Summary: Illinois Dev Fin Auth; General Obligation, Schools Intercept/Withholding - S&P Global Ratings’ Credit Research

Summary: Illinois Dev Fin Auth; General Obligation, Schools Intercept/Withholding

Summary: Illinois Dev Fin Auth; General Obligation, Schools Intercept/Withholding - S&P Global Ratings’ Credit Research
Summary: Illinois Dev Fin Auth; General Obligation, Schools Intercept/Withholding
Published Dec 16, 1999
579 words — Published Dec 16, 1999
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Abstract:

The rating on Illinois Development Finance Authority's (IDFA) bonds, issued for Mendota Community Consolidated School District Board of Education No. 289, reflects the security provided by an irrevocable intercept of general state aid to a trustee in amounts sufficient to meet debt service requirements. The IDFA will purchase local government securities from the obligor, the payments on which are then applied to service the Qualified Zone Academy Bonds (QZABs) issued by IDFA. The QZABs are double-tax exempt and payable in a single principal maturity due Dec. 21, 2011. No interest payments are made; instead, bondholders receive credits to federal income taxes. The local government securities issued by the district are GO lease agreements that irrevocably pledge general state aid. Under

  
Brief Excerpt:

RESEARCH Summary: Illinois Dev Fin Auth; General Obligation, Schools Intercept/Withholding Publication date: 16-Dec-1999 Credit Profile $.5 mil muni debt muni issue ser 1999 C due 2011 A+ Sale date: 15-JAN-2000 OUTLOOK: STABLE Rationale...

  
Report Type:

Summary

Issuer
Illinois Finance Authority
Sector
Global Issuers, Public Finance, Structured Finance
Country
United States
Region
United States
Format:
PDF Adobe Acrobat
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "Summary: Illinois Dev Fin Auth; General Obligation, Schools Intercept/Withholding" Dec 16, 1999. Alacra Store. May 24, 2025. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Illinois-Dev-Fin-Auth-General-Obligation-Schools-Intercept-Withholding-135108>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Illinois Dev Fin Auth; General Obligation, Schools Intercept/Withholding Dec 16, 1999. New York, NY: Alacra Store. Retrieved May 24, 2025 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Illinois-Dev-Fin-Auth-General-Obligation-Schools-Intercept-Withholding-135108>
  
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