State of Illinois General Obligation Bonds
NAME: State of Illinois General Obligation Bonds (BAM Insured)
BONDHOLDER SECURITY: unlimited tax general obligation of the state of Illinois.
USE OF BOND PROCEEDS: to refund bonds issued 2002-2006 for interest cost saving.
RATINGS: AA (Moody’s)/BBB (S&P)
OBLIGOR PROFILE: Illinois is the 5th most populous state in the US with an estimated 2015 population of 12.9 million. Wealth and income indicators are 103.5% of the US average. Unfunded pension plans and a structural deficit due to the political impasse regarding the passage of 2016, and now 2017 State Budget (the absence of which does not impair GO debt service payments to bondholders) plague the state at this time. States, including Illinois, are not permitted to file for Ch. 9 reorganization under the US Bankruptcy Code.
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Although this information is obtained from sources believed to be reliable, we cannot guarantee its completeness or accuracy. For complete information regarding these bonds, please review the Official Statement, which can be provided upon request. Investing in bonds involves risk including possible loss of principal. Income may be subject to state, local, or federal alternative minimum tax. Offerings are subject to prior sale and market conditions. Bonds are subject to availability and price fluctuations. As with any investment, market values may fluctuate during the period the bonds are held. For specific yield and suitability of this offering, please contact your R. Seelaus & Co. Financial Advisor at 1-800-922-0584. Securities are offered through R. Seelaus & Co. 25 Deforest Ave. Suite 304, Summit, NJ 07901 Member FINRA/SIPC