Bureau of Finance I Office of the Chief Financial Officer IVAN SAMSTEIN CHIEF FINANCIAL OFFICER 118 N. CLARK STREET e Chicago, Illinois 60602 e (312) 603-6846 TONI PRECKWINKLE PRESIDENT Cook County Board of Commissioners EARLEAN COLLINS 1st District ROBERT STEELE 2nd District JERRY BUTLER 3rd District STANLEY MOORE 4th District DEBORAH SIMS 5th District JOAN PATRICIA MURPHY 6th District JESUS G. GARCIA 7th District EDWIN REYES 8th District PETER N. SILVESTRI 9th District BRIDGET GAINER loth District JOHN P. DALEY 11th District JOHN A. FRITCHEY 12th District LARRY SUFFREDIN 13th District GREGG GOSLIN 14th District TIMOTHY 0. SCHNEIDER 15th District JEFFREY R. TOBOLSKI 16th District EI.1Z/>BETH ANN OCCVr' <::ffilvw\i 17th District September 19, 2014 To the Bondholders of Cook County, Illinois Bonds: The Bond Disclosure Supplement of Cook County, Illinois for fiscal year ended November 30, 2013, is hereby submitted. It is intended to be used in conjunction with the Comprehensive Annual Financial Report ("CAFR") to provide additional detailed information concerning the County's financial operations and indebtedness. In addition, it also contains investment return information provided by the County Employees' and Officers' Annuity and Benefit Fund of Cook County ("the Retirement Fund"), which is a separate and distinct unit of government, from the County. For all other pension and post-employment benefit related information, please refer to the Retirement Fund's CAFR which is attached to this supplemental disclosure filing and contains additional annual disclosure requirements with regard to the Retirement Fund. The CAFRs and this Bond Disclosure Supplement serve to fulfill the annual reporting requirements of Rule 15c2-12 of the Securities and Exchange Commission (SEC), which sets standards for the provision of information to County bondholders and potential purchasers of such securities in the secondary market, dealers, security analysts, rating agencies, and other interested parties. Since the 1995 effective date of the SEC Rule, the County has entered into undertakings in conjunction with each new issuance of bonded debt. Each undertaking commits that the County will provide annual financial information and operating data concerning the County, and in certain instances with regards to the County Employees' and Officers' Annuity and Benefit Fund of Cook County, which is a separate and distinct unit of government from the County. The information is consistent with certain financial information and operating data found in the respective bond official statements. This information, together with audited financial statements of the County, must be electronically filed with the Electronic Municipal Market Access (EMMA) system of the Municipal Securities Rulemaking Board. This Bond Disclosure Supplement provides updated information that would normally be included in the official statements, including outstanding bond issues that pre-date the SEC Rule. We believe that local government should demonstrate a constructive spirit of full disclosure in communicating its financial story. We trust that the dissemination of this Bond Disclosure Supplement will continue to encourage confidence and interest in the County of Cook from the investment community. Sincerely, ~ Ivan Samstein Chief Financial Officer, Cook County Government $ Fiscal Responsibility f Innovative Leadership. Transparency & Accountability G; Improved Services
The County of Cook, Illinois Annual Pledged Sales Tax Revenues As of November 30, 2013 Home Rule Home Rule Percent Change Pro Forma Fiscal Year Sales Tax Sales Tax Over Prior Debt Service Ended 11/30 Rate Effective Date Revenues Year Coverage Ratio (1) 2013 0.75% 1/1/2013 $363.8-20.60% 47.9x 2012 1.00% 1/1/2012 $458.2-9.00% 60.8x 2011 1.25% $503.6-23.00% 66.8x 2010 1.75% 7/1/2010 $654.2-0.70% 86.8x 2009 1.75% $658.8 70.40% 87.4x 2008 0.75% 7/1/2008 $386.6 20.70% 51.3x 2007 0.75% $320.2 2.40% 42.5x 2006 0.75% $312.7 5.20% 41.5x 2005 0.75% $297.2 3.90% 39.4x 2004 0.75% $286.1 3.60% 38x Source: Cook County Comptroller's Office (1) This is the pro forma ratio of total Pledged Sales Tax Revenues to the Maximum Annual Debt Service requirement on the Bonds calculated as if the Bonds had been outstanding during the years shown.
