City of Black River Falls | Jackson County, Wisconsin | $2,690,000 Electric System Revenue Bonds, Series 2020A 

 

In November 2020, Black River Falls, WI issued tax-exempt bonds to provide funds for the public purpose of financing improvements and extensions to the city’s electric system. Bernardi Securities was proud to serve as the sole underwriter of the bond issue. The bonds are payable only from and secured by a pledge of income and revenue to be derived from the operation of the electric system.

The City owns and operates the Electric System consisting of a gated spillway, a low-flow hydro generator, four substations and a distribution plant for its service area which includes the City and the Townships of Adams, Albion, and Brockway. The City purchases most of its power and energy requirements from WPPI Energy under a contract that expires in 2055.

As a member of WPPI Energy the city has access to a portfolio of renewable energy resources. These include electricity generated by wind farms in Dodge County in Wisconsin; Jefferson Solar in Jefferson, Wisconsin; small solar projects at customer locations in Wisconsin and Iowa; and a biogas facility in Wisconsin’s Fox Valley.[1] The City purchases approximately 89% of its electricity requirements pursuant to this contract and generates the remaining 11%. The Electric System’s physical plant consists of a hydroelectric plant, a hydroelectric dam, three generating turbines and three substations.

Bernardi is happy to support the local community and assist in value-add projects for Black River Falls residents.

To access the preliminary official statement, please visit link below.

https://emma.msrb.org/P11442388-P11118525-P11528945.pdf

 

 

[1] Source: https://www.brfmu.org/frequently-asked-questions

Village of Mundelein

Village of Mundelein Municipal Bonds: Local Impact

In June of 2019 Mundelein, IL embarked on the largest single project in the village’s history. Bernardi Securities, Inc. managed the bond financing for the project. The funds raised will help consolidate Mundelein’s Public Works and Engineering facilities into one centralized location. Construction will incorporate an existing 26,000-square-foot commercial facility to save on costs and provide:

  • Nearly 3 acres of covered storage
  • 26,000 square foot office space for 43 employees
  • 76,000 square foot garage space storing 85 pieces of equipment
  • On-site salt building for storing 3,000 tons of salt
  • On-site fueling station for all Village vehicles
  • New vehicle maintenance shop with 6 bays and 3 lifts
  • Construction of a one-million-gallon detention pond to hold stormwater[1]

Additionally, the existing obsolete facilities will free up land for redevelopment and tax revenue-enhancing projects. Officials have stated that they will not have to raise property taxes or the fees to cover the new project since bonds that financed the construction of a police and fire station twenty years ago are scheduled to be fully repaid this year, while bonds for a waste water treatment plant project were repaid last year.[2]

Bernardi is happy to support the local community and assist in value-add projects for Mundelein residents.

To access the preliminary official statement, please visit link below.

https://emma.msrb.org/ES1298468-ES1016097-ES1417421.pdf

 

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[1] Source: Daily Herald, Mundelein Hosts Groundbreaking Ceremony to Commence Construction on New Public Works and Engineering Complex, June 20th, 2019

[2] Source: Chicago Tribune, Mundelein to reduce, postpone projects to move forward with $23 million public works building, August 26, 2019

 

Disclaimer: This does not represent a recommendation of any particular strategy, security, or investment product. This information is for educational purposes only and was obtained from sources considered reliable, but is not guaranteed and not necessarily complete. BSI offerings are made by prospectus or official statement only.

On November 13th, 2018 Bernardi underwrote a bond issue for Snohomish County, WA. The issue was used to finance the cost of certain mechanical system and LED lighting upgrades in County buildings in order to improve energy efficiency.

In 2012 Federal legislation came into effect mandating certain efficiency standards for lighting. Since this time, consumer adoption of more energy efficient bulbs has gained traction. In 2020 LED lighting is expected to be 61% of the global lighting market. LED bulbs use at least 75 percent less energy and last up to 25x longer than incandescent lamps. The EPA estimates that Americans can save more than $6 billion a year if they replace current inefficient lighting.

