BNY Mellon Corporate Trust has been appointed trustee and paying agent for the Illinois municipal electric agency’s $321 million bond issue, which comprises three series of revenue and Build America Bonds. Build America Bonds provide state and local governmental entities with federal-subsidized funding.
Reportedly, in its role, the bank will provide a variety of services for the debt issue, including processing principal and interest payments and maintaining bondholder records.
Troy Kilpatrick, managing director and head of the corporate and municipal finance group within BNY Mellon Corporate Trust, said: “Being awarded this mandate from the largest public power organization in Illinois is a testament to our expertise in administering a wide range of bond financings, including the new tools created by the American Recovery and Reinvestment Act. We are well positioned to support the Illinois municipal electric agency as it finances improvements that will help it provide power to its members and other utilities across the state.”
