LaSalle-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 

The 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.

The City of Kankakee, Illinois successfully completed a $2.645 million general obligation refunding transaction on March 13, 2012. Located 60 miles south of Chicago in the northeastern section of Illinois, the city has a population of approximately 28,000. The bonds were issued to advance refund a portion of the city’s outstanding general obligation library bonds, Series 2003B, which were originally issued to finance the acquisition of a new space for the city’s public library. The refunding generated an estimated net present value of 8.087%, saving the city roughly $214,000. The bonds are rated “A” by Standard and Poor’s.

John 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.