State of Illinois NOS for Series of October2026ABC Bonds.pdf

OFFICIAL NOTICE OF BOND SALE AND BID FORMS

STATE OF ILLINOIS

$900,000,000

GENERAL OBLIGATION BONDS,

$385,000,000 $263,000,000

TAXABLE SERIES OF OCTOBER 2026A SERIES OF OCTOBER 2026B

$252,000,000

SERIES OF OCTOBER 2026C

JB PRITZKER

Governor

ALEXIS STURM

Director, Governor’s Office of Management and Budget

PAUL CHATALAS

Director of Capital Markets

Bids Will Be Received Via PARITY On Tuesday, September 22, 2026, Until

9:15 A.M. Central Daylight Saving Time for the Taxable October 2026A Bonds 9:45 A.M. Central Daylight Saving Time for the October 2026B Bonds

10:15 A.M. Central Daylight Saving Time for the October 2026C Bonds As Described Herein

Co-Bond Counsel

CHAPMAN AND CUTLER LLP

HARDWICK LAW FIRM LLC

G-11

Official Notice of Bond Sale

$900,000,000 State of Illinois

General Obligation Bonds $385,000,000 Taxable Series of October 2026A

$263,000,000 Series of October 2026B $252,000,000 Series of October 2026C

Notice is hereby given that sealed bids for the Bonds (as defined below) will be received by the Director of the Governor’s Office of Management and Budget (the “GOMB”) of the State of Illinois (the “State”) on Tuesday, September 22, 2026 (the “Bid Date”), via PARITY, at the times and in the manner described below, for the purchase of the following described bonds of the State:

$385,000,000 General Obligation Bonds, Taxable Series of October 2026A (the “October 2026A Bonds”), until 9:15 A.M. (Central Daylight Saving Time);

$263,000,000 General Obligation Bonds, Series of October 2026B (the “October 2026B Bonds”), until 9:45 A.M. (Central Daylight Saving Time); and

$252,000,000 General Obligation Bonds, Series of October 2026C (the “October 2026C Bonds”), until 10:15 A.M. (Central Daylight Saving Time) (together, the October 2026A Bonds, the October 2026B Bonds and the October 2026C Bonds, the “Bonds”).

The Bonds will be dated the date of issuance thereof, and will be issued in fully registered form, without coupons. The Bonds will be registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York, which will act as securities depository for the Bonds. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 and any integral multiple thereof. Each Successful Bidder (as hereinafter defined) will not receive certificates representing their interest in the Bonds purchased unless the book-entry system is terminated. The October 2026A Bonds will be payable as to principal on October 1 of each of the years 2027 through 2037, the October 2026B Bonds will be payable as to principal on October 1 of each of the years 2037 through 2044, and the October 2026C Bonds will be payable as to principal on October 1 of each of the years 2045 through 2051, as more fully set forth in the Preliminary Official Statement, dated September 10, 2026 (the “Preliminary Official Statement”). The October 2026A Bonds are subject to

G-22

-2-make-whole optional redemption as set forth in the Preliminary Official Statement. The October 2026B Bonds and the October 2026C Bonds are subject to optional redemption on or after October 1, 2036, as provided in the Preliminary Official Statement.

The Bonds of each series will be subject to mandatory sinking fund redemption if the winning bidder exercises the option described in the next sentence. Bidders have the option to designate and aggregate consecutive maturities of a series of Bonds into term bonds, as more fully described in the Preliminary Official Statement. Capitalized terms used in this Official Notice of Bond Sale and not defined herein will have the meanings set forth in the Preliminary Official Statement.

Principal of and interest (payable semiannually on the first day of April and October of each year, beginning on April 1, 2027) on the Bonds will be paid by the State Treasurer to DTC, which will remit such principal and interest to DTC’s participants, who in turn will be responsible for remitting such payments to the beneficial owners of the Bonds, all as more fully described in the Preliminary Official Statement.

Bids for a series of the Bonds shall be submitted electronically via PARITY pursuant to this Official Notice of Bond Sale until the respective times set for the sale of such series of Bonds as specified above, but no bid will be received after the respective time set as specified above for receiving bids for such series of the Bonds. Any prospective bidder that intends to submit a bid must submit its bid through PARITY. No in-person or faxed bids will be accepted.

Subscription to i-Deal’s PARITY Competitive Bidding System is required in order to submit an electronic bid. The State will neither confirm any subscription nor be responsible for the failure of any prospective bidder to subscribe.

An electronic bid made through the facilities of PARITY shall be deemed to incorporate the provisions of this Official Notice of Bond Sale and the respective Official Bid Form for each series of the Bonds. Any such electronic bid shall be deemed to constitute an irrevocable offer to purchase the Bonds for which a bid is submitted on the terms provided herein and shall be binding upon each Successful Bidder. The State shall not be responsible for any malfunction or mistake made by, or as a result of the use of the facilities of PARITY, the use of such facilities being the sole risk of the prospective bidder.

If any provisions of this Official Notice of Bond Sale shall conflict with any instructions or directions set forth in PARITY, the terms of this Official Notice of Bond Sale shall control. For further information about PARITY, potential bidders may contact Ipreo at 1359 Broadway, 2nd Floor, New York, New York 10018, and by telephone at (212) 849-5021. All costs and expenses incurred by potential bidders in connection with their registration and submission of bids via PARITY (including any legal expenses) are the sole responsibility of the bidders, and the State is not responsible, directly or indirectly, for any of such costs or expenses.

