THE BONDS ARE SECURED SOLELY AND EXCLUSIVELY BY THE TRUST ESTATE.

Size: px
Start display at page:

Download "THE BONDS ARE SECURED SOLELY AND EXCLUSIVELY BY THE TRUST ESTATE."

Transcription

1 NEW ISSUE Book-Entry Only RATING: S&P A- See RATING herein. In the opinion of Hunton & Williams LLP, Bond Counsel, under current law and subject to conditions described herein under TAX MATTERS, interest on the Series 2012A Bonds (a) will not be included in gross income for Federal income tax purposes, and (b) is not an item of tax preference for purposes of the Federal alternative minimum income tax imposed on individuals and corporations. Interest on the Bonds will not be subject to taxation as income in the State of North Carolina. See TAX MATTERS herein. Dated: Date of Delivery $9,440,000 Housing Authority of the City of Durham Multifamily Housing Revenue Bonds (JFK Towers Project), $8,940,000 Series 2012A $500,000 Taxable Series 2012A-T Due: As shown on inside front cover The Housing Authority of the City of Durham (the Issuer ) is issuing its $8,940,000 Multifamily Housing Revenue Bonds (JFK Towers Project), Series 2012A (the Series 2012A Bonds ) and $500,000 Multifamily Housing Revenue Bonds (JFK Towers Project), Taxable Series 2012A-T (the Series 2012A-T Bonds and, together with the Series 2012A Bonds, the Bonds ). The principal of and premium, if any, and interest on the Bonds are payable at the designated corporate trust office of The Bank of New York Mellon Trust Company, N.A., as Trustee (the Trustee ), in Indianapolis, Indiana. Interest on the Bonds is payable on June 1 and December 1 of each year, commencing June 1, The Bonds are being issued only as fully registered bonds in the denominations of $5,000 each and integral multiples thereof. The Bonds will be issued in book-entry form only under a global book-entry system operated by The Depository Trust Company, New York, New York ( DTC ), and purchasers will not be entitled to receive certificates representing their Bonds for so long as the global book-entry system is in effect. See THE BONDS-Book Entry-Only System. Principal of and interest on the Bonds will be paid by the Trustee directly to DTC, as the registered owner thereof. Any purchaser as a beneficial owner of a Bond must maintain an account with a broker or dealer who is, or acts through, a DTC Participant to receive payment of the principal of and interest on such Bond. The Bonds are subject to redemption prior to maturity as more fully described herein. The Bonds are being issued pursuant to and secured by a Trust Indenture dated as of December 1, 2012 (the Indenture ) between the Issuer and the Trustee. The proceeds of the Bonds will be loaned to GMF-JFK Towers, LLC, a Tennessee limited liability company (the Borrower ) to finance the cost of the acquisition, renovation and equipping of a 177-unit multifamily rental housing project located in Durham, North Carolina (the Project ), fund a Debt Service Reserve Fund and pay certain costs of issuance of the Bonds. THE BONDS ARE SECURED SOLELY AND EXCLUSIVELY BY THE TRUST ESTATE. NEITHER THE BONDS NOR ANY SUCH OBLIGATION OR AGREEMENT OF THE ISSUER SHALL CONSTITUTE AN OBLIGATION, EITHER GENERAL OR SPECIAL, OF THE STATE, ANY MUNICIPALITY OR ANY OTHER POLITICAL SUBDIVISION OF THE STATE OR CONSTITUTE OR GIVE RISE TO ANY PECUNIARY LIABILITY OF THE STATE, ANY MUNICIPALITY OR ANY OTHER POLITICAL SUBDIVISION OF THE STATE; NOR SHALL THE ISSUER HAVE THE POWER TO PLEDGE THE GENERAL CREDIT OR TAXING POWER OF THE STATE, ANY MUNICIPALITY OR ANY OTHER POLITICAL SUBDIVISION OF THE STATE. NEITHER THE MEMBERS OF THE GOVERNING BODY OF THE ISSUER, THE LGC OR ANY MEMBER OR EMPLOYEE THEREOF, NOR ANY PERSON EXECUTING THE BONDS SHALL BE PERSONALLY LIABLE ON THE BONDS OR BE SUBJECT TO ANY PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THE ISSUANCE THEREOF. INVESTMENT IN THE BONDS INVOLVES A SIGNIFICANT DEGREE OF RISK AND EACH PROSPECTIVE INVESTOR SHOULD CONSIDER ITS FINANCIAL CONDITION AND THE RISKS INVOLVED TO DETERMINE THE SUITABILITY OF INVESTING IN THE BONDS. SEE RISK FACTORS AND INVESTMENT CONSIDERATIONS HEREIN. The Bonds are payable solely from and are secured by a pledge and assignment of the Trust Estate (as defined in the Indenture), including (i) Loan Payments made by the Borrower pursuant to the Loan Agreement dated as of December 1, 2012, among the Issuer, the Borrower and the Trustee (the Loan Agreement or the Agreement ), (ii) the Loan Agreement, the Note and the Mortgage (each as defined in the Indenture) (except for Reserved Rights of the Issuer), (iii) the Collateral Assignment of HAP Contract (as defined in the Indenture), (iv) the Collateral Assignment of Management Agreement (as defined in the Indenture) (v) all moneys and securities from time to time held by the Trustee under the terms of the Indenture (except as specifically set forth therein), and (vi) any and all other real and personal property from time to time thereafter by delivery or by writing of any kind, pledged, assigned or transferred as and for additional security for the Bonds pursuant to the Indenture. The Loan Agreement is secured by the Mortgage, which includes a pledge of Project Revenues (as defined in the Indenture). See SECURITY AND SOURCES OF PAYMENT FOR THE BONDS herein. The Bonds are offered when, as, and if issued by the Issuer, subject to prior sale, withdrawal or modification of the offer without notice and subject to the approval of legality by Hunton & Williams LLP, Raleigh, North Carolina, Bond Counsel. Certain legal matters will be passed upon for the Issuer by its counsel, The Banks Law Firm, P.A., Durham, North Carolina, for the Borrower and its sole member by their counsel, Glankler Brown, PLLC, Memphis, Tennessee and their local counsel Hunton & Williams LLP, Raleigh, North Carolina and for the Underwriter by Peck, Shaffer & Williams LLP. It is expected that delivery of the Bonds will be made against payment therefor through the facilities of DTC on or about December 7, This cover page contains limited information for reference only. It is not a summary of the issue. The entire Official Statement, including the Appendices, must be read to make an informed investment decision. Date: November 20, 2012

