Kutak Rock attorneys served as bond and disclosure counsel to the Regional Transportation Authority’s (RTA) $139,000,000 general obligations bonds, Series 2018B (the “Bonds”). Proceeds of the Bonds, rated “AA” from S&P Global Ratings and Fitch Ratings, will be used to finance a portion of the costs incurred in connection with the construction, acquisition, repair and replacement of certain public transportation facilities constituting its Capital Program.

Previously, the RTA had $100 million of borrowing authority, but in 2010, when the state delayed payments to the RTA, lawmakers authorized an additional $300 million in bond sales. The RTA is the third largest public transportation system in the U.S., providing more than two million rides per workday. It provides fiscal oversight of the Chicago Transit Authority (CTA), Metra commuter rail, and Pace suburban bus service. Nearly 600 million passenger trips were completed in 2017, a level of ridership that has the beneficial impact of reducing road congestion and improving the flow of goods and services as well as air quality.

"Kutak Rock is frequently involved with many high profile bond financings throughout the state of Illinois,” says Lance Tyson, a partner in the firm’s Chicago office. “As a member of the Chicago community for more than 15 years, our firm understands the importance of public transportation on the economic well-being of the region. We are pleased we were able to work to structure an offering the market would accept.”

Kutak Rock public finance and tax attorneys who served as bond and disclosure counsel in connection with the transaction included Lance Tyson, Jeff Blumenfeld, Ray Fricke and Matthias Edrich.