The Chicago City Council last week approved the sale of up $80 million of general obligation tender notes to fund operations for the Chicago Public Library system in anticipation of annual tax collections.
The sale is expected to take place in the third quarter. Wells Fargo Securities is the senior manager. Gardner Rich LLC is a co-manager and ComCap Advisors is serving as adviser on the deal. Katten Muchin Rosenman is bond counsel and Cotillas and Associates is co-bond counsel. Burke, Burns & Pinelli is underwriters’ counsel.
The city is planning to sell up to $400 million of GOs later in the year but that authorization has not yet been submitted to the council.