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CTA seeks board authorization to issue $450M in bonds tied to Red Line Extension; tender offers planned
Summary
CTA staff asked the board to authorize issuance of up to $450 million in Series 2026 sales-tax-backed bonds to provide capital for the Red Line Extension and to conduct tender offers on existing 2017 and 2020 bonds; staff estimated present-value savings of $5–6 million from tender offers and said bonds would mature up to 35 years and be callable after 10 years.
Finance staff, joined by the CTA director of treasury, asked the board to authorize two financing actions: (1) issue Series 2026 corporate purpose bonds payable from the sales tax receipts fund to provide about $450 million in new capital for projects including the Red Line Extension; and (2) launch tender offers to refund previously issued 2017 tax-exempt and 2020b taxable bonds to realize…
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