$2.735 Million General Obligation Waterworks & Sewerage Alternate Revenue Source Bonds, Series 2013
The Bonds are being issued to finance capital improvements to the City’s waterworks and sewerage systems and to pay costs associated with the issuance. The Series 2013 Bonds are general obligations of the City payable from net revenues of the waterworks and sewerage system, as well as the City’s share of state income tax revenues. To the extent that the above referenced pledged revenues are insufficient, the Bonds are also secured by the City’s ad valorem property taxes levied against all of the taxable property in the City without limitation as to rate or amount. Furthermore, the City covenanted in the bond ordinance, to only abate the annual tax levy to the extent that pledged revenues are on deposit to pay debt service. The Bonds are rated A-plus by Standard & Poor’s.
The City of Colona, with an estimated population of 5,099, is located near the Quad City area in a northwest corner of Henry County, approximately 175 miles west of the City of Chicago.