G-33

-3-

SECURITY

The Bonds are direct, general obligations of the State (“GO Bonds”), and, pursuant to the General Obligation Bond Act of the State, as amended (the “Bond Act”), the full faith and credit of the State is pledged for the punctual payment of interest on all GO Bonds issued under the Bond Act, including the Bonds, as it comes due and for the punctual payment of the principal thereof at maturity, or any earlier redemption date, and premium, if any. These provisions are irrepealable until all GO Bonds issued under the Bond Act are paid in full as to both principal and interest, all as more particularly set forth in the Preliminary Official Statement.

RATINGS AND BOND INSURANCE

Moody’s Ratings has assigned a rating of “A1” (Stable Outlook) to the Bonds, S&P Global Ratings has assigned a rating of “A” (Stable Outlook) to the Bonds and Fitch Ratings Inc. has assigned a rating of “A-” (Positive Outlook) to the Bonds. Additional information about the ratings on the Bonds is set forth in the Preliminary Official Statement. As part of the State’s application for such ratings, certain information and materials, some of which are not contained herein, have been supplied to such rating agencies. The ratings are neither a “market” rating nor a recommendation to buy, sell or hold the Bonds and the ratings and the Bonds should be evaluated independently.

The State is not securing the Bonds with bond insurance or any other form of credit enhancement.

Bidders, at their own expense, may elect to insure all or a portion of a series of the Bonds, and such insurance may be obtained from one or more bond insurance providers identified by the Successful Bidder on the Official Bid Form.

The Successful Bidder for a series of the Bonds agrees to disclose to the State the cost of any such insurance obtained from each (if more than one) insurance provider used, and to which serial bond or term bond maturity or maturities such insurance applies. The Successful Bidder must certify to the net interest cost benefit from the use of bond insurance, as more fully described in Part IV of the form of Certificate of Purchaser attached hereto in Exhibit I (the “Certificate of Purchaser”). Insured ratings with the use of bond insurance, if required, are to be applied for by the Successful Bidder, and costs incurred for such ratings must be paid at the Successful Bidder’s expense.

BIDDING DETAILS

Each series of the Bonds hereby offered will be awarded to the bidder (each a “Successful Bidder”) whose bid conforms to the terms of this Official Notice of Bond Sale and which bid results in the lowest “true interest cost” (“TIC”) for the related series of the Bonds, determined as follows: The TIC is the discount rate (expressed as a per-annum percentage rate) which, when used in computing the present value of all principal and interest to be paid on the applicable series of the Bonds, from the scheduled payment dates back to the date of delivery, produces a present

G-44 value amount equal to the price bid, including premium or discount, if any, to the date of delivery.

Payments of principal and interest on each series of the Bonds shall be based on the principal amount set forth in the related Official Bid Form and the interest rates specified by the Successful Bidder for such series of the Bonds. The computation of present value shall be based on the number of semiannual periods between the scheduled payment dates and the date of delivery, using a 360-day year of twelve 30-day months.

In the event of more than one bid for a series of the Bonds specifying the lowest TIC as defined above, it shall be the option of the State to propose that the Successful Bidders for such series of the Bonds syndicate the award as such bidders may mutually agree, or to select by lot among the bidders with the lowest TIC, in which case such determination by the State shall be considered final.

In the event of more than one Successful Bidder for a series of the Bonds, there shall be decided between them which bidder shall assume the primary role of Successful Bidder with respect to such series of the Bonds, including the payment of expenses, good faith deposit, and other disclosures and representations as required herein.

Bidders are to specify a rate of interest per annum to be paid on each maturity of the related series of Bonds, subject to the following limitations:

(i) all Bonds of the same series and maturity year (whether a serial maturity or a wholly designated and consecutive sinking fund redemption of a term bond as provided in the Preliminary Official Statement) must bear the same rate of interest and no one Bond shall bear more than one rate of interest;

(ii) bidders are invited to name the rate of interest per annum that each maturity of the related series of the Bonds are to bear in multiples of (i) with respect to the October 2026A Bonds, one-thousandth (1/1000th) of one percent, and (ii) with respect to the October 2026B Bonds and the October 2026C Bonds, one-eighth (1/8th) or one-twentieth (1/20th) of one percent;

(iii) with respect to the October 2026A Bonds, a zero rate of interest must not be named, and each rate of interest must not exceed 6.50%;

(iv) with respect to the October 2026B Bonds, a zero rate of interest must not be less than 5.00%, and each rate of interest must not exceed 5.50%;

(v) with respect to the October 2026C Bonds, a zero rate of interest must not be less than 5.00%, and each rate of interest must not exceed 5.75%;

(vi) the price at which the October 2026A Bonds are initially purchased from the State must not be at less than 99.0% and must not be greater than 101.0% of the par value of the October 2026A Bonds;

G-55

-5-

(vii) the price at which the October 2026B Bonds are initially purchased from the State must not be at less than 100.0% of the par value of the October 2026B Bonds;

(viii) the price at which the October 2026C Bonds are initially purchased from the State must not be at less than 100% of the par value of the October 2026C Bonds; and

(ix) the price of each maturity of the October 2026B Bonds must not be less than 98.0% of that maturity’s par value; and

(x) the price of each maturity of the October 2026C Bonds must not be less than 98.0% of that maturity’s par value.