2 MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES AND PRICES SERIES 2012A BONDS Maturity Date Principal Amount Interest Rate Price CUSIP December 1, 2035 $3,800, % % AD6 December 1, 2047 $5,140, % % AE4 SERIES 2012A-T BONDS Maturity Date Principal Amount Interest Rate Price CUSIP June 1, 2017 $500, % 99.00% AF1

3 No dealer, broker, salesman, or other person has been authorized by the Borrower or the Issuer to give any information or to make any representation with respect to the Bonds, other than as contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by the Borrower or the Issuer. This Official Statement does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person, in any jurisdiction in which it is unlawful for such person to make such offer, solicitation, or sale. The information set forth herein has been obtained from the Borrower and other sources which are believed to be reliable but is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Borrower or the Issuer. The information regarding DTC has been obtained from DTC, but is not guaranteed as to accuracy or completeness by the Borrower. The Underwriter has provided the following sentence for inclusion in this Official Statement: The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall under any circumstances create any implication that there has been no change in the information or opinions set forth herein after the date of this Official Statement. This Official Statement does not constitute a contract between the Issuer, the Borrower or the Underwriter and any one or more of the purchasers or registered Holders of the Bonds. CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by Standard & Poor s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. The Issuer has not substantively prepared or assisted in the preparation of this Official Statement except for the statements under the captions THE ISSUER and LITIGATION Issuer. The Issuer has reviewed and approved for use within the Official Statement only the information contained herein under such captions. This Official Statement contains forward-looking information within the meaning of the federal securities laws. The forward-looking information includes statements concerning the Borrower s outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. Forward-looking information and statements are subject to many risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements. These risks and uncertainties include the availability and amount of governmental reimbursements, appropriations, the competitive environment and related market conditions, operating efficiencies, access to capital, the cost of compliance with environmental and health standards, litigation and other risks and uncertainties described herein under RISK FACTORS AND INVESTMENT CONSIDERATIONS and readers are cautioned not to place undue reliance on forward-looking statements because actual results may differ materially from those expressed in, or implied by, the statements. Any forward-looking statement made in this Official Statement speaks only as of the date of such statement, and the Borrower and the Issuer undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The Bonds have not been registered under the Securities Act of 1933, and the Indenture has not been qualified under the Trust Indenture Act of 1939, in reliance on exemptions contained in such Acts. THE BONDS HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE REGISTRATION, QUALIFICATION OR EXEMPTION OF THE BONDS IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAW PROVISIONS OF THE JURISDICTIONS IN WHICH THESE SECURITIES HAVE BEEN REGISTERED, QUALIFIED OR EXEMPTED SHOULD NOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THESE JURISDICTIONS NOR ANY OF THEIR AGENCIES HAVE GUARANTEED OR PASSED UPON THE SAFETY OF THE BONDS AS AN INVESTMENT, UPON THE PROBABILITY OF ANY EARNINGS THEREON OR UPON THE ACCURACY OR ADEQUACY OF THIS OFFICIAL STATEMENT. CUSIP numbers have been assigned by an independent company not affiliated with the Issuer, the Borrower or the Underwriter and are included solely for the convenience of the holders of the Bonds. None of the Issuer, the Borrower or the Underwriter are responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of the Bonds.

