Hunton & Williams LLP acted as counsel to KeyBanc Capital Markets Inc. as the remarketing agent for the remarketing of $46,910,000 Illinois Finance Authority National Rural Utilities Cooperative Finance Corporation Guaranteed Solid Waste Disposal Revenue Bonds (Prairie Power, Inc. Project) Series 2008A.
The Bonds were issued for the benefit of Prairie Power, Inc. (“Prairie Power”) and are unconditionally guaranteed by National Rural Utilities Cooperative Finance Corporation (“CFC”). The Bonds were originally issued to provide Prairie Power with funds to finance a portion of the cost of constructing, acquiring, installing and equipping sewage and solid waste disposal facilities at the Prairie State Energy Campus.
Prairie Power, a private, not-for-profit corporation, is an electric generation and transmission cooperative serving its ten member distribution cooperatives. Prairie Power’s members serve approximately 78,000 residential, farm, business, and industrial consumers in rural central Illinois.
CFC is a member-owned cooperative association. Its principal purpose is to provide members with financing to supplement the loan programs of the Rural Utilities Service of the United States Department of Agriculture. CFC makes loans to its rural electric members so they can acquire, construct and operate electric distribution, generation, transmission and related facilities. CFC also provides its members with credit enhancements in the form of letters of credit and guarantees of debt obligations. As a member-owned cooperative, CFC has no publicly held equity securities outstanding. CFC funds its activities primarily through a combination of publicly and privately held debt securities and member investments.
The Hunton & Williams team included Mike Fitzpatrick, Adam O’Brian and Patrick Jamieson.
Law Firms: Hunton & Williams LLP;
Clients: KeyBanc Capital Markets;