Proposals may specify any number of interest rates, subject to clauses (i) through (viii) above, and all bids must follow the limitations on the costs of issuance, including underwriter’s discount, described in the bold-faced section captioned, “LIMITATIONS ON UNDERWRITER’S

DISCOUNT; BIDDER WILL DISTRIBUTE COSTS OF ISSUANCE FROM NET BOND PROCEEDS” below.

Each Successful Bidder will be required to post a good faith deposit in the amount of $500,000 (the “Deposit”) for the related series of the Bonds by wire transfer to be received by the State Treasurer prior to 2:00 P.M. (Central Daylight Saving Time) on the Bid Date. GOMB will provide wire transfer directions at the time of the award.

The State may hold the proceeds of any Deposit or invest the same (at the State’s risk) in obligations that mature at or before the delivery of the Bonds, until disposed of as follows: (a) at the delivery of the Bonds and upon compliance with the Successful Bidder’s obligation to take up and pay for the Bonds, the full amount of such Deposit held by the State, without adjustment for interest, shall be applied toward the purchase price of the related series of the Bonds at that time, and the full amount of any interest earnings thereon shall be retained by the State, and (b) if the Successful Bidder fails to take up and pay for such Bonds when tendered, the full amount of such Deposit plus any interest earnings thereon will be forfeited to the State as liquidated damages.

Action awarding the Bonds of a series or rejection of all bids for a series of the Bonds will be taken no later than three hours after expiration of the time prescribed in this Official Notice of Bond Sale for the receipt of bids. Notice of award will be given promptly to each Successful Bidder. The right is reserved to reject any or all bids and to waive any irregularity or informality in any bid.

The Successful Bidder for each of the October 2026B Bonds and the October 2026C Bonds (together, the “Tax-Exempt Bonds”) will be required, on or prior to the date of issue of such Bonds (or, in the case such Successful Bidder elects the “hold-the-offering-price rule” as defined below, on the Bid Date), to actually offer 100% of each maturity of the respective series of Tax-Exempt Bonds to the public (as hereinafter defined) in a bona fide public offering at the Initial Offering Price (as hereinafter defined). Prior to the delivery of each respective series of Tax-Exempt Bonds, the Successful Bidder for such series of the Tax-Exempt Bonds must submit to the State the Certificate of Purchaser, in the form attached hereto as Exhibit I, with such modifications as may be appropriate or necessary, in

G-66

-6-the reasonable judgment of the State and Chapman and Cutler LLP and Hardwick Law Firm LLC (“Co-Bond Counsel”), as described under “ESTABLISHMENT OF ISSUE PRICE” herein.

Public Resources Advisory Group, Inc., municipal advisor to the State (the “Municipal Advisor”), will timely apply for CUSIP numbers with respect to the Bonds as required by MSRB Rule G-34. All expenses for the printing of the CUSIP numbers, including the CUSIP Global Services charge for the assignment of said numbers, shall be the responsibility of, and shall be paid for by, each such Successful Bidder.

Pursuant to the Bond Act, each Successful Bidder will be required to provide to GOMB

(i) the respective percentages of participation and compensation of each underwriter in its bidding syndicate pursuant to an Agreement Among Underwriters or other arrangement among the members of the bidding syndicate and (ii) an identification of which members in the bidding syndicate are minority owned businesses, women-owned businesses and businesses owned by persons with disabilities (as such terms are defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act of the State, as amended; see 30 ILCS 575/0.01 et seq.).

Such disclosure will be made part of a publicly disclosed GOMB report and will be posted on GOMB’s website.

It is the policy of the State and GOMB to encourage, but not require, that at least 16% of each series of the Bonds are underwritten by minority owned firms, at least 10% of each series of the Bonds are underwritten by women-owned firms, and at least 4% of each series of the Bonds are underwritten by firms owned by persons with disabilities. It is also the policy of the State and GOMB to encourage, but not require, the formation of bidding groups for the submission of bids.

In order for each Successful Bidder to be awarded the related Bonds, each Successful Bidder must also certify that it did not and will not pay a contingent fee, whether directly or indirectly, to a third party for having promoted the award of the Bonds to such Successful Bidder.

The State reserves the right to cancel or amend this Official Notice of Bond Sale and reject any and all bids for any reason.

The issuance of each series of Bonds described in this Official Notice of Bond Sale is contingent upon the State’s issuance of all other series of Bonds described herein. If the State is unable to issue any series of Bonds hereunder for any reason (including, but not limited to, the inability of Co-Bond Counsel to deliver their approving opinions with respect to any of the Bonds), the State will not issue any other series of Bonds herein.

LIMITATIONS ON UNDERWRITER’S DISCOUNT; BIDDER WILL DISTRIBUTE COSTS OF ISSUANCE FROM

NET BOND PROCEEDS

State law requires that no more than 0.5% of the principal amount of the proceeds of sale of each series of the Bonds be used to pay the reasonable costs of issuance and sale, including, without limitation, underwriter’s discount and fees, but excluding bond insurance.

To ensure that the State complies with this requirement in connection with the sale of the

G-77

-7-

Bonds, the underwriter’s discount with respect to each series of the Bonds shall not exceed the following: (i) $1,695,000 for the October 2026A Bonds, (ii) $1,155,000 for the October 2026B Bonds, and (iii) $1,105,000 for the October 2026C Bonds.