Monthly Pledged Sales Tax Revenues (1) Fiscal Years 2008-2013 (Dollars in Thousands - Unaudited Cash Basis) Home Rule Sales Tax Revenues Month 2008 2009 2010 2011 2012 2013 December $ 27,163 $ 60,263 $ 55,625 $ 42,386 $ 44,027 $ 43,211 January 26,701 56,551 54,087 41,424 41,431 23,539 February 27,490 56,512 53,759 41,938 42,721 23,005 March 32,512 70,257 90,149 51,843 53,796 26,563 April 23,442 47,035 44,432 34,150 28,812 26,108 May 22,292 43,637 47,863 34,156 34,031 28,950 June 25,051 53,209 55,064 41,728 35,747 29,711 July 26,420 50,523 54,037 41,123 33,658 27,548 August 27,199 55,368 56,047 42,964 35,471 28,431 September 28,617 57,450 59,873 46,000 37,603 36,356 October 58,801 53,705 41,376 42,388 34,628 34,927 November 60,921 54,323 41,927 43,507 36,266 35,488 Total $ 386,609 $ 658,833 $ 654,239 $ 503,607 $ 458,191 $ 363,837 Source: Cook County Comptroller's Office (1) Amounts may differ from that on record with the Cook County Comptroller's Office due to rounding.
Sales Tax Bond Debt Service As of November 30, 2013 Outstanding Debt Fiscal Year Principal Interest (2) Total 2014 $ 2,290,000 $ 5,297,918 $ 7,587,918 2015 2,335,000 5,252,118 7,587,118 2016 2,430,000 5,158,718 7,588,718 2017 2,480,000 5,110,118 7,590,118 2018 2,580,000 5,010,918 7,590,918 2019 2,630,000 4,959,318 7,589,318 2020 2,735,000 4,854,118 7,589,118 2021 2,825,000 4,765,080 7,590,080 2022 2,965,000 4,623,830 7,588,830 2023 3,060,000 4,527,205 7,587,205 2024 3,200,000 4,389,205 7,589,205 2025 3,360,000 4,229,205 7,589,205 2026 3,525,000 4,061,205 7,586,205 2027 3,705,000 3,884,955 7,589,955 2028 3,890,000 3,699,705 7,589,705 2029 4,085,000 3,505,205 7,590,205 2030 4,285,000 3,300,955 7,585,955 2031 4,485,000 3,101,705 7,586,705 2032 4,710,000 2,877,455 7,587,455 2033 4,900,000 2,689,055 7,589,055 2034 5,145,000 2,444,055 7,589,055 2035 30,345,000 2,186,805 32,531,805 2036 5,670,000 581,250 6,251,250 2037 5,955,000 297,750 6,252,750 TOTAL (1) $113,590,000 $ 90,807,854.10 204,397,854 (1) Totals may not add due to rounding (2) Interest subsidy assumes 70% of 5.33% tax credit rate less 7.15% sequestration cut for the life of the Series 2013 Bonds.
Employees' and Officers' Annuity and Benefit Fund of Cook County The County Employees' and Officers' Annuity and Benefit Fund ("The Retirement Fund") is a separate body of politic and corporate created for the benefit of the employees of the County and their beneficiaries. The County makes no representation with respect to the financial position or funding status of the Retirement Fund other than that the County has contributed to the Retirement Fund as provided by the Illinois Pension Code. Investors should look to the Retirement Fund for any information with respect to its financial position or funding status. Any discussion herein with respect to actuarial assumptions, methodology, results or projections are strictly from the sources cited and should not be construed as statements or information from the County. The County makes no representation with respect to the accuracy or completeness thereof. The Retirement Fund's Investment Rates of Return Fiscal Year Ended 12/31 Investment Return 2013 15.05% 2012 12.50% 2011 1.11% 2010 12.19% 2009 16.91% 2008-23.23% 2007 6.22% 2006 10.77% 2005 4.88% 2004 9.46%
The County of Cook, Illinois Estimated Fair Market Value Tax Year 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Chicago Outside Chicago County N/a N/a N/a $206,915,723,324 $207,466,665,918 $414,382,389,242 $222,856,063,501 $219,931,625,868 $442,787,689,369 $231,986,396,152 $217,825,143,405 $449,811,539,556 $280,288,729,779 $269,846,639,980 $550,135,369,759 $310,888,609,224 $305,274,984,918 $616,163,594,142 $320,503,503,311 $335,971,241,010 $656,474,744,321 $329,770,773,208 $336,452,288,416 $666,223,061,624 $283,137,884,228 $298,233,410,475 $581,371,294,703 $262,080,627,240 $279,861,423,208 $541,924,050,448 Source: Civic Federation, Chicago, Illinois, based upon information from the Cook County Assessor's Office and the Illinois Department of Revenue. Excludes railroad property, pollution control property or that part of O'Hare International Airport in DuPage County.
