City of Elgin

New Issues Investment Ratings: Date of Sale: Wednesday, April 14, 2021 S&P Global Ratings … AA+ (Stable) Series 2021A – Between 9:30 and 9:45 A.M., C.D.T. Fitch Ratings … AAA (Stable Outlook) Series 2021B – Between 10:00 and 10:15 A.M., C.D.T. (Open Speer Auction) Official Statement Subject to compliance by the City with certain covenants, in the opinion of Chapman and Cutler LLP, Chicago, Illinois (“Bond Counsel”), under present law, interest on the Bonds is excludable from gross income of the owners thereof for federal income tax purposes and is not included as an item of tax preference in computing the federal alternative minimum tax for individuals. Interest on the Bonds is not exempt from present State of Illinois income taxes. See “TAX EXEMPTION” herein for a more complete discussion. CITY OF ELGIN Kane and Cook Counties, Illinois $7,720,000* General Obligation Refunding Bonds, Series 2021A $9,280,000* General Obligation Corporate Purpose Bonds, Series 2021B Dated Date of Delivery Book-Entry Series 2021A Non-Callable Due Serially December 15, as Detailed Herein The $7,720,000* General Obligation Refunding Bonds, Series 2021A (the “Series 2021A Bonds”), and the $9,280,000* General Obligation Corporate Purpose Bonds, Series 2021B (the “Series 2021B Bonds” and together with the Series 2021A Bonds, the “Bonds”), are being issued by the City of Elgin, Kane and Cook Counties, Illinois (the “City”). Interest is payable semiannually on June 15 and December 15 of each year, commencing December 15, 2021. Interest is calculated based on a 360-day year of twelve 30-day months. The Bonds will be issued using a book-entry system. The Depository Trust Company, New York, New York (“DTC”), will act as securities depository for the Bonds. The ownership of one fully registered Bond for each maturity will be registered in the name of Cede & Co., as nominee for DTC and no physical delivery of Bonds will be made to purchasers. OPTIONAL REDEMPTION The Series 2021A Bonds are not subject to optional redemption prior to maturity. The Series 2021B Bonds due December 15, 2022-2030, inclusive, are not subject to optional redemption. The Series 2021B Bonds due December 15, 2031-2035, inclusive, are callable in whole or in part on any date on or after December 15, 2030, at a price of par and accrued interest. If less than all the Series 2021B Bonds are called, they shall be redeemed in such principal amounts and from such maturities as determined by the City and within any maturity by lot. See “OPTIONAL REDEMPTION” herein. PURPOSE, LEGALITY AND SECURITY The Series 2021A Bond proceeds will be used to (i) refund all of the City’s outstanding General Obligation Corporate Purpose Bonds, Series 2010A, General Obligation Refunding Bonds, Series 2012, and General Obligation Corporate Purpose Bonds, Series 2012A, and (ii) pay the costs of issuing the Series 2021A Bonds. See “THE REFUNDING – THE SERIES 2021A BONDS” herein. The Series 2021B Bond proceeds will be used to (i) finance water and sewer utility projects, and (ii) pay the costs of issuing the Series 2021B Bonds. See “THE PROJECT – THE SERIES 2021B BONDS” herein. In the opinion of Bond Counsel, the Bonds are valid and legally binding upon the City and are payable from any funds of the City legally available for such purpose, and all taxable property in the City is subject to the levy of taxes to pay the same without limitation as to rate or amount, except that the rights of the owners of the Bonds and the enforceability of the Bonds may be limited by bankruptcy, insolvency, moratorium, reorganization and other similar laws affecting creditors’ rights and by equitable principles, whether considered at law or in equity, including the exercise of judicial discretion. This Official Statement is dated April 7, 2021, and has been prepared under the authority of the City. An electronic copy of this Official Statement is available from the www.speerfinancial.com web site under “Debt Auction Center/Competitive Official Statement Sales Calendar”. Additional copies may be obtained from Ms. Debra Nawrocki, Chief Financial Officer/Budget Director, City of Elgin, 150 Dexter Court, Elgin, Illinois 60120, or from the Municipal Advisor to the City: *Subject to change. For purposes of compliance with Rule 15c2-12 of the Securities and Exchange Commission, this document, as the same may be supplemented or corrected by the City from time to time (collectively, the “Official Statement”), may be treated as an Official Statement with respect to the Bonds described herein that is deemed near final as of the date hereof (or the date of any such supplement or correction) by the City, except for the omission of certain information permitted to be omitted pursuant to such Rule. The Official Statement, when further supplemented by an addendum or addenda specifying the maturity dates, principal amounts and interest rates of the Bonds, together with any other information required by law or deemed appropriate by the City, shall constitute a “Final Official Statement” of the City with respect to the Bonds, as that term is defined in Rule 15c2-12. Any such addendum or addenda shall, on and after the date thereof, be fully incorporated herein and made a part hereof by reference. Alternatively, such final terms of the Bonds and other information may be included in a separate document entitled “Final Official Statement” rather than through supplementing the Official Statement by an addendum or addenda. No dealer, broker, salesman or other person has been authorized by the City to give any information or to make any representations with respect to the Bonds other than as contained in the Official Statement or the Final Official Statement and, if given or made, such other information or representations must not be relied upon as having been authorized by the City. Certain information contained in the Official Statement and the Final Official Statement may have been obtained from sources other than records of the City and, while believed to be reliable, is not guaranteed as to completeness. THE INFORMATION AND EXPRESSIONS OF OPINION IN THE OFFICIAL STATEMENT AND THE FINAL OFFICIAL STATEMENT ARE SUBJECT TO CHANGE, AND NEITHER THE DELIVERY OF THE OFFICIAL STATEMENT OR THE FINAL OFFICIAL STATEMENT NOR ANY SALE MADE UNDER EITHER SUCH DOCUMENT SHALL CREATE ANY IMPLICATION THAT THERE HAS BEEN NO CHANGE IN THE AFFAIRS OF THE CITY SINCE THE RESPECTIVE DATES THEREOF. This Official Statement should be considered in its entirety and no one factor considered more or less important than any other by reason of its position in this Official Statement. Where statutes, reports or other documents are referred to herein, reference should be made to such statutes, reports or other documents for more complete information regarding the rights and obligations of parties thereto, facts and opinions contained therein and the subject matter thereof. Any statements made in this Official Statement, including the Appendices, involving matters of opinion or estimates, whether or not so expressly stated, are set forth as such and not as representations of fact, and no representation is made that any of such estimates will be realized. This Official Statement contains certain forward-looking statements and information that are based on the City’s beliefs as well as assumptions made by and information currently available to the City. Such statements are subject to certain risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. IN CONNECTION WITH THE OFFERING, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SECURITIES OFFERED HEREBY AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. (ii) TABLE OF CONTENTS Page BOND ISSUE SUMMARY ........................................................................................................................................................................................................................................................................................................................1 THE SERIES 2021A BONDS .....................................................................................................................................................................................................................................................................................................................2 THE SERIES 2021B BONDS .....................................................................................................................................................................................................................................................................................................................3 CITY OF ELGIN .........................................................................................................................................................................................................................................................................................................................................4

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