The purchase price specified by each bidder in its submitted bid should equal the par amount of the Bonds of the applicable series, plus net original issue premium or minus net original issue discount, less the underwriter’s discount, which amount shall not exceed the maximum underwriter’s discount applicable to such series of the Bonds as set forth in the preceding paragraph (the “Purchase Price”).

Each Successful Bidder, as the purchaser of a series of the Bonds, shall provide for the payment of all costs of issuance with respect to such series of the Bonds from the net proceeds of the sale of the Bonds. At Closing, each Successful Bidder will wire to the State with respect to each series of the Bonds an amount equal to the Purchase Price for such series of the Bonds less the non-underwriter’s discount costs of issuance (the “Non-Underwriter’s Discount Costs of Issuance”). The State will provide each Successful Bidder the amount of Non-Underwriter’s Discount Costs of Issuance applicable to the series of Bonds being purchased by the Successful Bidder following the sale of the Bonds and in advance of the issuance of such Bonds. At the time of the issuance of the Bonds, each Successful Bidder will retain from the Purchase Price an amount equal to the Non-Underwriter’s Discount Costs of Issuance for such series of the Bonds and will use such amount to distribute the costs of issuance. Each Successful Bidder agrees to make payment for such expenses within 15 business days following receipt of invoices presented by the State.

MODIFICATION OF BID PARAMETERS

The State reserves the right to adjust any of the information under the heading “BIDDING

DETAILS” as described under the heading “LIMITATIONS ON UNDERWRITER’S DISCOUNT; BIDDER

WILL DISTRIBUTE COSTS OF ISSUANCE FROM NET BOND PROCEEDS”, prior to the date of sale. Any such adjustments will be specified in a supplement to this Official Notice of Bond Sale issued no later than 12:00 P.M. (Central Daylight Saving Time) on the day prior to the Bid Date.

CHANGE OF BID DATE OR TIME

The State reserves the right to change the bid date and/or time as set forth in this paragraph.

If the new bid date and/or time will be later than the bid date and/or time set forth herein, the change of the bid date and/or time will be announced via PARITY not later than 8:00 A.M., Central Daylight Saving Time, on the Bid Date or any alternative announced date for receipt of bids, and an alternative sale date and time will be announced via PARITY at least 12 hours prior to such alternative date and/or time for receipt of bids. If the new bid date and/or time will be earlier than the bid date and/or time set forth herein, the change of the bid date and time will be announced via PARITY not later than 48 hours prior to such alternative date and time.

On any such alternative date and/or time for receipt of bids, the State will accept electronic bids for the purchase of each series of the Bonds, such bids to conform in all respects to the provisions of this Official Notice of Bond Sale, except for the changes in the date and/or time for

G-88

-8-receipt of bids and any other changes announced via PARITY at the time the date and time for receipt of bids are announced.

ESTABLISHMENT OF ISSUE PRICE

(a) The Successful Bidder with respect to the Tax-Exempt Bonds shall assist the State in establishing the issue price of each maturity of the Tax-Exempt Bonds and shall execute and deliver to the State on the hereinafter defined Closing Date an “issue price” or similar certificate setting forth the reasonably expected initial offering price to the public or the sales price or prices of each maturity of the Tax-Exempt Bonds, together with the supporting pricing wires or equivalent communications, substantially in the form of the Certificate of Purchaser attached hereto as Exhibit I, with such modifications as may be appropriate or necessary, in the reasonable judgment of the State and Co-Bond Counsel. All actions to be taken by the State under this Official Notice of Bond Sale to establish the issue price of the Tax-Exempt Bonds may be taken on behalf of the State by the Municipal Advisor and any notice or report to be provided to the State may be provided to the Municipal Advisor. Within one hour of the award, the Successful Bidder of the Tax-Exempt Bonds will provide to the State the expected Initial Offering Price of each maturity of the Tax-Exempt Bonds, which such Successful Bidder used in formulating its bid for the Tax- Exempt Bonds.

(b) The State intends that the provisions of Treasury Regulation Section 1.148-1(f)(3)(i) (defining “competitive sale” for purposes of establishing the issue price of the Tax-Exempt Bonds) will apply to the initial sale of the Tax-Exempt Bonds (the “competitive sale requirements”) because:

(1) the State shall disseminate this Official Notice of Bond Sale to potential underwriters in a manner that is reasonably designed to reach potential underwriters;

(2) all bidders for the Tax-Exempt Bonds shall have an equal opportunity to bid, and no bidder will have the opportunity to review other bids before providing a bid;

(3) the State may receive, with respect to the Tax-Exempt Bonds, bids from at least three underwriters of municipal bonds who have established industry reputations for underwriting new issuances of municipal bonds; and

(4) the State anticipates awarding the sale of the Tax-Exempt Bonds to the bidder for the Tax-Exempt Bonds who submits a firm offer to purchase the Tax-Exempt Bonds at the lowest TIC, as set forth in this Official Notice of Bond Sale.

Any bid submitted pursuant to this Official Notice of Bond Sale shall be considered a firm offer for the purchase of the Tax-Exempt Bonds, as specified in the bid.

(c) In the event that the competitive sale requirements are not satisfied with respect to the Tax-Exempt Bonds, the State shall so advise the Successful Bidder for the Tax-Exempt Bonds.

Subject to such Successful Bidder electing the hold-the-offering-price rule hereinafter described, the State shall then treat the first price at which 10% of a maturity of the Tax-Exempt Bonds (the

G-99

-9-

“10% test”) is sold to the public as the issue price of such maturity of the Tax-Exempt Bonds.

