Chicago Park District Approves $68M Of GO-Like Bonds, Mostly for Refunding

Shields, Yvette
May 2003
Bond Buyer;5/15/2003, Vol. 344 Issue 31636, p31
Trade Publication
The Chicago Park District board approved the sale of 68 million dollar of general obligation-like bonds on May 14, 2003 that will mostly be used to refund a harbor-revenue backed bond issue from 2000. The bonds are secured by an unlimited tax promise with harbor revenues cited as the alternate revenue source pledged to repay the bonds. The decision to move the harbor bonds off the revenue pledge was driven by the savings that would be achieved by capturing lower interest rates, since rates have dropped over the last year and a government obligation-like pledge is more stable than the revenue pledge.


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