CUSIP 45203H7G1

  • ISIN: US45203H7G16
  • Entity Name: Illinois Finance Authority
  • Sector: Municipal Agency
  • Announcement Date: *****
  • Effective Date: *****
  • Issue Date: *****
  • Maturity Date: *****
  • Country of Issuer: *****
  • Region: N.Amer
  • Issue Currency: *****
  • CA Type: Deferral Coupon Payment
  • News: The purpose of this notice is to inform investors of an interest payment made on the above-referenced Series 2016C Bonds on May 15, 2017. The Series 2016 Bonds were issued on April 1, 2016, under the terms of a Bond Trust Indenture between the Issuer and the Trustee (the Bond Indenture) and a Master Trust Indenture between the Borrowers and the Trustee, also dated as of April 1, 2016 (the MTI). Under the MTI, the Series 2016C Bonds are payable from Excess Cash, which is defined in Section 429 of the MTI. Excess Cash is determined on the first day of each month by the Trustee, acting in its capacity as master trustee under the MTI, after funds received from the Borrowers are applied as follows: first to operating expenses of the Community (as certified to the Trustee by the Borrowers); then to 1/12th of the amount needed by the Borrowers for their capital budget (as certified by the Borrowers to the Trustee); then to monthly deposits for interest and principal on the Series 2016A Bonds and the Series 2016B Bonds; then to fund the debt service reserve fund created under the Bond Indenture, then to fund the operating reserve with up to 105 Days Cash on Hand for the use of the Borrowers. After funds received are so applied, any remaining fund are identified as Excess Cash, 50% of which is available to pay interest and deferred interest and principal on the Series 2016C Bonds. The application of funds is described as the funds waterfall. As a result of the calculations of the waterfall described in the preceding paragraph, on May 1, 2016, the Trustee, acting in its capacity as master trustee, had $23,125.94 available as Excess Cash available to pay interest on the Series 2016C Bonds. Therefore, the Trustee applied the Excess Cash calculated under the waterfall and paid interest on the Series 2016C bonds in the amount of $23,125.94 on May 15, 2017. The amount per $1000 distributed was $1.055076.
  • Description: *****
  • Bond Document:
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