Holley & Pearson-Farrer LLP served as co-bond counsel to the City of Chicago on two concurrent transactions.
The City of Chicago issued two series of tax-exempt water revenue bonds aggregating $576.4 million to finance improvements to and extensions of Chicago’s municipal water system supplying the City and 120 suburban communities, as well as to refund old bonds. The bonds were secured by certain revenues of the water system.
Additionally, the City of Chicago issued two series of tax-exempt wastewater transmission revenue bonds totaling $452.6 million to finance capital improvements to and extensions of Chicago’s sewer system and refund prior issued bonds. The bonds were secured on a subordinated basis by certain revenues of the sewer system.
Both bond issuances were secured by a municipal bond insurance policy.