Bernardi is happy to support Snohomish County, WA and increase the penetration of LED lighting.

To access the preliminary official statement, please visit link below.

https://emma.msrb.org/Security/Details/AF8E82AF0E7411860FCB46AFDA2ECE340

 

 

Disclaimer: This does not represent a recommendation of any particular strategy, security, or investment product. This information is for educational purposes only and was obtained from sources considered reliable, but is not guaranteed and not necessarily complete. BSI offerings are made by prospectus or official statement only.

Iron occurs naturally in water and, though in limited quantities it does not pose a risk to our health, no one wants to drink discolored, metallic-tasting H2O, nor have brown stained fixtures as a result of washing.

On August 13th, 2018 Bernardi underwrote a bond issue used to finance the construction of an Iron Removal Facility for Blair Township, which is located in Grand Traverse County, MI. The facility is able to treat 300 gallons of water per minute flow for at least the next thirty years, per engineering estimates.

The bonds are General Obligation – Limited Tax primarily payable from payments from Blair Township due to Grand Traverse County, which are secured by a pledge of the full faith and credit of the Township. The full faith and credit of the County is also pledged for the payment of the principal and interest on the bonds. The ability of the Township and the County to raise funds with which to meet such full faith and credit pledge is subject to applicable statutory and constitutional tax limitations

Bernardi is happy to support the local community and help this community attain its goal of providing clear, satisfying tasting water for Blair Township residents!

 

To access the preliminary official statement, please visit link below.

https://emma.msrb.org/IssueView/Details/ES389157

Kalamazoo River Municipal Bonds: Local Impact

Kalamazoo River Municipal Bonds: Local ImpactOn May 2nd, 2018 Bernardi underwrote a new issue for the Kalamazoo, MI Wastewater System. The debt was issued in order to fund various sewer projects throughout the city, including new and replacement mains, a pump, lift station improvements and treatment plant improvements. In its entirety, the system cleans up water that flows through approximately 600 miles of sewer lines throughout Kalamazoo and the surrounding area.[1] Currently, the city has contracted to provide wastewater service with eighteen surrounding municipalities and two major industrial users.

As a firm, we were happy to support a local project of such significance and of solid credit quality. On the latter point, the city projected 2018 debt service coverage to equal 247% and covenanted and agreed to maintain this rate at no less than 110%. Amazingly, in 2016 the city received an unprecedented $70 million donation to help fix its budget problems. As a result, the community was able to lower property tax rates by 38% and fund needed infrastructure improvements.

Bernardi is proud to invest locally and assist in the revitalization of the city.

 

 

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[1] Source: http://archive.kalamazoocity.org/wastewater

South Bend Park District Municipal Bonds: Local Impact

South Bend Park District Municipal Bonds: Local ImpactBernardi takes pride in the impact we have on local communities by assisting them and providing low cost tax-exempt and taxable funding for public purpose projects. Our impactful responsibility of marrying investors with issuers was recently demonstrated by various South Bend, IN Park District issues we underwrote. The bonds were issued to transform various parks around the city and to utilize riverfront property more effectively.

The district issued a total of 11 different tax-exempt series totaling $14,075,000 to improve, expand, and construct various park facilities for the benefit of its citizens. One of such projects is located in Howard Park along the St. Joseph River. The existing skating rink is being transformed in a multi-functioning venue that can serve as a water park during the summer and an ice rink in the winter. The project will certainly enhance this public space and the overall public welfare.

