Sister's Clare Oaks Project Completes $112 Million Bond Issue.BARTLETT, Ill. -- With onsite work underway, the Sisters of Saint Joseph Sisters of Saint Joseph refers to two Catholic Congregations of women:
a professional convention that a veterinarian who is treating an animal is obliged to continue treating that case unless an arrangement is made with its custodian to transfer the care to another practitioner or to a specialist. retirement community, Clare Oaks, yesterday completed the sale of bonds to finance the project. The sisters are sponsoring the development, and Co-operative Retirement Services of America (CRSA CRSA Chinese Radio Sports Association CRSA Canadian Review of Sociology and Anthropology CRSA Control Risk Self Assessment CRSA Cap-Rouge/Saint-Augustin (Canada) CRSA Coastal Resource Service Area ) is the developer, marketing agent and management consultant for the project. Ziegler Securities of Chicago handled the bond sale. "We are very pleased with the favorable interest rate we received on the sale of bonds," said Sister Colette Wilczynski, on-site project manager. "It is the final piece of the equation that will allow our years of hard work to bear fruit." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Ziegler, nearly $112 million was raised through the sale of Illinois Finance Authority Revenue Bonds. Of the total, $96 million is for construction of the Clare Oaks complex and the remaining $16 million will fund debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay . "Clare Oaks will take its place as one of the premier retirement community options in the Chicago area," said Martin Satava, executive vice president of CRSA.
Bond issuance was completed on July 19, 2006. Numerous types of bonds
were issued, including:
-- Series 2006 Type A Bonds
-- $4,230,000 at 5.75%, maturing on November 15, 2016
-- $14,185,000 at 6.00%, maturing on November 15, 2027
-- $29,450,000 at 6.00%, maturing on November 15, 2039
-- $2,500,000 at 6.125%, maturing on November 15, 2040
-- Series 2006 Type B-1 Bonds
-- $2,000,000 at an initial rate of 5.40%, with a rate change
scheduled for November 15, 2013.
-- Series 2006 Type B-2 Bonds
-- $4,000,000 at an initial rate of 5.25%, with a rate change
scheduled for November 15, 2011.
-- Series 2006 Type C Bonds
-- $38,360,000 with a rate to be set by the Remarketing Agent in
accordance with the Series 2006 C/D Bond Indenture.
-- Series 2006 Type D Bonds
-- $18,000,000 with a rate to be set by the Remarketing Agent in
accordance with the Series 2006 D Bond Indenture.
Additionally, Sovereign Bank issued a letter of credit in connection with the issuance of $56 million dollars of the revenue bonds providing credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing for those bonds. Further information regarding the bond issuance can be obtained by contacting Ziegler Securities at 312-596-1510. Clare Oaks is a continuing care retirement community that features 154 one and two-bedroom floor plan apartments, as well as 10 cottage-style living units, in order to suit the needs of any and all types of residents. Currently, over 100 of the units have been sold. A skilled nursing care facility is also part of the development and will be for the use of residents as well as for others outside of the Clare Oaks community. The facility, which has received its certificate of need from the Illinois Health Facilities Planning Board, will have 120 skilled nursing beds, 17 assisted living as·sist·ed living n. A living arrangement in which people with special needs, especially older people with disabilities, reside in a facility that provides help with everyday tasks such as bathing, dressing, and taking medication. beds and 16 memory support beds. Site clearing and preliminary work on Clare Oaks began last fall. Chicago Archdiocese prelate PRELATE. The name of an ecclesiastical officer. There are two orders of prelates; the first is composed of bishops, and the second, of abbots, generals of orders, deans, &c. Francis Cardinal George formally broke ground for the active retirement community last October. Work is expected to be completed by December 2007. For more information on the community, interested people may call the Clare Oaks Information Office at 630-372-1983 or go online to www.clareoaks.com. Clare Oaks Retirement Community is the dream and legacy of the Sisters of St. Joseph
The Sisters of St. Joseph are a Roman Catholic order of women founded in Le Puy, France. , TOSF ToSF Tales of Symphonia Forums TOSF Task Oriented Superfunctions TOSF Third Order Regular of St. Francis (religious order) TOSF Tertiary of Third Order of St. Francis (religious order) . The sisters and associates, with integrity, grace and creativity, live and work so that all persons may have a fuller and freer life. The sisters' initiative and guidance have made the creation of this respected continuing care retirement community a dream come true. |
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