Municipal bond financing offers a stable and reliable source of low cost funding for communities across our country as they work to improve their local infrastructure base and create jobs.

Today, more than ever before, our communities need a healthy and vibrant municipal bond market to help them grow and prosper.


On May 16th 2023, Berrien Springs Public Schools, Michigan issued tax-exempt General Obligation Bonds to provide funds for the purchase of replacing the high school roof and replacing the HVAC system at Mars Elementary School. Bernardi Securities, Inc. served as Underwriter on the transaction enabling a successful borrowing for the school district.

These Bonds were awarded to Bernardi Securities for being the bidder whose bid produced the lowest true interest cost. Bernardi is proud to support the Berrien Springs area and assist in value-add projects for their public schools.

The bonds were rated “A+” (Stable Outlook) by Standard and Poor’s. The School District has pledged the limited tax full faith and credit of the School District for the payment of principal and interest on the Bonds. The School District has further pledged to levy sufficient ad valorem taxes within its authorized millage rate annually as a first budget obligation, subordinate only to any first liens on said funds pledged for the payment of state aid notes, lines of credit or tax anticipation notes heretofore or hereafter issued.

Previously, the school district completed a project which included a performing arts auditorium, performance gymnasium, locker rooms, band and choir classrooms and is expected to attract families to the district.

To access the final official statement, please visit the link below:

Berrien Springs Public Schools (msrb.org)

 

Municipal bond financing offers a stable and reliable source of low cost funding for communities across our country as they work to improve their local infrastructure base and create jobs.

Today, more than ever before, our communities need a healthy and vibrant municipal bond market to help them grow and prosper.

 


 

Taylorville, IL Community Unit School District No. 3 | $12,875,000 General Obligation Limited School Bonds, Series 2021A and $8,435,000 Taxable General Obligation School Refunding Bonds (Alternate Revenue Source), Series 2021B

 

In early 2021, Community Unit School District Number 3 (Taylorville, Illinois) issued $21,310,000 Series 2021A and Series 2021B Bonds. Bernardi Securities, Inc. served as the sole Managing Underwriter on the successful borrowing for the District. Bond proceeds were used for new project financing and existing debt refinancing purposes.

According to a recent piece authored by assistant superintendent David Hixenbaugh, the school District’s origins date all the way back to 1840, and is now composed of 2,870 students, 400 employees and an annual budget of over $16 million.

Series 2021A financed HVAC improvements, roof replacements and tuckpointing at the District’s facilities. The Project is expected to be completed within three years from the issuance of the Series 2021A Bonds.

Series 2021B refinanced existing debt, saving the district $1,083,714.93 over the life of the 2021B bonds.

 

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

 

Municipal bond financing offers a stable and reliable source of low cost funding for communities across our country as they work to improve their local infrastructure base and create jobs.

Today, more than ever before, our communities need a healthy and vibrant municipal bond market to help them grow and prosper.

 


City of Waukegan | Lake County, Illinois | $12,815,000 General Obligation Bonds, Series 2021A and $31,180,000 General Obligation Bonds, Series 2021B

 

On March 4th, 2021, the City of Waukegan, Illinois issued $43,995,000.00 Series 2021A and Series 2021B Bonds. Bernardi Securities, Inc. served as Senior Managing Underwriter on the transaction working closely with the City’s advisor to ensure a successful borrowing for the City. Bond proceeds were used for financing/refinancing certain redevelopment project costs under the Illinois TIF Act in connection with the redevelopment of the McGaw Business Center TIF Redevelopment Project Area (the “Redevelopment Project Area”).

A few years back, the city leadership and a local developer had a vison to transform 225 acres of underutilized space on Waukegan Road, between Route 137/Buckley Road and Route 120/Belvidere Road, immediately off Interstate 94. The Redevelopment Project Area is located on the former Cardinal Health, Inc. campus and currently consists of approximately 2,200,000 square feet of industrial/warehouse space, with approximately 1,100,000 square feet of additional industrial space currently under construction.

Today, that site has been transformed adding tens of millions of dollars to the tax base and has created many jobs offered by various Fortune 500 companies detailed below.

History of the project: On November 12, 2014, the City adopted Ordinance No. 14-O-123, adopting the tax increment financing provisions of the TIF Act and created the “McGaw Business Center TIF Redevelopment Project Area Special Tax Allocation Fund” (the “Special Tax Allocation Fund”) in connection therewith.

Subsequently, the City entered into a redevelopment agreement with Bridge McGaw Land LLC (the “Redevelopment Agreement”) in connection with the costs of property acquisition, site preparation, environmental remediation, demolition, and the construction of certain public improvements as set forth in the Redevelopment Plan and located within the Redevelopment Project Area (the “Redevelopment Project”).  Eleven buildings and over one million square feet of the former Cardinal Health, Inc. campus were demolished over a period of 15 months to make the property ready for new construction. Proceeds of the Bonds will be used to finance or refinance qualified costs of the Redevelopment Project.

The tax year 2014 base year Equalized Assessed Valuation (“EAV”) of the Redevelopment Project Area was $13,115,257.  In tax year 2019 the EAV has grown to $35,823,189 and produced additional incremental property tax revenues of $2,760,235.  The City anticipates the EAV and incremental property tax revenues to grow as the construction and leasing of the additional buildings are completed and put on the County tax roll.

Current corporate users located in the Redevelopment Project Area include:  Amazon, Bolke Miller Company, LLC, Comcast, Walgreens, McKesson, Honeywell, Kalle, Grainger, Yaskawa, Hospira, Eaton, Actavis, Cardinal Health, Diversey, RR Donnelley, Culligan, Abbvie, Nypro, Brown Paper Goods, Zebra, Uline, Leica, Pactiv, Aon Hewitt, Sysmex, Visual Pak, Baxter, Medline, Bax-alta, CDW, Takada, Abbott, Allstate, Tyco, Amerisource Bergen, and Thermoflex.

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

To access the final official statement, please visit link below:

https://emma.msrb.org/P21445184-P21121902-P21533387.pdf

 

Redevelopment Project Corporate Users & Overview

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

 

*******

[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.

 

 

______________________________________________________

[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

Lasalle2.PNG

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.