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Communities
Pooled Tax Anticipation Warrant Program
Description:
The Pooled Tax Anticipation Warrant Program is specifically designed for units
of local government, including school districts, needing short-term borrowing
solutions. Called TAW's, it "pools" the needs of multiple borrowers into one
bond issue resulting in reduced fees and lower financing rates. Bonds issued by
the IFA are exempt from both state and federal taxes.
Rates can be affected tremendously by the total amount of the note issuance as
well as the number of the participants. The larger the volume of the pool, the
better the rate.
Benefits:
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Low cost interest for short-term (13 months or less) borrowing needs
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Statewide group or "pool" of districts that share fees and savings
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Small and large borrowers benefit from the program
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Experienced finance team of professionals provide consistent
and efficient services
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Open application process offered on a continual basis, according to the timing
needs of the borrower
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No application fee or up front costs
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Wide range of local government entities are eligible to apply
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Cash flow projections and board resolutions prepared for individual
borrowers are all-inclusive. The only cost is the interest paid on the
term of the loan
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Multiple underwriters involved
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Assured compliance with applicable State and Federal regulatory provisions
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Timing:
The Pooled Warrant Program is offered at various times throughout the year,
based on need. To learn more about the next pool, contact your local office. To
assist borrowers who desire the savings that can be achieved with TAWs, but
have different timing requirements, a special program has been designed to
accommodate their needs. Ask your Funding Manager for more information on this
special option.
Eligibility:
Any unit of local government that is entitled to issue debt obligations under
Illinois law is permitted to issue its debt obligations through IFA. Qualified
local government units include counties, townships, municipalities, schools and
fire protection, sanitary, park, library and other special purpose districts.
Contact:
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Chicago office: 312.651.1300
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Springfield office: 217.782.5792
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Peoria office: 309.495.5959
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Mt. Vernon office: 618.244.2424
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