Featured Municipal Bond Issue, Week of August 20th, 2018: State of Illinois General Obligation Refunding Bonds– $920 Billion
The State of Illinois is issuing $920 million in general obligation bonds for the purposes of refunding all or a portion of certain outstanding maturities and paying the related necessary termination payments tied to various existing swap agreements with the refunding as well as pay costs associated with the issuance of the bonds. In addition, other outstanding general obligations will be refunded. The bonds are being issued by negotiated sale in two series: Series 2018A consist of $656,520,000 tax-exempt general obligation bonds and Series 2018B in the amount of $263,670,000 million in general obligation bonds that are considered federally tax-exempt.
The bonds are general obligations of the state pursuant to Section 9(a) of Article IX of the Illinois Constitution and the General Obligation Bond Act of the Illinois Constitution . Details on the purposes, tax-status, security, as well as other matters pertaining to these State of Georgia bonds can be found in the preliminary official statement, available on MuniOS.
As of June 2018, the State of Illinois has an unemployment rate of 4.5%, which is 0.4% higher than the U.S. rate in June, and equal to the state’s unemployment rate as of June 2017.
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.