4 IN CONNECTION WITH THE OFFERING OF THE BONDS, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME, AND IF CONTINUED, MAY BE RECOMMENCED AT ANY TIME. [Remainder of page intentionally left blank]

5 TABLE OF CONTENTS Page INTRODUCTORY STATEMENT... 1 THE BONDS... 4 General Description... 4 Transfer and Exchange of the Bonds... 4 Book-Entry-Only System... 4 Revision of Book-Entry-Only System... 6 Mandatory Redemption of Bonds... 7 Optional Redemption of Bonds... 7 Mandatory Sinking Fund Redemption... 7 Selection of Bonds to be Redeemed... 9 Notice of Redemption... 9 Payment of Redemption Price... 9 No Partial Redemption After Default SECURITY AND SOURCES OF PAYMENT FOR THE BONDS Trust Estate Limited Obligations of Issuer Repayment of Loan The Mortgage Assignment of Housing Assistance Payments Operation of the Project Rate Covenant Debt Service Reserve Fund No Credit Enhancement Facility Other Covenants of the Borrower Issuance of Additional Bonds THE ISSUER THE BORROWER AND THE PROJECT The Borrower The Sole Member The Project HAP Contract Limitation on Obligations of the Borrower The Manager The Asset Manager Prior Operating History Occupancy Pro Forma Financial Projection Environmental Assessment Physical Needs Assessment Project Regulation Insurance APPRAISAL SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM The HAP Contract Eligible Tenants Adjustments in Contract Rents Abatement of Housing Assistance Payments Default; Remedies upon Default Possible Changes to Section 8 Program ESTIMATED SOURCES AND USES OF FUNDS FORWARD-LOOKING STATEMENTS RISK FACTORS AND INVESTMENT CONSIDERATIONS i

6 Limited Obligations of Issuer Limited Repayment Obligations of Borrower; Security for Repayment The Borrower and Related Parties; Conflicts of Interest Future Project Revenues and Expenses Risks of Real Estate Investment Housing Assistance Payment Risks Real Estate Tax Exemption Marketing and Management Effect of Increases in Operating Expenses Project Risks Appraisal Financial Projections Limitation on Acceleration of the Bonds Risk of Early Redemption Risk of Loss Upon Redemption Specific Tax Covenants of Borrower and Rental Restrictions Taxation of the Tax-Exempt Bonds Federal Income Tax Matters; 501(c)(3) Status of Borrower Possible Consequence of Tax Compliance Audit Incurrence of Additional Indebtedness Debt Service Reserve Fund Bankruptcy of the Borrower Enforceability of Remedies; Prior Claims Secondary Market and Prices Credit Ratings Property Condition Report Environmental Conditions Insurance; Uninsured Losses Other Possible Risk Factors Summary LITIGATION Issuer Borrower APPROVAL OF LEGAL MATTERS TAX MATTERS RATING UNDERWRITING CONTINUING DISCLOSURE MISCELLANEOUS Signature Page... S-1 APPENDIX A DEFINITIONS OF CERTAIN TERMS... A-1 APPENDIX B SUMMARIES OF CERTAIN PROVISIONS OF THE PRINCIPAL DOCUMENTS... B-1 APPENDIX C FORM OF BOND COUNSEL OPINION... C-1 APPENDIX D PRO FORMA FINANCIAL PROJECTIONS... D-1 APPENDIX E HISTORICAL FINANCIAL STATEMENT... E-1 ii

