Commission on Government Forecasting and Accountability
HOUSE
Robert Pritchard, Co-Chair
SENATE
Donne Trotter, Co-Chair
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University of Illinois 2014 COPs
University of Illinois 2014 COPs

University of Illinois 2014 COPs

 

The University of Illinois proposes to sell up to $170 million of Certificates Of Participation
in 2014 to refund four previous Certificates of Participation sales.

   

 

 

Request for Hearing:

Received October 9, 2014

Proposal Details:

Received October 9, 2014 

Board Approval November 13, 2014

Financial Audit:

Received October 9, 2014

COP Preliminary Official Statement:

Received November 5, 2014

Contracts and Agreements:

Trust Indentures 

Refunding Escrow Agreements

Installment Purchase Contracts

Amended & Restated Acquisition Agreements

Summary of Outstanding Debt Service:

Received October 9, 2014

Public Hearing Scheduled:

November 19, 2014

Meeting Agenda:

November 19, 2014

Meeting Audio:

November 19, 2014

University's Informational Handout:

November 19, 2014

Commission Motion and Vote:

November 19, 2014

Commission Record of Findings:

December 4, 2014

Status of COPs:

COP Sale Official Statement

The Board allowed the University to use Board Funds to defease some of the outstanding principal of the 2005, 2006A, 2007A and the 2009A COPs. This lowered the amount of refunding COPs needed to be sold. The resulting sale of refunding COPS was for the 2005, 2006A and 2007A series in the amount of $65.3 million. All of the 2005 and 2006A COPs were defeased and refunded. Approximately $30.7 million of the 2007A series COPs, even after Board Funds and the sale of the refunding COPs are still outstanding. The combined true interest cost for the 2014A, B and C series sale was 2.64%. The net present value savings from the 2014ABC COP refunding was $11.1 million. The cash defeasance/prepayment of part of the 2009A COPs created a savings of $4.5 million.