Chicago Schools Deal Highlights 'Special Revenue' Status - McDermott Will & Emery

Chicago Schools Deal Highlights ‘Special Revenue’ Status

Overview


McDermott gave an underwriters’ counsel opinion (delivered jointly with bond counsel) that the dedicated property tax revenue stream backing a new Chicago Public Schools bond issue would qualify as “special revenues” under the Bankruptcy Code, because the tax is being levied for a specific use or purpose that is isolated from general operations.