Finance and Investor Information
The Illinois Tollway is a user-fee system and receives no state or federal funds for maintenance and operations. The Tollway is an administrative agency of the state of Illinois which provides for the construction, operation, regulation and maintenance of a system of toll highways within Northern Illinois.
The Toll Highway Act authorizes the issuance of revenue bonds for the purposes, among others, of financing expansions of the Tollway system and reconstruction of and improvements to the Tollway system and authorizes the issuance of refunding bonds for the purpose of refunding any bonds of the agency then outstanding at maturity or on any redemption date.
The Illinois Auditor General performs a financial audit of the Tollway's books for each fiscal year. This page offers links to Tollway financial statements and audits. Questions about these reports or requests for additional financial information should be directed to the Controller, Illinois Tollway, 2700 Ogden Avenue, Downers Grove, Illinois 60515.
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|Bond Offering Document|
|Debt Service Schedule|
|Outstanding Bond Issues|
|SEC Municipal Advisor Notice|
|Trustee Contact Information|
Financial and Consultant Reports
|Annual Budget Reports|
|2017 Tentative Budget|
|Comprehensive Annual Financial Report|
|Quarterly Financial Review|
|Quarterly Financial Trust Indenture|
Financial Notice and Disclaimer
The Illinois State Toll Highway Authority (the "Tollway") is pleased to present certain information concerning the outstanding debt of the Tollway and other financial information relating to the operations of the Tollway under this section of the Tollway's website entitled "ABOUT - Finance and Investor Information Overview." Please keep in mind that information presented on this site only speaks as of the date it was posted or, if such information is dated, as of its date. If important events or developments after that date are not presented, they can render dated information to be not useful or reliable. Material that is not specifically dated also may not be current when you read it. The Tollway does not undertake to continuously update materials posted on this site. Information presented from sources other than the Tollway is presented solely for the convenience of the viewer; the Tollway does not undertake to verify any of such information, and its inclusion herein does not constitute an approval or endorsement of such information.
BY CHOOSING TO DOWNLOAD AND VIEW ANY OF THE INFORMATION CONTAINED IN THIS SECTION OF THE SITE YOU ARE ACKNOWLEDGING THAT YOU HAVE READ, UNDERSTAND AND AGREE TO THE TERMS HEREOF.
The information on this site has not been prepared to give information for making decisions on buying or selling securities and should not be relied upon by investors in making investment decisions. For investment advice on bonds or other obligations of the Tollway, please contact your investment advisor. With respect to any bonds or other obligations of the Tollway, please refer for information only to the Tollway's related disclosure documents, if any, or continuing disclosure filings, if any, for such bonds or other obligations. Attention should be paid to the disclaimers in those documents regarding the ongoing currency of the information contained therein, including disclaimers regarding "forward looking statements."
In addition, any addresses or links to other websites which may be contained in this site are given only for the convenience of the viewer. Unless expressly stated otherwise, the Tollway has not participated in the preparation, collection, compilation or selection of information on any such other website and does not incorporate by reference any such information into this website. The Tollway's inclusion of an address or a link to any such website does not constitute an approval or an endorsement of the information contained therein and the Tollway assumes no responsibility or liability for the contents of such websites. Due to the dynamic nature of the Internet, resources that are free and publicly available one day may require a fee or restricted access the next, and the location of items may change as menus, homepages and files are reorganized. If you obtain any information from this site from any source other than this site, please be aware that electronic data can be altered subsequent to original distribution. Data can also quickly become out of date. It is recommended that careful attention be paid to any data associated with a file, and that the originator of the data or information be contacted with any questions regarding appropriate use.
Certain documents contained in or linked to by this section of the site were created in Adobe Portable Document Format (PDF) using Adobe Acrobat 7. PDF is a widely used electronic publishing format that allows anyone using the Adobe Reader software to view and print a document with its original appearance preserved. If you do not have the Adobe Acrobat Reader, or if you are using a version of Adobe Reader that is earlier than that used in Adobe Acrobat 7, you may obtain an updated version of the Adobe Reader free of charge from the Adobe website at www.adobe.com. Using software other than the current Adobe Reader may cause the document that you view or print to differ from the posted version of that document.
The information contained in this site is not a summary or a compilation of all information relevant to any particular financial transactions, bonds or other obligations. It does not purport to include every item which may be of interest, nor does it purport to present full and fair disclosure with respect to any financial transactions, bonds or other obligations within the meaning of applicable securities laws and regulations. There is no assurance that the information contained on this site does not contain typographical or other errors which may have occurred in converting the original source document or other source materials to electronic format. Investment decisions should be made only after full review of an official statement or other disclosure document and other relevant documents and matters in connection with a particular issue of bonds or other obligations, including continuing disclosure filings.
