Featured Municipal Bond in the Market, Week of 12/12/2016: Chicago Board of Education Dedicated Capital Improvement Tax Bonds – $500 Million
This week’s featured bond comes from the State of Illinois. The Chicago Board of Education is issuing dedicated capital improvement tax bonds in the amount of $500 million the week of December 12, 2016. These bonds are scheduled to be issued as a single series, used primarily to fund capital improvement projects. Security for the bonds is a pledge, lien, and security interest on a trust, derived from revenues from the levy of the Capital Improvement Tax. Dedicated tax coverage, flows of funds, and further details on the purposes, security, and other matters pertaining to these Chicago Board of Education dedicated capital improvement tax bonds can the found in the preliminary official statement, provided by MuniOS.
As of October 2016, the Chicago metro area has an unemployment rate of 5.5%, which is 0.1% higher than the same time last year, and 0.9% higher than the national average.
Provided at left is a quick snapshot of financial characteristics of Chicago Public Schools, along with the medians for other school districts for 2014-2015, courtesy of Merritt Research Services, LLC. Merritt has many of the sector medians publicly available and regularly updated on their Benchmark Central page. (Merritt believes the data to be reliable but does not make any representations as to its accuracy or completeness). In addition to the Merritt information related to the featured bond, more information can be found on our municipal bond calendar, city, state, and county pages, and our employment database. These facts and numbers are for informational purposes, and should not be considered an official disclosure for potential investors. Investors should consult the official statement. None of the information provided should be construed as a recommendation by MuniNet Guide, MuniNet LLC, Merritt Research Services LLC, or any of their employees. Information and analysis is for informational purposes only.