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d to make t
d Retiremen
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inued appro
treasurer a
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state.
bt Service O
ported by
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rces that re
me taxes a
ds issued fo
ported by the
Roads and B
construction
by motor fue
School Cons
construction
cigarette a
received by t
Illinois Jobs
Jobs Now! a
realized in th
re 12-5 bel
ice for all b
ed by June 3
cipated futu
continuation
s 2013-2018
gement
until all GO
ve been paid
propriation.
eneral Reve
transfers to
t and Intere
bly fails to
y the princi
bonds, the
opriation and
and the com
fers from the
Obligation.
revenue re
ue Fund.
epay GO b
nd motor fu
or certain c
e following b
Bridges – GO
projects a
el taxes rece
struction -
purposes a
and teleco
the School In
Now! – GO b
are primarily
he state’s Ca
ow displays
bonds issue
30, 2012, as
ure issuance
n of the Illin
8.
bonds issue
d in full.
If there are
nue Fund o
the Genera
est Fund (GO
o make ap
pal and inte
GO Bond Ac
d the author
mptroller to
e revenues a
GO bonds a
ealized in
The prima
onds are s
uel taxes.
capital inves
budgetary re
O bonds issu
are primarily
eived by the
GO bonds
are repaid i
ommunicatio
nfrastructure
bonds issue
y supported
apital Project
GO Capita
ed and expe
well as deb
es of Capita
nois Jobs No
ed under the
e insufficient
or the Road
al Obligation
OBRI) or the
propriations
erest on the
ct allows for
rity to direct
o make the
and funds of
are primarily
the state’s
ary revenue
sales taxes,
In addition,
stments are
esources:
ued for road
y supported
Road Fund.
for schoo
n part from
ons taxes
e Fund.
d for Illinois
by revenue
ts Fund.
l Bond debt
ected to be
bt service for
al bonds for
ow! in fisca
e
t
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n
e
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e
r
t
e
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e
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e
d
d
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m
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e
t
e
r
r
l
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auth
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$4,8
issu
that
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redu
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expo
rate
an
coun
inte
strea
Lond
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rate
inte
coun
the
bond
deriv
Deutsc
Bank o
AIG Fi
Merrill
JP Mo
funding Bo
horizes the
unding bo
839,025,000
ed to refun
are curren
antage of
uce the state
erest Rate E
vative inst
hange agree
osure to int
bonds. An
agreement
nterparties)
rest paymen
am is fixed
don Interban
ustry and Fin
. In Octobe
rest rate
nterparties (
issuance of
ds. This i
vative linked
Counterpart
che Bank AG
of America
nancial Products Co
Lynch
organ Chase Bank, N
Total Not
Int
onds. The
issuance
onds in
0 outstandin
d or advanc
ntly outstan
favorable m
e’s debt serv
Exchange Ag
ruments, s
ements, allo
terest rate
n interest ra
between t
in which
nts is excha
d and the
nk Offered R
nancial Mark
er 2003, the
exchanges
as shown b
f $600 mill
issuance re
d issuance.
ty
$ 3
$
orp. $
$
.A. $
tional Amount $ 6
Table 12
terest Rate Exchan
($ in Milli
No
Am
e GO Bon
of Genera
an amoun
ng. Refundin
ce refund th
nding in or
market con
vice.
Agreements.
such as in
ws the state
fluctuations
ate exchange
two parties
one stream
anged for a
other is lin
Rate (LIBOR)
kets Associa
state entere
with fiv
elow) in con
ion of varia
mains the
Moody's
384,000 Aa3
54,000 Baa1
54,000 Baa1
54,000 Baa1
54,000 Aa1
600,000
2-3
nge Agreements
ons)
tional
mount
d Act also
l Obligation
nt up to
ng bonds are
he GO bond
rder to take
nditions and
The use o
nterest rate
e to limit it
on variable
e consists o
(known a
m of future
another. One
nked to the
or Securitie
ation (SIFMA
ed into fixed
ve separate
nnection with
able rate GO
state’s only
S&P Fitch
A+ AA-A-
A+
A- A+
A- A+
A+ AA-Ratings
o
n
o
e
s
e
d
f
e
s
e
f
s
e
e
e
s
A)
d
e
h
O
y
Executive Budget for Fiscal Year 2013 Chapter 6 - 4
