Sole Manager for Three Illinois School District's School Bonds

Sole Manager for School District Number 143-1/2, Cook County, IL on its $4.5 Million School Bonds, Series 2023

Oppenheimer & Co. Inc. acted as Sole Manager on the $4,485,000 General Obligation Limited Tax School Bonds, Series 2023 issued by School District Number 143-1/2, Cook County, Illinois (Posen-Robbins)

The transaction planning began about a year prior to pricing with the outgoing business manager and closed in December so the District could use a 2042 levy. Despite this transaction bringing this Tier Two District to 196% of its debt limit, Oppenheimer and the District obtained affirmation of the District’s underlying “A” rating. Proceeds of the Bonds will be used to increase the working cash fund of the District. The Bonds are being structured to utilize the available debt service extension base assuming no CPI changes. The District is a repeat Oppenheimer client.

Sole Manager for School District Number 145, Stephenson County, IL on its $8.9 Million School Bonds, Series 2023A&B

Oppenheimer & Co. Inc. acted as Sole Manager on the $7,745,000 General Obligation Limited Tax School Bonds, Series 2023A and $1,170,000 Taxable General Obligation Limited Tax Refunding School Bonds, Series 2023B issued by School District Number 145, Stephenson County, Illinois (Freeport)

The transaction planning began about a year prior to pricing and closed in December so the District could use a 2042 levy. Oppenheimer and the Tier Two District worked to affirm its underlying “A+” rating despite the transaction bringing the District to 90% of its debt limit. Proceeds of the Bonds will be used to increase the working cash fund of the District and to refund certain of the District’s outstanding bonds to utilize the available debt service extension base assuming no CPI changes. The District is a repeat Oppenheimer client.

Sole Manager for School District Number 169, Cook County, IL on its $8.6 Million School Bonds, Series 2023A,B&C

Oppenheimer & Co. Inc. acted as Sole Manager on the $3,510,000 General Obligation Limited School Bonds, Series 2023A; $530,000 Taxable General Obligation Limited School Bonds, Series 2023B; and $4,585,000 Taxable General Obligation School Bonds, Series 2023C issued by School District Number 169, Cook County, Illinois (Ford Heights)

Oppenheimer and the District worked to raise the underlying rating from “BB+” to “BBB-“ and then to “BBB” through improved budgetary management, increased loss and cost, and the Property Tax Relief Grant Program (PTRG) which increased State aid permanently in return for property tax abatements. These rating upgrades were earned despite this issue bringing the District to 644% of its debt limit. PTRG caused changes to State aid and increased Personal Property Tax Replacement dollars have moved this District from Tier Two to Tier Four in Fiscal 2023. Proceeds of the Bonds will be used to increase the working cash fund of the District and restructure existing bonds to utilize the available debt service extension base assuming no CPI changes. The bonds are structured to provide quick recovery of access to the Debt Service Extension Base. The District is a repeat Oppenheimer client.