Cook County, Illinois General Obligation Refunding Bonds
Property Tax Delay and Local Taxing District Loan Program
The County expects to borrow $300 million in calendar year 2022 to assist local taxing jurisdictions
given a delay in property tax collections.
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Due to ongoing technology modernization efforts, personnel shortages attributed to the COVID-19 pandemic, and the
complicated nature of the reassessment of property taxes in the City of Chicago, the County's second installment of
property tax bills for tax year 2021 are expected to be issued up to six months later than usual
Importantly, based on preliminary estimates and the availability of certain other funds, the County anticipates
that it will continue to be able to (a) timely make its debt service payments and (b) fund its operations
The payment of the second installment of property taxes will be due 30 days after the issuance of the property tax bills
To assist certain local taxing jurisdictions within the County in paying their bills during the delay, the County has established
a Bridge Funding Program (the "Loan Program"), under the Loan Program, the County will provide short-term operational
cash assistance by purchasing tax anticipation warrants or similar obligations
■ The County is funding the Loan Program with a non-revolving line of credit with PNC Bank which will bear interest at
market rates
■ While the County is authorized to purchase an aggregate principal amount of up to $500 million of warrants, the County
anticipates its will purchase no more than $300 million of warrants in calendar year 2022; the Warrants will be due no later
than March 1, 2023
See p. 29-30 of the Preliminary Official Statement dated August 3, 2022.
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