Equalized Assessed Valuation Tax Year 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Chicago Outside Chicago Total Cook County $62,363,875,664 $63,550,963,278 $125,914,838,942 $65,250,387,267 $70,925,637,060 $136,176,024,327 $75,122,913,910 $76,946,137,806 $152,069,051,716 $82,087,170,063 $88,317,443,227 $170,404,613,290 $84,586,807,689 $93,483,786,583 $178,070,594,272 $80,977,543,020 $92,664,404,974 $173,641,947,994 $73,645,316,037 $85,621,597,612 $159,266,913,649 $69,511,192,285 $74,833,590,915 $144,344,783,200 $59,304,530,189 $74,067,183,541 $133,371,713,730 $55,277,096,114 $66,285,459,114 $121,562,555,228 Source: Cook County Clerk, Tax Extension Division
Equalized Assessed Valuation by Property Type (in thousands) Tax Year Residential Commercial Industrial Railroad Farm Totals (2) 2013 (1) 2012 2011 2010 2009 2008 2007 2006 2005 2004 Source: Cook County Clerk, Tax Extension Division (1) The Equalized Assessed Valuation by property type is not available at this time. N/a N/a N/a N/a N/a $125,914,839 $88,133,582 $32,580,024 $15,159,549 $298,644 $4,226 $136,176,025 $101,103,265 $34,168,805 $16,506,122 $286,642 $4,218 $152,069,052 $113,007,050 $39,029,083 $18,096,144 $268,015 $4,321 $170,404,613 $116,989,727 $41,984,691 $18,870,757 $220,408 $5,013 $178,070,596 $109,189,810 $43,372,930 $20,878,458 $193,338 $7,412 $173,641,948 $99,210,511 $40,296,203 $19,574,172 $179,073 $6,954 $159,266,913 $87,209,147 $38,638,355 $18,327,403 $162,588 $7,287 $144,344,780 $77,653,159 $37,824,888 $17,731,155 $154,599 $7,913 $133,371,714 $69,102,041 $35,699,598 $16,598,200 $154,646 $8,070 $121,562,555 (2) Totals do not match the Total Cook County EAV due to rounding in Property Type categories.
County Tax Rates by Fund by Tax Year (1) (Per $100 Equalized Assessed Valuation) Fund 2013 2012 2011 2010 2009 Corporate $0.006 $0.010 $0.009 $0.007 $0.007 Health $0.066 $0.060 $0.078 $0.080 $0.084 Public Safety $0.219 $0.181 $0.161 $0.113 $0.114 Election (2) $0.000 $0.030 $0.000 $0.026 $0.000 Bond and Interest $0.149 $0.140 $0.123 $0.112 $0.117 Employees' Annuity and Benefits $0.120 $0.110 $0.091 $0.083 $0.071 TOTALS $0.560 $0.531 $0.462 $0.421 $0.393 Source: Cook County Clerk, Tax Extension Division (1) Taxes for a tax year are extended for collection in the succeeding year. (2) In addition, a tax is extended against all real property in the County outside the City for election costs annually.