Such Successful Bidder shall advise the State if such maturity of the Tax-Exempt Bonds satisfies the 10% test as of the date and time of the award of the Tax-Exempt Bonds. The State will not require bidders to comply with the “hold-the-offering-price rule” and therefore does not intend to use the initial offering price to the public as of the sale date of any maturity of the Tax-Exempt Bonds as the issue price of that maturity, unless the Successful Bidder for the Tax-Exempt Bonds elects to comply with the hold-the-offering-price rule for such maturity. Bids will not be subject to cancellation in the event that the competitive sale requirements are not satisfied. Bidders should prepare their bids on the assumption that the Tax-Exempt Bonds will be subject to the 10% test in order to establish the issue price of the Tax-Exempt Bonds, unless the Successful Bidder for the Tax-Exempt Bonds elects to comply with the hold-the-offering-price rule for the Tax-Exempt Bonds.

(d) Until the 10% test has been satisfied as to a maturity of the Tax-Exempt Bonds, the Successful Bidder for the Tax-Exempt Bonds agrees to promptly report to the State the prices at which the unsold Tax-Exempt Bonds of such maturity have been sold to the public; this reporting obligation shall only extend to the Closing Date if the competitive sale requirements are satisfied.

If the competitive sale requirements are not satisfied or the Successful Bidder for the Tax-Exempt Bonds has not elected to apply the hold-the-offering-price rule with respect to the Tax-Exempt Bonds, that reporting obligation shall continue, whether or not the Closing Date has occurred, until the 10% test has been satisfied as to such maturity of the Tax-Exempt Bonds or until all Tax- Exempt Bonds of that maturity have been sold to the public. In the event the Successful Bidder for the Tax-Exempt Bonds elects to apply the hold-the-offering-price rule to the Tax-Exempt Bonds, the reporting obligation described immediately above shall only continue to the Closing Date with respect to the Tax-Exempt Bonds.

(e) By submitting a bid, each bidder confirms that: (i) any agreement among underwriters, any selling group agreement and each retail distribution agreement (to which the bidder is a party) relating to the initial sale of the Tax-Exempt Bonds to the public, together with the related pricing wires, contains or will contain language obligating each underwriter, each dealer who is a member of the selling group, and each broker-dealer that is a party to such retail distribution agreement, as applicable, to report the prices at which it sells to the public the unsold Tax-Exempt Bonds of each maturity allotted to it until it is notified by the Successful Bidder for the Tax-Exempt Bonds that either the 10% test has been satisfied as to such maturity of the Tax- Exempt Bonds or all Tax-Exempt Bonds of such maturity have been sold to the public, if and for so long as directed by the respective Successful Bidder and as set forth in the related pricing wires, and (ii) any agreement among underwriters relating to the initial sale of the Tax-Exempt Bonds to the public, together with the related pricing wires, contains or will contain language obligating each underwriter that is a party to a retail distribution agreement to be employed in connection with the initial sale of the Tax-Exempt Bonds to the public to require each broker-dealer that is a party to such retail distribution agreement to report the prices at which it sells to the public the unsold Tax-Exempt Bonds of each maturity allotted to it until it is notified by the Successful Bidder for the Tax-Exempt Bonds or such underwriter that either the 10% test has been satisfied as to the Tax-Exempt Bonds of such maturity, or all Tax-Exempt Bonds of such maturity have been sold to the public, if and for so long as directed by the Successful Bidder for the Tax-Exempt Bonds or such underwriter for the Tax-Exempt Bonds and as set forth in the related pricing wires, which

G-1010

-10-shall be at least until the 10% test has been satisfied as to such maturity of the Tax-Exempt Bonds or until all Tax-Exempt Bonds of such maturity have been sold to the public.

(f) The State is not requiring the application of the hold-the-offering-price rule (defined in (g) below) to the Tax-Exempt Bonds. The Successful Bidder for the Tax-Exempt Bonds may elect to apply the hold-the-offering-price rule to the Tax-Exempt Bonds.

(g) The State may determine to treat (i) the first price at which 10% of a maturity of the Tax-Exempt Bonds is sold to the public as the issue price of that maturity and/or (ii) if the Successful Bidder for the Tax-Exempt Bonds elects to apply the hold-the-offering-price rule, as described below, to any maturity of the Tax-Exempt Bonds, the initial offering price to the public as of the sale date of the Tax-Exempt Bonds as the issue price of such maturity of the Tax-Exempt Bonds (the “hold-the-offering-price rule”). The Successful Bidder for the Tax-Exempt Bonds may, in its discretion, agree to apply the hold-the-offering-price rule to the Tax-Exempt Bonds. The State is not requiring that the Tax-Exempt Bonds be subject to the hold-the-offering-price rule. If the Successful Bidder for the Tax-Exempt Bonds so elects to apply the hold-the-offering-price rule to the Tax-Exempt Bonds, which election will be made in the report of the final interest rates and prices of each maturity of the Tax-Exempt Bonds agreed to between the Successful Bidder for the Tax-Exempt Bonds and the State, such Successful Bidder shall (i) confirm that the underwriters have offered or will offer each maturity of the Tax-Exempt Bonds to the public on or before the date of award at the offering price (the “initial offering price”), or at the corresponding yield, set forth in the bid submitted by such Successful Bidder and (ii) agree, on behalf of the underwriters participating in the purchase of the Tax-Exempt Bonds, that the underwriters will neither offer nor sell unsold Tax-Exempt Bonds of a maturity to any person at a price that is higher than the initial offering price to the public during the period starting on the sale date and ending on the earlier of the following:

(1) the close of the fifth (5th) business day after the sale date; or

(2) the date on which the underwriters have sold at least 10% of such maturity of the Tax-Exempt Bonds to the public at a price that is no higher than the initial offering price to the public.