7 OFFICIAL STATEMENT relating to the original issuance of $9,440,000 Housing Authority of the City of Durham Multifamily Housing Revenue Bonds (JFK Towers Project), $8,940,000 Series 2012A $500,000 Taxable Series 2012A-T INTRODUCTORY STATEMENT This Official Statement, including the cover page and the Appendices hereto, is provided to furnish information in connection with the original issuance by the Housing Authority of the City of Durham (the Issuer ) of its $8,940,000 Multifamily Housing Revenue Bonds (JFK Towers Project), Series 2012A (the Series 2012A Bonds ) and $500,000 Multifamily Housing Revenue Bonds (JFK Towers Project), Taxable Series 2012A-T (the "Series 2012A-T Bonds" and, together with the Series 2012A Bonds, the Series 2012 Bonds or the Bonds ). The Series 2012A Bonds are sometimes referred to herein as the Tax-Exempt Bonds. The Bonds are being issued pursuant to the provisions of Chapter 157 of the North Carolina General Statutes (the Act ), and under the terms of a Trust Indenture dated as of December 1, 2012 (the Indenture ), between the Issuer and The Bank of New York Mellon Trust Company, N.A., Indianapolis, Indiana, as Trustee (the Trustee ). This introduction is not a summary of this Official Statement. It is only a brief description of and guide to, and is qualified by, more complete and detailed information contained in the entire Official Statement, including the cover page and Appendices hereto, and the documents summarized or described herein. A full review should be made of the entire Official Statement. The offering of Bonds to potential investors is made only by means of the entire Official Statement. For the definitions of certain other terms used in this Official Statement and not otherwise defined herein, see APPENDIX A DEFINITIONS OF CERTAIN TERMS hereto. The Bonds will be issued in the amounts, will be dated, will bear interest at the respective rates and will be payable on the dates and will mature on the respective dates set forth on the inside cover page of this Official Statement. The Bonds are subject to redemption as described herein under the caption THE BONDS Mandatory Redemption of Bonds; Optional Redemption of Bonds; and Mandatory Sinking Fund Redemption. For a more complete description of the Bonds, see THE BONDS herein. The Bonds are being issued by the Issuer to make a loan to GMF-JFK Towers, LLC (the Borrower ), a Tennessee limited liability company, whose sole member is GMF-Preservation of Affordability Corp. (the Sole Member ), a Tennessee not for profit corporation which has been determined to be exempt from income taxation pursuant to Section 501(c)(3) of the Internal Revenue Code of 1986, as amended (the Code ). The Loan will be made pursuant to a Loan Agreement dated as of December 1, 2012 (the Loan Agreement ), among the Issuer, the Borrower and the Trustee, and will be used to (i) finance the cost of the acquisition, renovation and equipping by the Borrower of a 177-unit multifamily rental housing project for seniors located in Durham, North Carolina (the Project ), including the building, furniture, fixtures and equipment comprising such facility and including the real property upon which such building and other items are located, (ii) pay a portion of the costs of issuance of the Bonds, and (iii) fund the Debt Service Reserve Fund. See the caption SECURITY AND SOURCES OF PAYMENT FOR THE BONDS and ESTIMATED SOURCES AND USES OF FUNDS. The Borrower is obligated under the Loan Agreement to make payments (the Loan Payments ) in such amounts and at such times as will be sufficient to pay, when due, the principal of, premium, if any, and interest on

