By : Subuk Hasnain
Fri, 11/15/2013 - 9:52am
The Illinois Finance Authority on Thursday approved the issuance of $30 million in bonds to cover the costs of the Lincoln Park Zoological Society’s construction of new habitats and the expansion of its education center.
According to IFA documents, the Zoological Society is a nonprofit organization that was established in 1959.
The financial assistance from the IFA will help the zoo construct new animal habitats for Japanese macaques and polar bears, according to a finance authority document. Construction, which began this summer, includes an expansion of the zoo’s West Gate entrance and the development of a rubber-wheel train route called the Lionel Train Adventure.
The zoo will also use the funds to pay for the development of an exhibit for South African black-footed penguins and the expansion of the existing Conservation and Science building into the new Education and Conservative center. According to IFA documents, the updated center will “provide students access to state-of-the-art technology and multimedia equipment to help them discover, understand, and appreciate the natural world around them.”
Additionally, the authority on Thursday approved a measure allowing the city of East St. Louis and the Bank of New York Mellon Trust Company to immediately repay the remaining principal and interest on Series 2010 Bonds, the total amount of which is approximately $1,985,000. The final maturity date for the bonds was Nov. 15, 2014.
By allowing the city to defease the Series 2010 bonds, the IFA gave the city an opportunity to end its reporting obligation under the Illinois Financially Distressed City Law. Further, defeasance of the bonds will end the East St. Louis Financial Advisory Authority’s oversight of the city, rendering the FAA inactive.
East St. Louis is also scheduled to repay on Nov. 15, 2013 the remaining balance of $1,250,000 on bonds issued in 2003 and the balance of $1,840,000 on bonds issued in 2005.
This article was originally published on the Daily Whale website in 2013.