College of DuPage Selling Triple-A Bonds; Aaa/AAA Ratings Affirmed
On Wednesday April 23, 2013, College of DuPage is offering for sale $84,000,000 of Triple-A rated General Obligation Community College Bonds, Series 2013A.
The interest on these Triple-A rated bonds is expected to be federal income tax-free. The bonds are being issued to build and equip new facilities for District 502 and improve, repair and equip existing facilities. The bond maturities are expected to range from 2015 to 2031, and will be delivered on or about April 30, 2013.
College of DuPage received affirmation of its Triple-A (Aaa/AAA) bond ratings last week from Moody's Investors Service and Standard & Poor's, respectively, the highest ratings possible.
"Beyond validating our strong financial position at College of DuPage, this is extremely good news for our taxpayers. This rating means the College can issue bonds at a lower cost and expend less tax dollars when retiring the debt. In the process, everyone wins," said COD President Dr. Robert L. Breuder. "Because of the strong support the community showed in approving the November 2010 referendum under which these bonds are being issued, we wanted to make sure that local investors had an opportunity to invest in the College's bonds. The fact that the Triple-A ratings are the highest ratings possible, even higher than the ratings of the federal government, makes these relatively safe investments for investors to include in their portfolios."
According to Tom Glaser, COD Senior Vice President for Administration and Treasurer, the affirmation of COD's Aaa/AAA bond ratings in an extremely difficult market is a tremendous accomplishment.
"At a time when both the U.S. government and the State of Illinois have had their bond ratings downgraded due to ongoing, significant financial challenges, the fact that our Triple-A ratings have been affirmed speaks to the financial stewardship this administration has for the resources provided by our students and taxpayers," Glaser said. "This accomplishment is also impressive in that there were 2.4 times as many downgrades in higher education credits in 2012 as there were upgrades. For the College to earn the highest ratings possible, especially in this environment, indicates that the rating agencies are very comfortable with the way we manage operations at COD."
Questions regarding this bond sale should be directed to either William Blair & Company at (888) 519-1102 or Bank of America Merrill Lynch at (888) 200-8882.
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