8 the Bonds as well as pay certain other fees and expenses in connection with the Bonds. As evidence of its obligations to make the Loan Payments with respect to the Bonds, the Borrower will execute and deliver to the Trustee a Promissory Note (the Note ). The Borrower s obligations under the Note and the Loan Agreement will be secured by (i) a Deed of Trust, Assignment of Rents and Security Agreement (the Mortgage ), dated as of December 1, 2012, from the Borrower to a deed of trustee named therein for the benefit of the Trustee, for the benefit of the Holders of the Bonds, which document creates a first priority mortgage lien on, and security interest in, the Project and pledge of Project Revenues (as defined herein) and other property as described in the Mortgage, subject only to certain Permitted Encumbrances identified therein and (ii) an Assignment of Housing Assistance Payments Contract and Payments (the Collateral Assignment of HAP Contract ) irrevocably pledging and assigning certain rights and interest under the HAP Contract (as defined below) from the Borrower to the Trustee. See SECURITY AND SOURCES OF PAYMENT FOR THE BONDS The Mortgage, and Assignment of Housing Assistance Payments herein. The Bonds are secured by the Trust Estate created in the Indenture which includes all right, title and interest of the Issuer in and to (i) Loan Payments pursuant to the Loan Agreement, (ii) the Loan Agreement (except for Reserved Rights of the Issuer), the Note, the Mortgage and the Regulatory Agreement, (iii) the Collateral Assignment of HAP Contract, and the Collateral Assignment of Management Agreement, (iv) all moneys and securities from time to time held by the Trustee under the terms of the Indenture (except as specifically set forth therein), (v) any and all other real and personal property from time to time thereafter by delivery or by writing of any kind conveyed, mortgaged, pledged, assigned or transferred as and for additional security for the Bonds by the Issuer or by anyone on its behalf or with its written consent to the Trustee, which is thereby authorized to receive any and all such property at any and all times and to hold and apply the same subject to the terms of the Indenture as additional security for the Bonds and (vi) all of the right, title and interest of the Issuer in and to all of the proceeds of (i) through (v) above. The Loan Agreement is secured by the Mortgage, which includes a pledge of Project Revenues (as defined in the Indenture). See SECURITY AND SOURCES OF PAYMENT FOR THE BONDS herein. Pursuant to the provisions of Section 8 of the United States Housing Act of 1937, as amended (the U.S. Housing Act ), the United States of America acting through the Department of Housing and Urban Development ( HUD ) and the North Carolina Housing Finance Agency (the Administrator ) has entered into a Housing Assistance Payments Full Mark-to-Market Renewal Contract (the HAP Contract ) with JFK Associates, the Seller of the Project (the Seller ), with a term beginning on August 1, 2004 and effective for a period of twenty (20) years. The Seller will assign the HAP Contract to the Borrower upon receiving the consent to such assignment from HUD at the closing of the Bonds. Subject to the terms of the HAP Contract, the Borrower will be entitled to receive certain payments from HUD ( Housing Assistance Payments ) with respect to all of the Project units (the Section 8 Units ) occupied by low-income families eligible to receive rental assistance under Section 8 of the U.S. Housing Act. See SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM. Under the Collateral Assignment of HAP Contract, the Borrower will provide for the Housing Assistance Payments to be paid directly to the Trustee in accordance with the Indenture. The amount of the Housing Assistance Payments equals the difference between rent permitted by the HAP Contract ( Contract Rents ) for Section 8 Units and that portion of the rent paid by tenants, up to the maximum aggregate annual amount established by the HAP Contract (which amount may be exceeded under certain circumstances and may be increased or decreased by HUD pursuant to the HAP Contract). The tenant-paid portion of Contract Rents (the Tenant Rents ) is limited to 30% of the tenant s adjusted gross income. Contract Rents are established by HUD and are adjusted at least annually. See SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM. The HAP Contract is currently scheduled to expire on July 31, 2024 or upon the happening of certain events, at which time a substantial portion of the Bonds is expected to be outstanding. There is no assurance that HUD will extend the term of the HAP Contract beyond July 31, 2024 or that upon the expiration of the HAP Contract any other HUD subsidy program will be available to the Borrower or the Project. See the captions SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM and RISK FACTORS AND INVESTMENT CONSIDERATIONS Housing Assistance Payments Risk Scheduled Termination of Housing Assistance Payments herein. 2

