Public hearing on revenue bonds for healthcare projects scheduled for April 10, 2026.

NOTICE OF PUBLIC HEARING

Notice is hereby given that on Friday, April 10, 2026, at 9:00 a.m. CT, a public hearing will be held before the Treasurer of the Illinois Finance Authority (the “Authority”), or his designee, in Suite 501 of the law office of Hart, Southworth & Witsman, One North Old State Capitol Plaza, Springfield, Illinois 62701, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended (the “Code”), regarding a plan of finance for the Authority to issue its revenue bonds (the “Bonds”), in one or more series, in a maximum aggregate principal amount of not to exceed $275,000,000. In addition, the public hearing will be simultaneously accessible by residents, taxpayers and other interested persons telephonically on Friday, April 10, 2026, at 9:00 a.m. CT, by dialing into the toll-free telephone conference line number: (844) 875-7777, and entering access code: 5002925.
At the request of Advocate Health, Inc., a Delaware nonprofit nonstock corporation (“Advocate Health”), as the obligated group agent for the Obligated Group (as defined in the Second Amended and Restated Master Trust Indenture dated as of August 1, 2018 (as supplemented and amended, the “Master Indenture”), between Advocate Aurora Health, Inc., a Delaware nonprofit nonstock corporation (“AAH”), Advocate Health and Hospitals Corporation, an Illinois not-for-profit corporation (the “Borrower”), certain Members (as defined in the Master Indenture) of the Obligated Group named therein and U.S. Bank National Association, succeeded by U.S. Bank Trust Company, National Association, as master trustee), the Authority will loan the proceeds of the Bonds to the Borrower.
The proceeds of the Bonds will be used to (1) pay, or reimburse Members of the Obligated Group for paying, a portion of the cost of constructing, furnishing and equipping an expansion of Illinois Masonic Medical Center, including the addition of multiple floors on top of the existing building (the “2026 IMMC Project”), located at 836 W. Wellington Avenue, Chicago, IL 60657; (2) refund all or a portion of the Authority's outstanding Revenue Refunding Bonds, Series 2014 (Advocate Health Care Network) (the “2014 Bonds”); (3) pay a portion of the interest on the Bonds, if deemed desirable by the Members of the Obligated Group; and (4) pay certain expenses incurred in connection with the issuance of the Bonds and the refunding of 2014 Bonds, if deemed desirable by the Members of the Obligated Group. The maximum principal amount of Bonds to be issued to finance the 2026 IMMC Project is $210,000,000. The maximum principal amount of Bonds to be issued to refund 2014 Bonds is $65,000,000.
The proceeds of the 2014 Bonds were used to (1) refund all of the then-outstanding principal amount of the Authority's Revenue Bonds, Series 2007A (Sherman Health Systems) (the “2007A Bonds”), (2) refund a portion of the then-outstanding principal amount of the Authority's Revenue Bonds, Series 2008D (Advocate Health Care Network) (the “2008D Bonds”) and (3) pay certain expenses incurred in connection with the issuance of the 2014 Bonds and the refunding of 2007A Bonds and 2008D Bonds.
The proceeds of the 2007A Bonds were used to (1) pay a portion of the costs of acquiring, constructing and equipping a new replacement hospital facility with approximately 255 beds and related supporting facilities such as power plant, heating and cooling, geothermal lake, office, parking and garage facilities and associated ground work (the “Advocate Sherman Hospital Project”) located on the northeast corner of the intersection of Big Timber Road and Randall Road with a primary address of 1425 N. Randall Road, Elgin, IL 60123; (2) pay a portion of the interest on the 2007A Bonds; (3) fund a debt service reserve fund for the 2007A Bonds and (4) pay certain expenses incurred in connection with the issuance of the 2007A Bonds.
The proceeds of the 2008D Bonds were used to (1) finance or refinance costs of acquiring, constructing, furnishing and equipping certain health care facilities, including the acquisition of what is now known as Advocate Condell Medical Center, and the construction of a new patient tower (the “Advocate Condell Project”), all located on the Advocate Condell Medical Center campus, bordered generally by Milwaukee Avenue to the east, Garfield Avenue to the west, Austin Avenue/Rockland Road/Park Avenue to the north and Golf Road to the south with a primary address of 801 S. Milwaukee Avenue, Libertyville, IL 60048; (2) pay a portion of the interest on the 2008D Bonds; and (3) pay certain expenses incurred in connection with the issuance of the 2008D Bonds.
The initial owner, operator or manager of the 2026 IMMC Project is Advocate North Side Health Network, an Illinois not-for-profit corporation. The initial owner, operator or manager of the Advocate Sherman Hospital Project is Advocate Sherman Hospital, an Illinois not-for-profit corporation, the Borrower and/or Advocate Health Care Network, an Illinois not-for-profit corporation. The initial owner, operator or manager of the Advocate Condell Project is Advocate Condell Medical Center, an Illinois not-for-profit corporation, the Borrower and/or Advocate Health Care Network.
The Bonds will be issued as qualified 501(c)(3) bonds within the meaning of Section 145 of the Code.
The Bonds are special, limited obligations of the Authority, payable solely out of funds to be paid by the Borrower and the other Members of the Obligated Group pursuant to an agreement to be entered into between the Borrower and the Authority and any other revenues and/or other funds pledged and assigned for the payment of the Bonds. The Bonds will not constitute a debt of the Authority, the State of Illinois or any political subdivision thereof within the meaning of any provisions of the Constitution or statutes of the State of Illinois or a pledge of the faith and credit of the Authority, the State of Illinois or any political subdivision thereof or grant to the owners thereof any right to have the Authority, the General Assembly of the State of Illinois or any political subdivision of the State of Illinois levy any taxes or appropriate any funds for the payment of the Bonds. The Authority has no taxing power.
The above notice of public hearing is required by Section 147(f) of the Code. At the time and place set for the public hearing, residents, taxpayers and other interested persons will be given the opportunity to express their views for or against the proposed plan of finance and issuance of the Bonds. In addition, residents, taxpayers and other interested persons that attend the public hearing telephonically by dialing into the toll-free telephone conference line number noted above will be given the opportunity to express their views for or against the proposed plan of finance and the issuance of the Bonds at a designated point in the public hearing. Written comments may also be submitted to the Treasurer of the Authority via (i) email at publiccomments@il-fa.com or (ii) mail at the Authority's office located at 160 North LaSalle Street, Suite S-1000, Chicago, Illinois 60601 until April 8, 2026.
In accordance with the Americans with Disabilities Act (“ADA”), if any person with a disability as defined by the ADA needs special accommodations to participate in the public hearing, then not later than April 9, 2026, such person should contact the Authority at (312) 651-1300.
NOTICE DATED: April 2, 2026.
ILLINOIS FINANCE AUTHORITY
By: /s/ Mark Meyer                   
Treasurer
Illinois Finance Authority
April 2, 2026 - 
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