THIS IS NOT AN OFFERING DOCUMENT
Information on this site is not an offer to sell securities or the solicitation of an offer to buy securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Each viewer of the information on this site acknowledges that:
- The Tollway is not now by this site and the information herein offering any bonds or other obligations, nor soliciting an offer to buy any securities;
- This site and the information herein shall not be construed as any description of the Tollway, its operations or its programs in conjunction with any offering of bonds or other obligations of the Tollway;
- The information on this site is subject to change without notice, and no one shall assume from the availability of this site and the information herein that the affairs of the Tollway and/or the operations or programs of the Tollway have not changed since the date of such information;
- No representation is made as to the propriety or legality of any secondary market trading of the bonds or other obligations of the Tollway by anyone in any jurisdiction, and
- The information on this site speaks only as of its date, and the Tollway does not hereby obligate itself in any manner to periodically or otherwise update this information or to maintain the availability of this information.
All information on this site has been furnished or obtained by the Tollway from sources believed to be accurate and reliable but is not guaranteed. Because of the possibility of human and mechanical error as well as other factors, the information in this site is provided "as is" without warranty of any kind, including, but not limited to implied warranties of merchantability, fitness for a particular purpose, freedom from contamination by computer viruses and non-infringement of proprietary rights, and, in particular, no representation or warranty, expressed or implied, is made or to be inferred as to the accuracy, timeliness, adequacy, legality, usefulness, reliability or completeness of this information. Neither the Tollway nor any of its officers or employees, shall be held liable for any use of the information described and/or contained in this site. In no event shall the Tollway or its officers or employees be liable for any direct, indirect, incidental, special, exemplary or consequential damages however caused and on any theory of liability, whether in contract, strict liability or tort (including negligence or otherwise) arising in any way out of the use of this site, even if advised of the possibility of such damage. This disclaimer of liability applies to any and all damages and injuries, including, but not limited to those caused by any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communication line failure, theft or destruction or unauthorized access to, alteration of, or use of any record, whether for breach of contract, tortious behavior, negligence or under any other cause of action. This disclaimer applies to both isolated and aggregate uses of the information in this site.
The documents and related graphics contained in this site may contain technical inaccuracies or typographical errors. Changes may be periodically made at any time to the information on this site.
If you become aware of any errors or omissions in the information in this site, we encourage you to report such errors or omissions to the Tollway at the address set forth herein.
Construction of the disclaimers above and resolution of disputes regarding such disclaimers are governed by the laws of the State of Illinois, U.S.A. The laws of the State of Illinois, U.S.A., shall apply to all uses of this site and the information contained in this site.
Financial and Consultant Reports
Comprehensive Annual Financial Reports
The Comprehensive Annual Financial Reports consists of the introductory, financial and statistical sections. The introductory section includes a letter of transmittal, list of Tollway Board members, the Tollway's organizational chart, and a narrative background about the Tollway. The financial section includes the independent auditors' report, management's discussion and analysis, the basic financial statements including notes to the financial statements and schedules that provide further business and financial information about the operation of the Tollway. The statistical section provides trend and business data, generally on a multi-year basis; includes annual supplemental information that meets the Rule 15c2-12 continuing disclosure requirement; and is useful to existing and potential investors.
Annual Budget ReportsThe 2017 Tentative Budget was presented to the Illinois Tollway Board of Directors on October 27, 2016. The Illinois Tollway welcomed public review and comments on the 2017 Tentative Budget online and in person. The 2017 Final Budget was approved by the Board at its December 15, 2016 meeting.
