Elgin Community College District 509 Bonds Available to Community

  • Tags: Statement
Published 01/13/2021
Elgin Community College across Lake Spartan

Elgin Community College across Lake Spartan


Elgin Community College District 509 will issue approximately $92,990,000 in tax-exempt and taxable municipal bonds. Proceeds of the bonds will be used to refinance outstanding debt from existing bonds, generating an estimated $15 million in present value savings for the District and its residents. Interested investors are anticipated to have the opportunity to purchase the bonds on Tuesday, January 19, 2021. This date is subject to change.

“We are excited to share this opportunity to further invest in our community,” said Donna Redmer, Ed.D., chair of the District 509 Board of Trustees. “By taking advantage of low-interest rates and refinancing our existing outstanding debt, the District will realize savings that allow ECC to continue supporting operations and students with excellence. I’m proud to represent a college that works so diligently to be fiscally responsible with taxpayer funds.”

The Elgin Community College District 509’s bonds carry the highest rating of “Aaa” by Moody’s Investors Service and will be sold in two series in increments of $5,000. The Series 2021A Bonds total approximately $29,470,000, has maturities from 2021 to 2029, and its interest will be includible in gross income for federal income tax purposes. The Series 2021B Bonds total approximately $63,520,000, has maturities from 2021 to 2035 and interest will be excludable from gross income for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals. Both Series 2021A and 2021B Bonds are not exempt from present State of Illinois income taxes.

Baird, a wealth management, capital markets, asset management, and private equity firm is serving as underwriter for the offering and will have access to the bonds. Individuals who are interested in purchasing the bonds can access the Preliminary Official Statement via this link. For questions regarding the bond sale, contact a financial advisor at the Baird local Elgin office, 847-551-8151.