Illinois Order Refunding Bond
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FAQ
Generally unique to municipal securities, a refunding is the process by which an issuer refinances outstanding bonds by issuing new bonds. This may serve either to reduce the issuer's interest costs or to remove a restrictive covenant imposed by the terms of the bonds being refinanced.
This Act will permit the issuance of a multi-purpose General Obligation Bond with uniform terms and features. This will not only lower the cost of registration but also reduce the overall cost of issuing debt by improving the marketability of Illinois General Obligation Bonds. (Source: P.A. 102-718, eff.
General obligation bonds also serve as a way for local governments to raise funds for projects that create streams of income for things such as roads, parks, equipment, and bridges. General obligation bonds are usually used to fund government projects that will serve the public community.
The Build Illinois program, including the Build Illinois Bond Act (the ?Act?) was enacted by the Illinois General Assembly in 1985. It expands the State's overall efforts in economic development by funding state and local public infrastructure, economic development, education and environmental projects.
Illinois College Savings Bonds are tax-exempt, zero-coupon bonds issued by the State of Illinois. These bonds are issued by the State to provide individual investors with a long-term investment to help fund college expenses.
General obligation bonds account for 28% of the investment-grade muni market and are usually backed by the taxing authority of the bond issuer. Most states and local governments issue GO bonds to help fund operations or specific projects.
Authorization for Bonds. The State of Illinois is authorized to issue, sell and provide for the retirement of limited obligation bonds, notes and other evidences of indebtedness of the State of Illinois in the total principal amount of $10,019,681,100 herein called "Bonds".
For example, an issuer that refunds a $100 million bond issue with a 10% coupon at maturity and replaces it with a new $100 million issue (refunding bond issue) with a 6% coupon, will have savings of $4 million in interest expense per annum.
