028
12,000,000
2029
12,000,000
2030
12,000,000
2031
12,000,000
2032
12,000,000
2033
12,000,000
Interest
2034
12,000,000
Payment
Dates
April 1 and October 1, commencing October 1, 2019
2035
12,000,000
2036
12,000,000
Mode
Fixed Rate Bonds
2037
12,000,000
2038
12,000,000
2039
12,000,000
2040
12,000,000
2041
12,000,000
2042
12,000,000
2043
12,000,000
2044
12,000,000
Total
$300,000,000
26
*Preliminary, subject to change.
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