(h) Sales of any Tax-Exempt Bonds to any person that is a related party to an underwriter shall not constitute sales to the public for purposes of this Official Notice of Bond Sale. Further, for purposes of this Official Notice of Bond Sale:

(1) “public” means any person other than an underwriter or a related party,

(2) “underwriter” means (A) any person that agrees pursuant to a written contract with the State (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Tax-Exempt Bonds to the public and (B) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (A) to participate in the initial sale of the Tax-Exempt Bonds to the public (including a member of a selling group or a party to a third-party distribution agreement participating in the initial sale of the Tax-Exempt Bonds to the public), G-1111

-11-

(3) a purchaser of any of the Tax-Exempt Bonds is a “related party” to an underwriter if the underwriter and the purchaser are subject, directly or indirectly, to

(i) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another),

(ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or

(iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity is a partnership (including direct ownership of the applicable stock or interests by one entity of the other), and

(4) “sale date” means the date that the Tax-Exempt Bonds are awarded by the State to the Successful Bidder for the Tax-Exempt Bonds.

(i) By submitting a bid for Tax-Exempt Bonds, a bidder represents and warrants to the State that the bidder has an established industry reputation for underwriting new issuances of municipal Tax-Exempt Bonds.

PROVISIONS RELATING TO RULE 15C2-12

Preliminary Official Statement

The State has deemed the Preliminary Official Statement “final” as of its date for purposes of Section (b)(1) of Rule 15c2-12 (the “Rule”) adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, except for such information which is permitted to be omitted pursuant to Section (b)(1) of the Rule.

Final Official Statement

Upon the sale of the Bonds, the State will publish an Official Statement in substantially the same form as the Preliminary Official Statement subject to minor additions, deletions and revisions as required to complete the Official Statement. By submission of its bid, each Successful Bidder will be deemed to have certified that it has obtained and reviewed the Preliminary Official Statement. The State will provide each Successful Bidder with a reasonable number (not to exceed

20) of final Official Statements no later than seven business days following the date of sale. Each Successful Bidder agrees to supply to the State all necessary pricing information and any underwriter identification necessary to complete the Official Statement within 24 hours after the award of the Bonds. A reoffering price and yield must be provided for each bond maturity, and may not be indicated as “not reoffered.”

The Director of GOMB will deliver to each Successful Bidder at closing a certificate confirming that, to her knowledge, the Official Statement was, as of its date, and is, at the time of closing, true and correct in all material respects, and that the Official Statement did not and does not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading.

G-1212

-12-

Continuing Disclosure

The State will enter into a written agreement or contract, constituting an undertaking (the “Undertaking”) to provide ongoing disclosure about the State for the benefit of the beneficial owners of the Bonds on or before the date of delivery of the Bonds as required under Section (b)(5) of the Rule. The form of the Undertaking is set forth as APPENDIX E to the Preliminary Official Statement. Information with respect to the State’s compliance with prior continuing disclosure undertakings for the last five years can be found in “CONTINUING DISCLOSURE” in the Preliminary Official Statement. The obligation of each Successful Bidder to purchase the respective series of the Bonds shall be conditioned upon the State delivering the Undertaking on or before the date of delivery of the Bonds.

On May 14, 2012, the State adopted disclosure policies and procedures. Such policies and procedures were amended on March 15, 2019, to incorporate procedures related to the two additional reportable events added by amendments to the Rule, which will be included in the Undertaking executed by the State in connection with the issuance of the Bonds.

OTHER MATTERS

The separate approving opinions of Co-Bond Counsel, covering the legality of and federal tax treatment of the interest on each series of the Bonds, the form of which is set forth as APPENDIX C in the Preliminary Official Statement, will be furnished to the Successful Bidder, as the purchaser of the respective series of the Bonds, as described above, and all bids must be so conditioned. The State will provide the usual closing certificates dated as of the date of delivery of and payment for the Bonds, including a statement that there is no litigation pending, or to the knowledge of the signer thereof, threatened affecting the legality of the Bonds.

If the State is unable to issue any series of the Bonds described herein, the State will not issue any other series of Bonds described hereunder, as described under “BIDDING DETAILS” herein.

The Bonds are expected to be ready for delivery on or about October 14, 2026 (the “Closing Date”), and at delivery will be registered in the name of Cede & Co., as described above. Delivery of the Bonds will be made to DTC in New York, New York, without cost to the Successful Bidders.

Payment for the Bonds must be made in Federal Reserve Bank funds which will be immediately available in Chicago on the day of delivery. Each Successful Bidder shall have the right, at its option, to cancel the contract to purchase the Bonds if such series of the Bonds is not tendered for delivery to the respective Successful Bidder within 30 days from the date of sale thereof, and in such event the respective Successful Bidder shall be entitled to the return of its Deposit. The State shall have the right, at its option, to cancel the contract of purchase if upon tender of the Bonds for delivery, a Successful Bidder shall not have accepted delivery and paid for such series of the Bonds, in which event its Deposit, without adjustment for interest, accompanying such bid shall be forfeited to the State as payment of damages for failure to comply with the contract of purchase for such Bonds.

