Elgin Community College District 509 will issue approximately $92,990,000 in tax-exempt and taxable municipal bonds. Proceeds of the bonds will be used to refinance outstanding debt from existing bonds, generating an estimated $15 million in present value savings for the District and its residents. Interested investors are anticipated to have the opportunity to purchase the bonds on Tuesday, January 19, 2021. This date is subject to change.
“We are excited to share this opportunity to further invest in our community,” said Donna Redmer, Ed.D., chair of the District 509 Board of Trustees. “By taking advantage of low-interest rates and refinancing our existing outstanding debt, the District will realize savings that allow ECC to continue supporting operations and students with excellence. I’m proud to represent a college that works so diligently to be fiscally responsible with taxpayer funds.”
The Elgin Community College District 509’s bonds carry the highest rating of “Aaa” by Moody’s Investors Service and will be sold in two series in increments
of $5,000. The Series 2021A Bonds total approximately $29,470,000, has maturities from 2021 to 2029, and its interest will be includible in gross income for federal income tax purposes. The Series 2021B Bonds total approximately $63,520,000, has maturities from 2021 to 2035 and interest will be excludable from gross income for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals. Both Series 2021A and 2021B Bonds are not exempt from present State of Illinois income taxes.
Baird, a wealth management, capital markets, asset management, and private equity firm is serving as underwriter for the offering and will have access to the bonds. Individuals who are interested in purchasing the bonds can access the Preliminary Official Statement via this link. For questions regarding the bond sale, contact a financial advisor at the Baird local Elgin office, 847-551-8151.
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Contact: Rita Elliott
Senior Director of Communications
Office: 847-214-7682
Email: news@elgin.edu
Elgin Community College (ECC) is a comprehensive public community college, one of 48 statewide. ECC serves approximately 15,000 students each year. Programs of study include 25 major fields for university transfer, more than 130 career-oriented, occupational degrees and certificates, corporate and continuing education, and a full complement of pre-collegiate courses. The three-year graduation rate exceeds the national average and the average of peer colleges.
ECC NEWS MEDIA PROTOCOL
All members of the media should utilize the communications department as the first point of contact. The senior director of communications may be reached at 847-214-7682 or news@elgin.edu. All Freedom of Information Act (FOIA) requests must be submitted in writing to Marilyn Prentice, compliance officer, at mprentice@elgin.edu or via fax at 847-214-7375. This release is the official news head for Elgin Community College. Any information received on behalf of ECC not on this news head should be disregarded.