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:

  • Low cost interest for short-term (13 months or less) borrowing needs
  • Statewide group or "pool" of districts that share fees and savings
  • Small and large borrowers benefit from the program
  • Experienced finance team of professionals provide consistentand efficient services
  • Open application process offered on a continual basis, according to the timing needs of the borrower
  • No application fee or up front costs
  • Wide range of local government entities are eligible to apply
  • 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
  • Multiple underwriters involved
  • Assured compliance with applicable State and Federal regulatory provisions

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:

  • Chicago office: 312.651.1300
  • Springfield office: 217.782.5792
  • Peoria office: 309.495.5959
  • Mt. Vernon office: 618.244.2424
About this Site