G-1313

The Preliminary Official Statement, this Official Notice of Bond Sale and the Official Bid Forms, together with other pertinent information, may be obtained from the Municipal Securities Rulemaking Board’s Electronic Municipal Market Access System or as follows:

From the State of Illinois, Governor’s Office of Management and Budget, Attention: Paul Chatalas, 555 West Monroe Street, Suite 1500 S-GOMB, Chicago, Illinois 60661, Telephone: (312) 814-0023, Email: Paul.Chatalas@illinois.gov.

From Chapman and Cutler LLP, Co-Bond Counsel, Attention: Kent Floros, 320 South Canal Street, 27th Floor, Chicago, Illinois 60606, Telephone: (312) 845-3723, Email: floros@chapman.com.

From Public Resources Advisory Group Inc., Municipal Advisor, Attention:

Christine Fay, Telephone: (610) 565-5863, Email: cfay@pragadvisors.com.

Dated this 10th day of September, 2026.

JB PRITZKER

Governor

ALEXIS STURM

Director, Governor’s Office of Management and Budget

PAUL CHATALAS

Director of Capital Markets

G-1414

EXHIBIT I

FORM OF CERTIFICATE OF PURCHASER

STATE OF ILLINOIS

GENERAL OBLIGATION BONDS, SERIES OF OCTOBER 2026[B][C]

The undersigned, on behalf of __________________ (the “Purchaser”), hereby certifies as set forth below with respect to the sale and issuance of the above-captioned obligations (the “Bonds”).

I. General

On the Sale Date, the Purchaser purchased the Bonds from the State of Illinois (the “State”) by submitting electronically an “Official Bid Form” responsive to an “Official Notice of Bond Sale” and having its bid accepted by the State. The Purchaser has not modified the terms of the purchase since the Sale Date.

II. Price

[Competitive Sale Rules (3 bids received)]

1. As of the Sale Date, the reasonably expected initial offering price of each Maturity of the Bonds to the Public by the Purchaser is the price listed in Schedule A (the “Expected Offering Prices”). The Expected Offering Price is the price for such Maturity of the Bonds used by the Purchaser in formulating its bid to purchase the Bonds. Attached as Schedule B is a true and correct copy of the bid provided by the Purchaser to purchase the Bonds.

2. The Purchaser was not given an exclusive opportunity to review other bids prior to submitting its bid.

3. The bid submitted by the Purchaser constituted a firm offer to purchase the Bonds.]

[10% Test – All Bonds Sold]

1. As of the date of this certificate, the first price at which at least 10% of each Maturity of the Bonds was sold to the Public is the respective price listed in Schedule C.

[10% Test – Not All Bonds Sold]

1. As of the date of this certificate, the Purchaser has not sold at least 10% of each Maturity of the Bonds at any price.

2. As of the date of this certificate, the Purchaser reasonably expects that the first sale to the Public of an amount of each Maturity of the Bonds equal to 10% or more will be at or below the Expected Sale Price for such Maturity listed on the attached Schedule A (the “Expected First Sale Price”).

G-1515

3. The Purchaser agrees to comply with the price reporting requirements with respect to the Bonds as set forth in the Official Notice of Bond Sale for the Bonds under the caption

“ESTABLISHMENT OF ISSUE PRICE.”

[Hold the Offer Price]

1. The Purchaser offered each Maturity of the Bonds to the Public for purchase at the initial offering price listed in Schedule A (the “Initial Offering Price”) on or before the Sale Date.

A copy of the pricing wire or equivalent communication for the Bonds is attached to this certificate as Schedule B.

2. As set forth in the Official Notice of Bond Sale and bid award, the Purchaser has agreed in writing that, (i) it would neither offer nor sell any of the Bonds of such Maturity to any person at a price that is higher than the Initial Offering Price during the Holding Period for such Maturity (the “Hold-The-Offering-Price Rule”), and (ii) any selling group agreement would contain the agreement of each dealer who is a member of the selling group, and any retail distribution agreement would contain the agreement of each broker-dealer who is a party to the retail distribution agreement, to comply with the Hold-The-Offering-Price Rule.

3. No Underwriter (as defined below) has offered or sold any Bonds of any Maturity at a price that is higher than the respective Initial Offering Price during the Holding Period.

III. Definitions

(a) Holding Period means the period starting on the Sale Date and ending on the earlier of (i) the close of the fifth business day after the Sale Date (__________________, 2026), or (ii) the date on which the Purchaser has sold at least 10% of the Bonds to the Public at prices that are no higher than the Initial Offering Price.

(b) Maturity means Bonds with the same credit and payment terms. Bonds with different maturity dates, or Bonds with the same maturity date but different stated interest rates, are treated as separate maturities.

(c) Public means any person (including an individual, trust, estate, partnership, association, company, or corporation) other than an Underwriter or a Related Party to an Underwriter.

(d) A person is a “Related Party” to an Underwriter if the Underwriter and the person are subject, directly or indirectly, to (i) more than 50% common ownership of the voting power or the total value of their stock, if both entities are corporations (including direct ownership by one corporation of another), (ii) more than 50% common ownership of their capital interests or profits interests, if both entities are partnerships (including direct ownership by one partnership of another), or (iii) more than 50% common ownership of the value of the outstanding stock of the corporation or the capital interests or profit interests of the partnership, as applicable, if one entity is a corporation and the other entity

G-1616 is a partnership (including direct ownership of the applicable stock or interests by one entity of the other).

