Chicago Issues Revenue Bonds to Improve its Water System

Siebert Brandford Shank served as book-running senior managing underwriter to the City of Chicago (the “City”)  for  the  $399,445,000  Second Lien Water Revenue Bonds, Project Series 2012 transaction that priced on May 10, 2012  and was the largest negotiated deal of the week.  The City  generated approximately $436 million in project funds to pay the costs of  improvements and extensions to  the City’s water system, including the replacement of aging water mains,  the installation of thousands of water meters, and  the electrification of three pumping stations.