City of Mattoon Coles County, Illinois

The 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.