County Tax Extensions by Fund by Tax Year (1) Fund 2013 2012 2011 2010 2009 Corporate $ 12,614,498 $ 10,156,996 $ 12,912,708 $ 11,814,356 $ 12,546,222 Health 115,597,780 85,794,402 118,405,014 140,170,567 148,853,737 Public Safety 240,547,511 247,103,509 244,587,612 191,946,006 203,836,519 Election 18,648,663 37,326,944 19,000,000 43,950,596 19,000,000 Bond and Interest 186,227,827 193,532,419 187,080,716 190,760,412 209,147,064 Employees' Annuity and Benefits 151,323,381 147,969,272 138,497,492 141,841,605 127,100,000 TOTALS $724,959,660 $721,883,542 $720,483,542 $720,483,542 $720,483,542 Source: Cook County Clerk, Tax Extension Division (1) Taxes for a tax year are extended for collection in the succeeding year.
Direct and Overlapping Debt As of November 30, 2013 Direct Debt General Obligation Bonds $3,584,870,000 Sales Tax Revenue Bonds 113,590,000 Overlapping Debt Total Direct Debt $3,698,460,000 City of Chicago $7,657,142,728 Chicago Board of Education (1)(2) 6,221,180,661 Chicago School Finance Authority - Chicago Park District (1)(2) 865,665,000 Chicago City Colleges (2) 250,000,000 Metropolitan Water Reclamation District 2,481,971,593 Forest Preserve District 187,950,000 Total Overlapping Debt (3) 17,663,909,982 Total Direct Debt and Overlapping Debt $21,362,369,982 Selected Debt Statistics As of November 30, 2013 2012 Population (4) 5,231,351 2012 Equalized Assessed Valuation $136,176,024,327 2012 Estimated Fair Market Value (5) $414,382,389,242 % of Equalized % of Estimated Per Capita Assessed Valuation Fair Market Value Direct Debt $706.98 2.72% 0.89% Direct and Overlapping Debt $4,083.53 15.69% 5.16% (1) Includes responsibility for principal amounts of bonds issued by the Public Building Commission. (2) Includes alternate bonds which are secured by a dedicated pledge of revenues and the general obligation taxing ability of the issuer. (3) Does not include debt issued by other governmental units located within Cook County. (4) Source: U.S. Census Estimate. (5) Source: Civic Federation, Chicago, Illinois, based upon information from the Cook County Assessor s Office and the Illinois Department of Revenue. Excludes railroad property, pollution control property or that part of O Hare International Airport in DuPage County. (6) Does not include debt issued by other governmental units within Cook County. (7) For illustrative purposes; estimated highest per capita debt is within the boundaries of the City of Chicago.
Tax Rates Extended by City-Wide Local Governmental Units for Real Property in the City of Chicago (Per $100 Equalized Assessed Valuation) (1) Tax Year (2) 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Metropolitan Water Chicago School Forest Preserve Reclamation Chicago Park Finance Chicago Board Chicago City Cook County District District City of Chicago District Authority of Education Colleges Total Rate $0.560 $0.069 $0.417 $1.209 $0.420 $0.000 $3.671 $0.199 $6.545 $0.531 $0.063 $0.370 $1.151 $0.395 $0.000 $3.422 $0.190 $6.122 $0.462 $0.058 $0.320 $0.999 $0.346 $0.000 $2.875 $0.165 $5.225 $0.423 $0.051 $0.274 $0.914 $0.319 $0.000 $2.581 $0.151 $4.713 0.394 (3) $0.049 $0.261 $0.887 $0.309 $0.000 $2.366 $0.150 $4.416 $0.415 $0.051 $0.252 $0.928 $0.323 $0.117 $2.472 $0.156 $4.714 $0.446 $0.053 $0.263 $1.004 $0.355 $0.091 $2.583 $0.159 $4.954 $0.500 $0.057 $0.284 $1.012 $0.379 $0.118 $2.697 $0.205 $5.252 0.533 (3) $0.060 $0.315 $1.243 $0.443 $0.127 $3.026 $0.234 $5.981 $0.593 $0.060 $0.347 $1.302 $0.455 $0.177 $3.104 $0.242 $6.280 Source: Cook County Clerk, Tax Extension Division (1) After Abatement. (2) Based on taxes extended for collection in the succeeding year as a percentage of the EAV for the tax year. (3) In addition, a tax is extended against all real property in the County outside the City for election costs annually.
