Second Lien Bond Determination Certificate regarding issuance of City of Chicago Water Revenue Bonds Project Series 2023C Taxable Repricing
The City of Chicago, under Mayor Brandon Johnson and City Comptroller Chasse Rehwinkel, plans to issue Second Lien Water Revenue Bonds, Project Series 2023C Taxable, totaling $336,000,000. The bonds, which will bear an interest rate of 4.38% per annum and mature on November 1, 2056, will finance water system improvements, including lead service line replacement. The United States Environmental Protection Agency has offered to purchase the bonds at par amount and loan the proceeds to the city through a WIFIA Loan Agreement. The Bank of New York Mellon Trust Company will serve as Trustee under the Indenture. The terms and conditions of the loan agreement, including disbursement conditions, interest rates, security, repayments, and more, are outlined in the document.