Outstanding Bond Issues
|Bonds as of February 22, 2017|
|Series||Final Maturity||Principal Outstanding||Interest
|Variable Rate Bond Liquidity Support (Current Expiration)|
|2007 Series A-1a (2)||7/1/2030||$175,000,000||Variable||Helaba LOC (4)(1/30/2022)|
|2007 Series A-1b(2)||7/1/2030||$175,000,000||Variable||Mizuho Bank LOC(4) (3/16/2017)|
|2007 Series A-2a (2)||7/1/2030||$100,000,000||Variable||Mitsubishi LOC(4) (3/17/2017)|
|2007 Series A-2b(2)||7/1/2030||$107,500,000||Variable||BMO Harris Bank LOC(4) (3/18/2017)|
|2007 Series A-2c(2)||7/1/2030||$55,000,000||Variable||Helaba LOC (4) (1/30/2022)|
|2007 Series A-2d(2)||7/1/2030||$87,500,000||Variable||Royal Bank of Canada LOC(4) (3/17/2017)|
|2008 Series A-1a(1)(2)
|1/1/2031||$191,500,000||Variable||SBPA(5) w/ JPMorgan Chase Bank (2/3/2018)|
|2008 Series A-1b(1)(2)
|1/1/2031||$191,600,000||Variable||Direct Purchase by RBC Capital Markets (2/3/2020)|
|2008 Series A-2 (1)(2)
|1/1/2031||$95,800,000||Variable||SBPA(5) w/ JPMorgan Chase Bank (2/2/2018)|
|2009 Series A(2)||1/1/2034||$500,000,000||Fixed||--|
|2009 Series B(2)||12/1/2034||$280,000,000||Fixed||--|
|2010 Series A-1(2)
|2013 Series A(3)||1/1/2038||$500,000,000||Fixed||--|
|2013 Series B-1(2)
|2014 Series A(2)
|2014 Series B(3)||1/1/2039||$500,000,000||Fixed||--|
|2014 Series C(3)||1/1/2039||$400,000,000||Fixed||--|
|2014 Series D(2)
|2015 Series A(3)||1/1/2040||$400,000,000||Fixed||--|
|2015 Series B(3)||1/1/2040||$400,000,000||Fixed||--|
|2016 Series A(2)
|2016 Series B(3)||1/1/2041||$300,000,000||Fixed||--|
(1)Bonds insured by Assured Guaranty Municipal Corp., formerly Financial Security Assurance, Inc.
Long-Term Credit Ratings
|Long-Term Credit Ratings *|
|Rating Agency||Senior Lien
|Moody's Investor Services||Aa3||Stable|
|Standard & Poor's||AA-||Stable|
* Except for the 2007 Series A Bonds, each long-term rating of each series of Tollway bonds is the higher of: (i) the above senior lien underlying rating; and (ii) the rating, if any, of the bond insurer, if any. Each long-term rating of each series of 2007 Series A Bonds is based on each rating agency's joint analysis of the creditworthiness of the Tollway and the Bank providing the Letter of Credit, except for Fitch's long-term rating of the 2007 Series A-1b Bonds which is based on the higher of the above senior lien underlying rating and the long-term rating of the letter of credit provider.
The Amended and Restated Trust Indenture (the Indenture) is an agreement between the Tollway and its bondholders that pledges the Tollway's revenues, moneys and securities in all funds and accounts to secure payment on the agency's bonds.
The Indenture establishes two funds, the Revenue Fund and Construction Fund; all revenues are deposited to the Revenue Fund, and proceeds from the issuance of revenue bonds are deposited to the Construction Fund. Within the Revenue Fund, the Indenture establishes the following: Maintenance and Operations, Debt Service, Renewal and Replacement, Improvement, and System Reserve as well as sub-accounts.
EMMA®: Electronic Municipal Market Access
The Illinois State Toll Highway Authority provides continuing financial, operating and other disclosures to the Municipal Securities Rulemaking Board through its Electronic Municipal Market Access system for municipal securities disclosure, which such system is commonly referred to as EMMA®. Such information is accessible at http://emma.msrb.org/default.aspx. Such information is accessible via search by the issuer name of "Illinois State Toll Highway Authority" or by the CUSIP number of a particular bond security.
The Authority will, not later than ten months after the end of each Fiscal Year, provide to the Municipal Securities Rulemaking Board (the "MSRB") through its Electronic Municipal, or through any other electronic format or system prescribed by the MSRB for purposes of Section (b)(5) of the Rule, an Annual Report. Notwithstanding the foregoing, the audited Financial Statements of the Authority prepared in accordance with generally accepted accounting principles ("GAAP Statements") may be submitted separately from the balance of the Annual Report when such GAAP Statements are available. In the event that the GAAP Statements are not included with the Annual Report and will be submitted at a later date, the Authority will include unaudited financial information in the Annual Report and will indicate in the Annual Report the date on which the GAAP Statements are expected to be submitted. If the Annual Report (or GAAP Statements which were to be separately submitted) is not available by the date required above, the Authority will send a notice to EMMA or through any other electronic format or system prescribed by the MSRB that the Annual Report (or GAAP Statements) has not been filed.