County Tax Extensions and Collections (Calendar Years) As of September 18, 2014 Tax Year (1) 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 Allowance for First Calendar Year Collections of Net Extensions Total Cumulative Collections Gross Tax Uncollected Net Tax Extensions (2) Taxes Extensions Amount Collected Percent Gross Percent Net Amount Collected Percent Gross Percent Net $724,959,660 $11,007,841 $713,951,819 $ 690,927,625 95.31% 96.78% $ 690,927,625 95.31% 96.78% 721,883,542 8,727,160 713,156,382 693,604,179 96.08% 97.26% 710,591,111 98.44% 99.64% 720,483,542 3,661,344 716,822,198 692,684,421 96.14% 96.63% 708,714,475 98.37% 98.87% 720,483,542 11,598,042 708,885,500 687,369,757 95.40% 96.96% 711,479,323 98.75% 100.37% 720,483,542 11,527,095 708,956,447 617,635,836 85.73% 87.12% 716,535,014 99.45% 101.07% 720,483,542 11,628,911 708,854,631 627,070,439 87.03% 88.46% 709,884,730 98.53% 100.15% 720,483,542 13,098,381 707,387,161 686,769,823 95.32% 97.09% 712,769,970 98.93% 100.76% 720,483,542 11,004,381 709,479,161 633,557,185 87.93% 89.30% 707,163,839 98.15% 99.67% 720,483,544 11,013,957 709,469,587 697,087,879 96.75% 98.25% 712,822,485 98.94% 100.47% 720,483,544 16,687,104 703,796,440 694,569,706 96.40% 98.69% 694,569,706 96.40% 98.69% Source: Cook County Treasurer. Beginning with second installment penalty date in year of extension. Collections for tax year 2013 are substantially complete. (1) Taxes for a tax year are extended for collection in the succeeding year. For 2003, reflects net of adjustments by the County Clerk at extension (2) Amounts may not match the sums reflected in the County Tax Extensions by Fund Tax year due to rounding.
General Obligation Bond Debt Service As of November 30, 2013 Fiscal Year Outstanding Debt Principal Interest (1)(2)(3)(4) Total 2014 $102,335,000 $179,912,669 $282,247,669 2015 $103,920,000 $180,791,886 $284,711,886 2016 $103,095,000 $176,025,102 $279,120,102 2017 $119,100,000 $171,262,776 $290,362,776 2018 $138,785,000 $165,443,519 $304,228,519 2019 $152,315,000 $159,082,757 $311,397,757 2020 $159,870,000 $151,747,964 $311,617,964 2021 $168,040,000 $143,785,855 $311,825,855 2022 $176,710,000 $135,403,235 $312,113,235 2023 $185,985,000 $126,375,784 $312,360,784 2024 $185,985,000 $116,853,571 $302,838,571 2025 $191,355,000 $107,141,806 $298,496,806 2026 $196,925,000 $97,268,083 $294,193,083 2027 $202,685,000 $87,203,995 $289,888,995 2028 $208,330,000 $77,265,713 $285,595,713 2029 $213,695,000 $66,905,654 $280,600,654 2030 $219,545,000 $56,019,984 $275,564,984 2031 $225,885,000 $44,465,489 $270,350,489 2032 $231,910,000 $31,614,127 $263,524,127 2033 $153,730,000 $17,554,514 $171,284,514 2034 $139,570,000 $8,693,815 $148,263,815 TOTAL $3,579,770,000 $2,300,818,298 $5,880,588,298 (1) Interest rate on variable rate bonds assumed to be 5.00% for the Series 2004D and the Series 2012B Bonds bearing interest at taxable rates and 4.50% for the Series 2002B Bonds and Series 2012A Bonds bearing interest at tax-exempt rates. (2) Net of Capitalized interest. (3) No effect given to receipt of payments from Federal government in connection with "Build America Bonds". (4) Totals may not add due to rounding.