Here are various articles overviewing the projects we helped finance:

UPDATE: CITY OFFICIALS BREAK GROUND ON RENOVATIONS TO HOWARD PARK

Planners outline vision for Seitz and Howard parks

Community reacts to South Bend park renovations

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The LaSalle-Peru Township High School District #120, which encompasses parts of LaSalle and Bureau Counties in Illinois, successfully issued $9,760,000 General Obligation School Building Bonds, Series 2016 on December 28, 2016 and $26,195,000 General Obligation School Building Bonds, Series 2017 on February 21, 2017.  The Bonds were approved by the voters of the District at the general primary election held on November 8, 2016, and were issued for the purpose of renovating and rehabilitating District facilities and paying costs of the issuance associated with the Bonds.  The improvements include, but are not limited to, removing asbestos, adding fire sprinklers, increasing accessibility to comply with the Americans with Disabilities Act, constructing more secure entrances, making energy efficiency improvements, renovating classrooms and science labs, and financing other School District capital costs.  The Bonds were rated “AA-” (Stable Outlook) by Standard and Poor’s and insured by Build America Mutual. Both Bonds will be repaid over a twenty year time frame. The Series 2016 Bonds have a true interest cost of 3.48% and the Series 2017 Bonds have a true interest cost of 3.70%. The Bonds are to be repaid from ad valorem taxes levied against all of the taxable property located in the District, without limitation as to rate or amount.

nokomis-case-study.pngThe Nokomis Community Unit School District #22 which encompasses parts of Montgomery, Christian and Fayette Counties in Illinois, successfully issued $4,950,000 General Obligation School Bonds, Series 2016 on June 23, 2016.  The bonds were issued for the purpose of financing multiple District facility improvements.  The improvements include roof repairs, HVAC repairs and improvements, plumbing upgrades and adding additional educational spaces.  The Bonds were rated “A” (Stable Outlook) by Standard and Poor’s and insured by Assured Guaranty Municipal.  The Bonds were issued in three series.  The 2016A Bonds currently refunded debt certificates that the District issued earlier this year.  The 2016B Bonds financed Health Life Safety projects as approved by the Illinois State Board of Education.  The 2016C Bonds were issued as Working Cash Bonds with the funds to be used for capital projects within the District.  The District was able to reduce the overall costs of issuance by issuing the three series at once versus issuing them all separately at different times.  The Bonds will be repaid over a twenty year maturity with a true interest cost of 3.045%. The Bonds are to be repaid from the General Obligation ad valorem taxes levied against all of the taxable property located in the District, without limitation as to rate or amount.

Melrose.pngThe Village of Melrose Park, Illinois successfully issued $8,910,000 General Obligation Refunding Bonds, Series 2015 on April 14, 2015.

Located in Cook County, Illinois, the Village has a population of approximately 25,411.  The 2015 Bonds were issued to refund the Village’s outstanding General Obligation Tax Increment Bonds (Alternate Revenue Source), Series 2002A, General Obligation Tax Increment Bonds (Alternate Revenue Source), Series 2002B, General Obligation Tax Increment Bonds (Alternate Revenue Source), Series 2003A, General Obligation Tax Increment Bonds (Alternate Revenue Source), Series 2003D and General Obligation Bonds (Alternate Revenue Source), Series 2003E.

The Village’s refunding generated a net present value savings of 7.79%, saving the Village over $740,000 in interest expense.  The Bonds are rated “A” by Standard & Poor’s Ratings Services.

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Mattoon.pngThe City of Mattoon, Illinois successfully issued $8,715,000 General Obligation Refunding Bonds (Alternate Revenue Source), Series 2014 on June 10, 2014.

Located in Coles County, Illinois, the City has a population of approximately 18,500.  The 2014 Bonds were issued to refund the City’s outstanding General Obligation Refunding Bonds (Sewerage Alternate Revenue Source), Series 2005A, General Obligation Refunding Bonds (Alternate Revenue Source), Series 2005B and two Illinois Environmental Protection Agency loans for net interest savings.

The City’s refunding generated a net present value savings of 4.02%, saving the City over $350,000 in interest expense.  The Bonds are rated “A1” by Moody’s Investors Service.