Disclaimer: The information contained here is for general information purposes and no person should make any investment decision based solely on the information contained herein.
Overview of Series 2013 Bonds
On October 8, 2013 City Colleges of Chicago ("CCC") priced approximately $250,000,000 of federally tax-exempt unlimited tax general obligation bonds to fund a portion of its capital improvement program. The bonds are supported by pledged revenues consisting of net tuition and fees and State grants, as well as by pledged ad valorem property taxes within the District, which is coterminous with the City of Chicago.
This bond issue is structured for level annual debt service through 2043. Interest will be payable semi-annually on June 1 and December 1, beginning June 1, 2014. The bonds contain an optional 10-year par call feature. The Bonds are rated AA
by Standard & Poor's and AA-
by Fitch, with a stable outlook
from both rating agencies.
Information for Investors
CCC issues bonds to finance the construction, renovation and expansion of its colleges. Proceeds from bonds support capital improvements—not the day-to-day operating expenses of the district. Bonds issued by CCC are debt obligations and are not sold directly to the public; to buy CCC bonds, investors should contact their registered broker dealer or financial advisor.
Investors and prospective investors in CCC bonds typically find the following information helpful in deciding whether to invest:
Additional Bond Documents
- Official Statement, describes the nature and type of bonds issued, how the bonds will be repaid and over what time period, and offers information on the district and its management. Before purchasing a CCC bond, investors should read the Official Statement.
- Audited financial statements, available in CCC's Comprehensive Annual Financial Report ("CAFR") which provides a snapshot of the overall financial health of the district, including assets, liabilities, revenues and expenditures.
- The FY2014 budget, describes CCC's financial and operational priorities, expected revenues and revenue sources, and the projected expenditures for the current fiscal year.
- Financial policies describe the district's approach to managing debt and investments.
CCC disseminates and discloses certain information, including material updates to the District's bond disclosures, through the Electronic Municipal Market Access ("EMMA") system established by the Municipal Securities Rulemaking Board. This web page is not intended to act as a substitute for the disclosure of the information posted on EMMA, nor does this website necessarily include all of the information currently disclosed on EMMA.
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