Lt. Governor Bob Kustra, Chairman of the Bond Bank Board of Commissioners, explained that "local governments need definite dates when they can know that funds will be available to pay for their public works projects. The Rural Bond Bank, which was established to make lower-cost local government loans, has taken this action to help mayors, city councils, county boards, school boards, and other local officials make definite financing decisions which they can count on when construction begins."

"Each year, local government leaders can look forward to Bond Bank financing being available either on May 1st or December 1st of each year. This means that if a city or school board or county is planning a project which requires bonded financing, they will know7 to prepare a Bond Bank application at least 10 to 12 weeks in advance of the closing dates we have established."

"When our Board of Commissioners approves a financing application, that local government then knows for certain that lowest-cost financing will be forthcoming from the Rural Bond Bank on the day of closing — May 1st or December 1st."

"The Bond Bank can, of course, conduct financings during any month of the year. The Board did choose these two definite funding dates, however, to assist local governments in their project planning."

"We believe this system is unique — State government helping local governments, and with specific dates when the local governments know that their funds will be deposited in their banks and the money can be used."

"The Rural Bond Bank successfully completed its first $3.5 million bond issue on December 4th, 1990, for seven units of local government. By 11:00 A.M. on that day, all seven governments had received their funds on time and in full."

"The Rural Bond Bank system is new to Illinois. It now works well here, as well as in at least 13 other states — helping local governments meet their responsibilities at lowest cost for safe drinking water, clean environmental systems, and good public school facilities."

The Rural Bond Bank is designed to save money for local taxpayers, while at the same time helping finance needed public infrastructure on a pay-as-you-go basis."

"On behalf of the Board of Commissioners, we invite all local governments in the 96 counties we serve to contact us about financing their public works improvement and development projects."

Lieutenant Governor Bob Kustra is the Chairman of the Bond Bank, and State Treasurer Patrick Quinn is Vice-chairman. There are five Public Commissioners:

Mayor Robert Anstine of Macomb (McDonough County); Wallace Furrow of El Paso (Woodford County); Ronald Lawfer of Stockton (Jo Daviess County); James Walsh of Carmi (White County); and, Edward Williams of Decatur (Macon County). The Board makes the final decisions on loan applications from local governments.

Any local government can find out more about the Rural Bond Bank by calling 217-524-2663. •

April 1991 / Illinois Municipal Review / Page 25