Rosemont, Ill., Ready to Refund $70 Million of TIF Debt

Carvlin, Elizabeth
June 2003
Bond Buyer;6/30/2003, Vol. 345 Issue 31667, p3
Trade Publication
The village of Rosemont, Illinois, will be in the market on July 1, 2003 with $70 million of taxable and tax-exempt general obligation corporate purpose refunding bonds in order to free up tax increment revenue from the entertainment district where it had planned to put a casino. The Chicago suburb will refund outstanding bonds sold in 1990 and 1993 for the so-called entertainment tax increment finance district that was created to be the site of the Emerald Casino. The bonds are backed by the village's general obligation pledge, but the primary source of repayment is expected to be the TIF revenue. The state granted the village's request to extend the TIF retirement date to 2019 rather than 2007, said John Hochstettler, Rosemont's finance officer.


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