Nokomis, Illinois

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.

Village of Melrose Park, Illinois

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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City of Mattoon Coles County, Illinois

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.

 

Village of Gilberts, Illinois

The Village of Gilberts, Illinois successfully issued $11.72 million of Special Tax Refunding Bonds on June 24th, 2014. The Bonds were issued for the purpose of advance refunding a portion of the Village’s Series 2005 Special Service Area #15 Special Tax Bonds.

The Series 2014 Bonds are secured and payable from the special service area taxes levied on Special Service Area #15. The tax is to be levied on all taxable parcels within the Special Service Area on a pro-rata basis. Furthermore, there are additional credit enhancements included in the issue’s structure for the benefit of holders. The first is a debt service reserve account equal to the maximum annual debt service over the life of the bonds. Second, the bonds carry municipal bond insurance from Assured Guaranty Municipal Corporation, currently rated double-A by Standard & Poor’s.

The Area is located near Interstate 90 and Randall Road and generally located north of Higgins Road and East of Galligan Road. The Area was developed by The Ryland Group, Inc., a Maryland corporation and PAR Development, Inc., an Illinois corporation. The Area includes finished lots for two hundred thirty-six (236) large lot single-family homes, sixty (60) small lot single-family homes, seventy-four (74) duplex units, three hundred fourteen (314) townhome units, and 1.70 acres of commercial property. Currently there is buildable space in the Area for an additional 71 townhome units, 40 duplex units and 56.06 commercial acres that can be developed. Total equalized assessed value has grown from $26.7 million in 2008 to $39.2 million in 2013. Tax collections for the special service area taxes have been made in full each year through 2013. Annual debt service coverage is expected to be roughly 1.13x over the life of the bonds.

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LaSalle-Peru Township High School District #120, Illinois

Lasalle2.PNGLaSalle-Peru Township High School District #120 successfully issued $3,930,000 General Obligation Bonds (ARS), Series 2013 on April 11, 2013.  Located in LaSalle County, Illinois, the District encompasses a population of nearly 30,000 people.  The bonds were issued for the purpose of financing a state-of-the-art sports complex that would promote academic, artistic, vocational and athletic excellence for the District.  The bonds are rated “AA-” by Standard & Poor’s.  The bonds are to be repaid via alternate revenue sources comprising incremental property taxes arising from various Tax Increment Financing (“TIF”) districts located within the District and General State Aid.  The Bonds are also secured by ad valorem taxes levied against all of the taxable property located in the District, without limitation as to rate or amount.  Local  support for the project was widespread in part because the District engaged the community from the outset of the project’s planning and worked  very closely with the City of LaSalle, Illinois throughout the project’s planning stages.

  L-P Approves Athletic Complex 

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John Wood Community College

johnwood.pngJohn Wood College of Illinois Community College District #539 successfully completed an $800,000 General Obligation, Alternate Revenue Source transaction on April 5, 2012. Located in western Illinois approximately 105 miles west of Springfield, Illinois, the district covers about 2,363 square miles and serves a population of roughly 95,000. The bonds were issued to finance the costs to improve, repair and alter facilities in the district to reduce energy consumption and lower operating costs. The bonds are rated “Aa3” by Moody’s, and mature in 2032. Debt on the bonds is payable from property taxes for operations and maintenance purposes of the district, and from ad valorem taxes levied on taxable district property without limitation as to rate or amount.

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Kewanee, Illinois

kewanee.pngThe City of Kewanee, Illinois successfully completed a $3.755 million general obligation, alternate revenue source transaction on January 15, 2012. Located in northwestern Illinois, the city has a population of approximately 13,000 as of 2010 census data. The bonds were issued to provide funds for various infrastructure improvements including street repairs, sewer and water main replacements, and repairs at both water and wastewater treatment plants. The bonds are rated “AA-” by Standards and Poor’s. Debt on the bonds is payable from the city’s one-half of 1% non-home rule sales tax, and from ad valorem taxes levied on taxable city property without limitation as to rate or amount. Principal and interest payments on the bonds will be insured under an insurance policy issued by Assured Guaranty Municipal Corp.