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Chicago Social Bonds
- As a Chicago resident or individual investor, you can now directly invest in the City by purchasing Chicago Social Bonds.
- These Social Bonds will fund a portion of the Chicago Recovery Plan, which is making $1.2 billion in equitable, transformational investments in your City.
- This $150 million offering will go to fund new and existing projects that provide positive social outcomes for neighborhoods across the City such as:
- Construction of more than 2,000 units of affordable housing;
- Establishment of safe and clean emergency shelter for people experiencing homelessness;
- Cleanup and sale of more than 5,000 vacant City lots;
- Planting of 15,000 trees Citywide; and
- Replacement of nearly 200 of the City’s gas-powered vehicles with electric vehicles and charging stations.
- This issuance is being offered to residents and individual investors before large banks and institutional investors have a chance to purchase.
- The first series of these Social Bonds will be sold by the Sales Tax Securitization corporation (STSC) through January 18th.
What is the Sales Tax Securitization Corporation (STSC) ?
- The STSC was created by the City of Chicago to help the City secure lower interest rates and save money for taxpayers.
- The STSC is a not-for profit corporation independent of the City with a legal structure that allows it to achieve higher credit ratings than the City:
STSC Senior Lien Ratings
S&P Global Ratings Fitch Ratings
Kroll Bond Rating Agency
AA- (Positive Outlook) AA (Positive Outlook)
AAA (Stable Outlook)
- The Chicago Social Bonds will be offered in both Taxable and Tax-Exempt Varieties
Series
Title
Total Issuance
2023A
Chicago Recovery Plan – Social Bonds (Tax-Exempt)
$97,694,000*
2023B
Chicago Recovery Plan – Social Bonds (Taxable)
$59,998,000*
Footnotes:
- STSC is a special purpose, bankruptcy-remote not-for-profit corporation incorporated under the provisions of the General Not For Profit Act of 1986 of the State of Illinois, as amended, and organized in accordance with an ordinance adopted by the City Council of the City of Chicago on October 11, 2017.
- Preliminary, subject to change.
- The Bonds will be sold by means of an Offering Circular. City elected officials and employees are limited to the purchase of no more than $1,000.00 worth of City offerings in a 12-month period pursuant to 2-156-110(a) of the Chicago Municipal Code
Chicago Recovery Plan
- The Chicago Recovery Plan is a $1.2 billion research-based and outcome-driven program which is making historic investments across Chicago, including
- the largest vacant lot clean up in the City’s history and one of the largest across the country,
- the largest environmental investment initiative in the City’s history, including the largest tree-planting program in the City’s history and a full-scale electrification of the City’s light duty fleet over 5-years,
- over $400 million in investments that address the root causes of violence in the City, including an increase in funding for violence prevention efforts, as well as additional support for victims of violence
- $50 million in mental health investments, and
- Affordable housing investment across 38 community areas - 4,000 housing units created and upgraded to provide safe and affordable homes
In order to purchase Chicago Social Bonds you must have an account with one of the brokerage firms listed below. Please review the list to confirm if you have an account. If you already have an account we recommend you reach out to your broker directly or contact them at their number listed below. If you do not have an account with one of the listed banks, you may reach out to Fidelity at: (800) 544 5372 or online at www.Fidelity.com, who can help you to open an account and learn more about purchasing Chicago Social Bonds.
Review the Preliminary Offering Circular, the investor road show, and other materials available on our Investor Relations Website or from the participating brokers to help you make an informed investment decision
Contact the broker with whom you have an account to get more information about how to buy bonds during the order period.
Always Consult with your broker to understand the financial risks associated with purchasing the Social Bonds.
For a copy of the Preliminary Offering Circular visit the Sales Tax Securitization Website.
If you have an existing bank or brokerage account with one of the banks listed below, please reach out to your broker directly or call their number listed below.
| UBS
312-525-4500 |
RBC Capital Markets
800-683-3246 |
Siebert Williams Shank & Co.
800-334-6800 |
|
| Backstrom McCarley Berry & Co.
866-878-2622 |
Blaylock Beal Van
877-591-7072 |
Cabrera Capital Markets
800-291-2388 |
|
| Drexel Hamilton
212-632-0406 |
Harveston Securities
312-803-0430 |
Mesirow
800-558-7290 |
|
| Academy Securities
855-212-3239 |
American Veterans Group
646-933-8387 |
Amerivet
646-809-6940 |
|
| Bancroft Capital LLC
484-546-8000 |
Bank of America Merrill Lynch
312-696-7500 |
Barclays
212-528-1115 |
|
| Citigroup
877-465-1201 |
D.A. Davidson & Co.
800-895-4083 |
Estrada Hinojosa
312-402-8080 |
|
|
Fidelity 800-544-5372 |
Fifth Third Securities
847-653-1171 |
Goldman Sachs
917-343-7900 |
|
| Huntington
877-587-8049 |
Janney
888-567-9567 |
Jefferies
800-567-8567 |
|
| JP Morgan
855-231-8873 |
KeyBanc Capital Markets
216-689-0382 |
Loop Capital Markets
312-913-2208 |
|
| Mischler Financial Group
800-820-0640 |
Morgan Stanley
888-454-3965 |
Multi-Bank Securities, Inc.
888-857-6963 |
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| North South Capital
312-213-2117 |
Oppenheimer
800-621-2103 |
PNC
888-762-2265 |
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| Ramirez & Co. Inc.
855-726-4739 |
Raymond James
877-295-9116 |
Rice Financial Products Group
888-857-6963 |
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| San Blas Securities
800-559-0447 |
Security Capital
800-536-3560 |
Stern Brothers & Co.
800-466-5519 |
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| Stifel
800-745-7110 |
Valdes Moreno
816-221-6700 |
Wells Fargo Securities
866-287-3221 |
|
| Ziegler
312-596-1510 |