From time to time the university may elect to fund eligible capital projects through bond financing, including qualified 501(c) 3 tax-exempt bonds ("TEBs") issued on its behalf, as a conduit borrower, by the Illinois Finance Authority ("IFA") or another authorized state of local government agency.
Disclosure of University Information
Certain bond documents, including any continuing disclosure agreements, executed upon issuance of TEBs may contain covenants requiring the university (i) on an annual basis, to disseminate, for the benefit of actual or potential participants in the bond market, certain financial and other university data and/or to certify compliance with, and to confirm the absence of any default therefrom, the terms, provisions, covenants, and conditions of such documents (the “Annual Continuing Disclosures”), and (ii) to make a timely disclosure of any material event requiring disclosure, as defined in the applicable bond document or documents (“Material Event Disclosures”).
The university’s policy is to satisfy the above-referenced reporting and certification requirements via certain Disseminating Agents (usually the Bond Trustees) who, in turn, submit and publish the required documents via EMMA (the Electronic Municipal Market Access system, which is operated by the Municipal Securities Rulemaking Board (MSRB)), which thereby makes the information generally available to the bond market and its actual or potential participants.
The university does not, and has no intention to, maintain any lists of current, past, or potential bondholders. The university does not, and has no intention to, distribute the required Annual Continuing Disclosures or Material Event Disclosures via any other method than as described above. Further, with regard to such published disclosures, to comply with and uphold the spirit of applicable laws, rules, and regulations issued by the United States Securities and Exchange Commission and any other governmental body governing the dissemination of information regarding securities or the buying, selling and/or trading of the same, the university does not, and has no intention to, discuss, interpret or provide information beyond what is included in its Annual Continuing Disclosures and any Material Event Disclosures with any individual, actual or potential participant in the bond market or their agents, employees, or representatives. Finally, the university does not routinely conduct any bond investor conference calls.
Post-Issuance Compliance
The university also makes efforts to ensure compliance with all laws, regulations, and contracts relating to IIT’s TEBs, including post-issuance compliance, to ensure that TEBs maintain their tax-exempt status throughout their life. To this end, the university has adopted a Post-Issuance Compliance Policy. Please see the PDF below for more information.