(e) Sale Date means the first day on which there is a binding contract in writing for the sale of the Bonds. The Sale Date of the Bonds is September 22, 2026.

(f) Underwriter means (i) any person that agrees pursuant to a written contract with the State (or with the lead underwriter to form an underwriting syndicate) to participate in the initial sale of the Bonds to the Public, and (ii) any person that agrees pursuant to a written contract directly or indirectly with a person described in clause (i) of this paragraph to participate in the initial sale of the Bonds to the Public (including a member of a selling group or a party to a third-party distribution agreement participating in the initial sale of the Bonds to the Public).

[IV. Bond Insurance Provisions, if required

The present value of the fees paid and to be paid for the Credit Facility (using as a discount rate the expected Yield on the Bonds treating the fee paid as interest on the Bonds) is less than the present value of the interest reasonably expected to be saved on the Bonds over the term of the Bonds as a result of the Credit Facility. The fees paid and to be paid for the Credit Facility does not exceed a reasonable, arm’s-length charge for the transfer of credit risk. The fee does not include any payment for any direct or indirect services other than the transfer of credit risk.]

V. Use of Representations and Certifications

The representations set forth in this certificate are limited to factual matters only. Nothing in this certificate represents the Purchaser’s interpretation of any laws, including specifically Sections 103 and 148 of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations thereunder. The undersigned understands that the foregoing information will be relied upon by the State with respect to certain of the representations and with respect to compliance with the federal income tax rules affecting the Bonds, and by Chapman and Cutler LLP and Hardwick Law Firm LLC, Co-Bond Counsel, in connection with rendering their opinions concerning interest on the Bonds, the preparation of the Internal Revenue Service Form 8038-G, and other federal income tax advice that it may give to the State from time to time relating to the Bonds.

G-1717

-4-

All terms not defined herein shall have the same meanings as in the Tax Exemption Certificate and Agreement with respect to the Bonds, to which this Certificate is attached.

Dated: October 14, 2026

Very truly yours, By ____________________________________ Its ____________________________________

G-1818

OFFICIAL BID FORM – TAXABLE SERIES OF OCTOBER 2026A BONDS

Alexis Sturm September 22, 2026 Director, Governor’s Office of Management and Budget State of Illinois

For the General Obligation Bonds, Taxable Series of October 2026A (the “Bonds”), dated the date of issuance thereof, maturing as set forth below, and which Bonds are to be full faith and credit obligations of the State of Illinois as set forth in the Official Notice of Bond Sale, which is made a part hereof by reference, we will pay you the sum of:

$___________________________________________________(1)

(Purchase price must not be less than 99.0% and must not be greater than 101.0% of the aggregate par amount of the Bonds, and Underwriter’s Discount must not exceed $1,695,000).

The $385,000,000 aggregate principal amount of Bonds are to bear interest at the following respective interest rates (each a multiple of 1/1000th of 1%), each of which must not exceed 6.50% for the Bonds of each designated October 1 maturity.(2)

2027 $36,000,000 ____% 2028 36,000,000 ____% 2029 36,000,000 ____% 2030 36,000,000 ____% 2031 36,000,000 ____% 2032 36,000,000 ____% 2033 36,000,000 ____% 2034 36,000,000 ____% 2035 36,000,000 ____% 2036 36,000,000 ____% 2037 25,000,000 ____%

The Bonds are subject to a Make Whole Call prior to maturity as set forth in the Preliminary Official Statement.

(1) As provided in the Official Notice of Bond Sale under the heading “LIMITATIONS ON UNDERWRITER’S DISCOUNT; BIDDER WILL

DISTRIBUTE COSTS OF ISSUANCE FROM NET BOND PROCEEDS,” the Purchase Price equals the par amount of the Bonds of the applicable series, plus net original issue premium or minus net original issue discount, less the underwriter’s discount, which underwriter’s discount may not exceed $1,695,000, as provided in the Official Notice of Bond Sale.

(2) Bidders should carefully review the interest rate limitations and specifications set forth in the Official Notice of Bond Sale under the heading “BIDDING DETAILS.” All Bonds of the same maturity year must bear the same rate of interest and no one Bond shall bear more than one rate of interest.

G-1919

We hereby specify that the following Bonds be designated and aggregated into term bonds maturing on October 1 of the following years and in the following amounts (leave blank if no term bonds are specified):

MATURITIES DESIGNATED

AND AGGREGATED

YEAR OF TERM

BOND MATURITY

PRINCIPAL

AMOUNT

20__ through 20__ ____ $____________ 20__ through 20__ ____ ____________ (add additional term bonds as appropriate)

Each designated maturity of term bonds shall be subject to mandatory sinking fund redemption at par in one or more consecutive years immediately preceding the year of maturity.

Such mandatory sinking fund redemptions and payments at maturity shall be in the respective principal amounts shown on the inside cover pages of the Preliminary Official Statement and may not overlap with such payments of another term or serial bond. Serially maturing bonds may intervene between maturities of optionally designated term bonds.

The Bonds are to be executed and delivered to us in accordance with the terms of this bid accompanied by the approving legal opinions of Chapman and Cutler LLP and Hardwick Law Firm LLC, Co-Bond Counsel.

By submitting a bid, any bidder makes the representation that it understands Co-Bond Counsel…