Notice of Sale - $875, 000, 000 State of Illinois General Obligation Bonds, Series of December 2023

The State of Illinois is issuing $875,000,000 in General Obligation Bonds, consisting of three series - $175,000,000 Taxable Series of December 2023A, $350,000,000 Series of December 2023B, and $350,000,000 Series of December 2023C. The December 2023A Bonds will be used to fund accelerated pension benefit payments, while the December 2023B Bonds and December 2023C Bonds will finance capital expenditures authorized by the State's previous capital programs and the Rebuild Illinois capital plan. Sealed bids for the Bonds will be received by the Director of the Governor's Office of Management and Budget of the State of Illinois on Tuesday, November 28, 2023 via the PARITY system. The Bonds will mature on the dates, in the principal amounts, bear interest at the rates per annum, and have the yields, prices and CUSIP numbers as specified. Interest on the Bonds will be payable on June 1 and December 1 of each year, commencing June 1, 2024.

The Bonds are direct, general obligations of the State, secured by a pledge of its full faith and credit, and are being issued under the General Obligation Bond Act of the State of Illinois, as amended. Co-Bond Counsel will provide approving opinions on the tax treatment of the Bonds. The State has entered into a Continuing Disclosure Undertaking to provide certain annual financial information and notices of material events to the Municipal Securities Rulemaking Board. Bidders must provide a good faith deposit of $500,000 per series and the total costs of issuance, including underwriter's discount, cannot exceed 0.5% of the principal amount. The State has the right to adjust bid parameters and change the bid date if necessary.