9 Concurrently with the issuance of the Bonds, the Borrower will enter into a management agreement (the Management Agreement ) with Multifamily Management Inc., Mobile, Alabama (the Manager ). The Borrower s obligations under the Loan Agreement, the Note and the Mortgage are limited, nonrecourse obligations and the Borrower has no obligation to make payments of amounts due under the Loan Agreement except from Project Revenues and from amounts held in the Funds and Accounts created under the Indenture and the security provided by the Mortgage. No other revenues or assets of the Borrower will be available for the payment of, or as security for, the Bonds. The right of the Issuer to collect and receive payments under the Loan Agreement has been assigned to the Trustee under the Indenture for the benefit of the Holders. No assets or other revenues of the Issuer are or will be available for the payment of, or as security for, the Bonds. The Series 2012A Bonds will be issued as qualified 501(c)(3) bonds as defined in Section 145 of the Code. Although the Borrower is not an organization described in Section 501(c)(3) of the Code, in the opinion of Glankler Brown, PLLC, counsel to the Borrower and the Sole Member, the Borrower should be disregarded as an entity separate from its owner, the Sole Member, for federal income tax purposes. Consequently, the Borrower should be treated as a part of the Sole Member, which is a 501(c)(3) entity, for federal income tax purposes. Additionally, in order for the Series 2012A Bonds to be treated as qualified 501(c)(3) bonds, the Project must meet certain occupancy restrictions set forth in Section 142(d) and Section 145(d) of the Code. Therefore, the Borrower s operation of the Project will be subject to the terms and restrictions of a Regulatory Agreement and Declaration of Restrictive Covenants dated as of December 1, 2012, entered into among the Issuer, the Borrower and the Trustee (the Regulatory Agreement ) which, among other things, will require that for the Qualified Project Period (as defined in the Regulatory Agreement), at least 40% of the dwelling units in the Project be occupied by Low Income Tenants, defined as families or individuals whose income does not exceed 60% (adjusted for family size) of the median gross income for the area in which the Project is located. Furthermore, the Borrower will be obligated to operate the Project in accordance with Revenue Procedure issued by the Internal Revenue Service in order to maintain the Sole Member s status as an entity described in Section 501(c)(3) of the Code. The terms of the Regulatory Agreement will therefore require that for so long as the Borrower is the owner of the Project, at least 75% of the dwelling units in the Project be occupied by families of moderate income (the Moderate Income Tenants ), defined as families or individuals whose income does not exceed 80% of the median gross income for the metropolitan statistical area that includes the City of Durham, North Carolina (currently the Durham-Chapel Hill MSA), as adjusted for family size. The Borrower has also covenanted under the Regulatory Agreement that so long as the Borrower is the owner of the Project, it will restrict rents of Moderate Income Tenants to rental rates which are determined to be affordable and the Borrower will limit rental rates (excluding tenant paid utilities) for those tenants to a level that does not exceed 30% of 80% of the area median gross income for the applicable metropolitan statistical area, adjusted for family size. The Regulatory Agreement will have the effect of reducing the potential universe of tenants eligible to reside in the Project. See THE BORROWER AND THE PROJECT Project Regulation and RISK FACTORS AND INVESTMENT CONSIDERATIONS Project Risks; Rental Housing Requirements herein and APPENDIX B SUMMARIES OF CERTAIN PROVISIONS OF THE PRINCIPAL DOCUMENTS THE REGULATORY AGREEMENT herein. In addition to the extensive Project Regulation imposed by the Regulatory Agreement, additional requirements are imposed under the HAP Contract. See THE BORROWER AND THE PROJECT Project Regulation and SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM herein. The Sole Member will have no liability on account of financial obligations of the Borrower under the Loan Agreement and the Note or the other Bond Documents. The Sole Member will enter into certain other of the Loan Documents for the sole purpose of agreeing to comply with the tax covenants therein, but the Trustee s recourse against the Sole Member for any violation of these covenants will be limited to the Sole Member s interest in the Borrower. The Bonds are subject to mandatory, extraordinary and optional redemption as described herein. See THE BONDS herein. 3

10 AN INVESTMENT IN THE BONDS IS SPECULATIVE, AND INVOLVES A SIGNIFICANT DEGREE OF RISK, INCLUDING, AMONG OTHERS, RISKS ASSOCIATED WITH THE LIMITED SOURCE OF PAYMENT FOR THE BONDS AND VARIOUS REAL ESTATE AND OPERATING RISKS. PROSPECTIVE PURCHASERS SHOULD CAREFULLY CONSIDER THE STATEMENTS AND INFORMATION CONTAINED IN THIS OFFICIAL STATEMENT, INCLUDING THE MATERIAL UNDER THE CAPTION RISK FACTORS AND INVESTMENT CONSIDERATIONS. This Official Statement and the Appendices attached hereto contain descriptions of, among other matters, the Bonds, the Borrower, the Project, the Manager, the Indenture, the Loan Agreement, the Mortgage, the Collateral Assignment of HAP Contract, the Management Agreement, the Regulatory Agreement and the Continuing Disclosure Agreement. Such descriptions and information do not purport to be comprehensive or definitive. Definitions of certain terms and words used in this Official Statement and not otherwise defined are set forth in the Indenture. All references herein to any agreements are qualified in their entirety by reference to such agreements and documents, and all references herein to the Bonds are qualified in their entirety by reference to the forms thereof included in the Indenture. Copies of such agreements and all other documents referenced herein are available to the recipient of this Official Statement during the initial offering period by contacting the Underwriter. THE BONDS The Bonds are available in book-entry only form. See Book-Entry-Only System below. So long as Cede & Co., as nominee of The Depository Trust Company ( DTC ), is the registered owner of the Bonds, references herein to the Bondholders or holders or Holders or registered owners of the Bonds means Cede & Co. and not the beneficial owners of the Bonds. General Description The Series 2012 Bonds are issuable as fully registered bonds without coupons in denominations of $5,000 each and integral multiples thereof. The Bonds will be dated their date of delivery. The Bonds will bear interest at the rates, and will mature on the dates and in the amounts, all as set forth on the inside cover page of this Official Statement. Interest on the Bonds will be payable semiannually on each June 1 and December 1 of each year (the Interest Payment Dates ) commencing June 1, 2013, and be payable as to principal on the dates and in the amounts as set forth in the Indenture. Interest shall be computed on the basis of a year of 360 days and twelve 30-day months. Each Bond shall bear interest from the Interest Payment Date preceding the date of authentication thereof, unless the date of such authentication is after the fifteenth day (whether or not a Business Day) of the calendar month preceding the applicable Interest Payment Date (the Record Date ), in which case it will bear interest from the next succeeding Interest Payment Date, or unless no interest has been paid on such Bond, in which case from its date of delivery; provided, however, that if at the time of registration of any Bond the interest thereon is in default, as shown by the records of the Trustee, such Bond shall bear interest from the date to which interest has been paid in full. Transfer and Exchange of the Bonds So long as the Bonds are in book-entry only form, Cede & Co., as nominee of DTC, will be the sole registered owner of the Bonds. Transfers of beneficial interests in the Bonds will be made as described below under Book-Entry-Only System. Book-Entry-Only System The following has been provided by DTC for use herein. While the information is believed to be reliable, none of the Issuer, the Trustee, the Borrower or the Underwriter, subject to the standard of review found on the inside cover hereof, nor any of their respective counsel, sole members, officers or employees, make any representations as to the accuracy or sufficiency of such information. 4

