- Revenue Bonds
In September 2001, the City of Chicago issued a series of bonds under the following title: “City of Chicago – Chicago Midway Airport – Revenue Bonds – Series 2001A”.
Total issued: $222,465,000.Face value of each bond: $5,000.Nominal interest rate: 5.5%.Maturity date: After 30 years.
The bonds were designated for construction of new sections of Midway Airport in Chicago. Payments of interest and principal were secured by revenues from the airport. Since this bond series was issued with bond insurance from FSA, the investors will benefit from double guarantees.
The bond series was rated AAA.
In February 2002, Monterey County in California issued a series of bonds under the following title: “Carmel Unified School District – Monterey County -California – General Obligation Bonds – Series 2002”.
Total issued: $9,663,455.
Face value of each bond: $5,000.
Nominal interest rate: 6%.
Maturity date: After 30 years.
The money raised in the issue was designated for development and renovation of public schools in Monterey County in the State of California. Interest and principal are secured by the County’s revenue. This series of bonds was issued with bond insurance from FGIC, and was rated AAA.