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Will County board hears refinancing plan to refinance and tender taxable bonds, seeks executive approval
Summary
County finance staff and municipal advisers presented a plan to refund roughly $41 million of callable road bonds and to offer a voluntary tender of a $150 million 2020 taxable issuance; committee voted to advance the item to the executive committee for formal action and a public hearing.
Will County Finance Director Karen Hennessy and outside advisers told the county finance committee that the county can pursue two debt-saving moves: a conventional refunding of callable 2015–2016 road bonds and a voluntary tender of a 2020 taxable issue that could be repurchased at below-par prices. The committee voted to move the proposal to the county executive committee for consideration and to schedule the required public hearing.
Hennessy explained the legal and practical framework for municipal debt and said the county is authorized to issue debt by state statute. She outlined participants in a bond issuance—municipal advisor, underwriter, bond counsel, disclosure counsel, paying agent and rating agencies—and the roughly three-month timeline to prepare an offering, obtain ratings and price new bonds. “There’s a lot of partners you work with, and the resulting paperwork is something that you’re committing to,”…
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