11 The Depository Trust Company ("DTC"), New York, NY, will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for each issue of the Bonds, each in the aggregate principal amount of such issue, and will be deposited with DTC. DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-u.s. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC's participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized bookentry transfers and pledges between Direct Participants' accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of each Bond ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued. To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC's records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them. 5

12 Redemption notices shall be sent to DTC. If less than all of the Bonds within an issue are being redeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to securities unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds and distributions on the Bonds will be made to Cede &. Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from Issuer or Trustee, on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name," and will be the responsibility of such Participant and not of DTC, Trustee, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to Issuer or Trustee. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered. The Issuer may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC. The information under this heading concerning DTC and DTC s book entry system has been obtained from sources that the Issuer believes to be reliable, but the Issuer takes no responsibility for the accuracy thereof. NEITHER THE ISSUER NOR THE TRUSTEE WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO DTC PARTICIPANTS, BENEFICIAL OWNERS OR OTHER NOMINEES OF SUCH BENEFICIAL OWNERS FOR (A) THE ACCURACY OF ANY RECORDS MAINTAINED BY DTC OR ANY PARTICIPANT; (B) THE PAYMENT BY DTC OR BY ANY PARTICIPANT OF ANY AMOUNT DUE TO ANY BENEFICIAL OWNER IN RESPECT OF THE PRINCIPAL AMOUNT OR REDEMPTION OR PURCHASE PRICE OF, OR INTEREST ON, ANY BONDS; (C) THE SELECTION OF THE PARTICIPANTS OR THE BENEFICIAL OWNERS TO RECEIVE PAYMENT IN THE EVENT OF ANY PARTIAL REDEMPTION OF THE BONDS; OR (D) ANY CONSENT GIVEN OR ANY OTHER ACTION TAKEN BY DTC OR ANY PARTICIPANT. THE ISSUER AND THE TRUSTEE CANNOT AND DO NOT GIVE ANY ASSURANCES THAT DTC, DIRECT PARTICIPANTS OR OTHERS WILL DISTRIBUTE ANY NOTICES TO THE BENEFICIAL OWNERS OR THAT THEY WILL DO SO ON A TIMELY BASIS, OR THAT DTC WILL ACT IN A MANNER DESCRIBED IN THIS OFFICIAL STATEMENT. Revision of Book-Entry-Only System In the event that either: (i) the Issuer receives notice from DTC to the effect that DTC is unable or unwilling to discharge its responsibilities as a clearing agency for the Bonds or (ii) the Issuer elects to discontinue its use of DTC as a clearing agency for the Bonds, then the Issuer and the Trustee will do or perform or cause to be done or performed all acts or things, not adverse to the rights of the holders of the Bonds, as are necessary or appropriate to discontinue use of DTC as a clearing agency for the Bonds and to transfer the ownership of each of the Bonds to such person or persons, including any other clearing agency, as the holder of such Bonds may direct in accordance with the Indenture. Any expense of such a discontinuation and transfer, including any expenses of printing new certificates to evidence the Bonds, will be paid by the Borrower. 6

