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