Transaction Details

Country Club Hills Park District

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Following a competitive RFP process, Baird was appointed as placement agent on the District’s $2,131,000 General Obligation Refunding Park Bonds (Alternate Revenue Source), Series 2022. This was a tax-exempt current refunding of the District’s 2013A Bonds for debt service savings. The 2013A Bonds could not be refunded at tax-exempt rates until 90-days prior to the December 1, 2022 call date with a delivery in September 2022.

To eliminate market risk, we were able to lock in a tax-exempt rate in mid July and deliver the refunding bonds two months later in September 2022. We received three bids from banks able to offer a two-month forward delivery. The all-in true interest cost of 3.42% was through what we believe could have been achieved in the current public market. The refunding generated $72,500 in gross debt service savings and $69,700 in present value savings or 3.43% of the refunded par.