13 Mandatory Redemption of Bonds Bonds of each Series shall be called for redemption (1) in whole or in part in the event the Project or any portion thereof is damaged or destroyed or taken in a condemnation proceeding and Net Proceeds resulting therefrom are to be applied to the payment of the Series 2012 Note as provided in the Loan Agreement and the Borrower pursuant to the Loan Agreement has elected to use the Net Proceeds to redeem Bonds of such Series, (2) in whole in the event the Borrower exercises its option to terminate the Loan Agreement due to the events permitting termination listed therein, (3) in whole or in part from proceeds of the Title Policy pursuant to the Loan Agreement or (4) in whole in the event the Borrower is required to prepay the Loan following a Default under the Loan Agreement. See APPENDIX B SUMMARIES OF CERTAIN PROVISIONS OF THE PRINCIPAL DOCUMENTS THE LOAN AGREEMENT. If called for redemption at any time pursuant to (1) through (4) above, the Bonds of each Series to be redeemed shall be subject to redemption by the Issuer prior to maturity, in whole at any time or (in the case of redemption pursuant to clause (1) or (3) above) in part at any time (less than all of such Bonds to be selected in accordance with the provisions of the Indenture (as described under the caption Selection of Bonds to be Redeemed below)) at a redemption price equal to 100% of the principal amount thereof plus accrued interest to the redemption date; such redemption date to be a date determined by the Borrower, and in the case of redemption pursuant to clause (4) above, to be the earliest practicable date, as determined by the Trustee, following acceleration of amounts due under the Loan Agreement. Optional Redemption of Bonds Except as set forth below, the Series 2012A Bonds are subject to optional redemption by the Issuer, at the direction of the Borrower, on or after December 1, 2022, in whole or in part at any time, at a redemption price equal to the principal amount of the Bonds to be redeemed plus accrued interest to the date of redemption. Mandatory Sinking Fund Redemption The Series 2012A Bonds are subject to mandatory sinking fund redemption at a redemption price equal to 100% of the principal amount thereof plus accrued interest on June 1 and December 1 of each year and in the principal amounts shown below: 7

14 SERIES 2012A BONDS MATURING DECEMBER 1, 2035 Redemption Date Principal Redemption Date Principal December 1, 2017 $65,000 June 1, 2027 $100,000 June 1, 2018 $65,000 December 1, 2027 $105,000 December 1, 2018 $65,000 June 1, 2028 $105,000 June 1, 2019 $65,000 December 1, 2028 $110,000 December 1, 2019 $75,000 June 1, 2029 $115,000 June 1, 2020 $70,000 December 1, 2029 $115,000 December 1, 2020 $75,000 June 1, 2030 $115,000 June 1, 2021 $75,000 December 1, 2030 $125,000 December 1, 2021 $80,000 June 1, 2031 $125,000 June 1, 2022 $80,000 December 1, 2031 $125,000 December 1, 2022 $80,000 June 1, 2032 $130,000 June 1, 2023 $80,000 December 1, 2032 $135,000 December 1, 2023 $90,000 June 1, 2033 $135,000 June 1, 2024 $90,000 December 1, 2033 $140,000 December 1, 2024 $90,000 June 1, 2034 $145,000 June 1, 2025 $90,000 December 1, 2034 $145,000 December 1, 2025 $95,000 June 1, 2035 $150,000 June 1, 2026 $95,000 December 1, 2035 (maturity) $155,000 December 1, 2026 $100,000 SERIES 2012A BONDS MATURING DECEMBER 1, 2047 Redemption Date Principal Redemption Date Principal June 1, 2036 $160,000 June 1, 2042 $220,000 December 1, 2036 $160,000 December 1, 2042 $215,000 June 1, 2037 $170,000 June 1, 2043 $230,000 December 1, 2037 $170,000 December 1, 2043 $225,000 June 1, 2038 $175,000 June 1, 2044 $240,000 December 1, 2038 $180,000 December 1, 2044 $240,000 June 1, 2039 $190,000 June 1, 2045 $250,000 December 1, 2039 $185,000 December 1, 2045 $250,000 June 1, 2040 $195,000 June 1, 2046 $260,000 December 1, 2040 $195,000 December 1, 2046 $265,000 June 1, 2041 $205,000 June 1, 2047 $280,000 December 1, 2041 $205,000 December 1, 2047 (maturity) $275,000 The Series 2012A-T Bonds are subject to mandatory sinking fund redemption at a redemption price equal to 100% of the principal amount thereof plus accrued interest on June 1 and December 1 of each year in the principal amounts shown below: SERIES 2012A-T BONDS MATURING JUNE 1, 2017 Redemption Date Principal Redemption Date Principal June 1, 2013 $50,000 December 1, 2015 $55,000 December 1, 2013 $50,000 June 1, 2016 $60,000 June 1, 2014 $55,000 December 1, 2016 $60,000 December 1, 2014 $55,000 June 1, 2017 (maturity) $60,000 June 1, 2015 $55,000 8

15 Selection of Bonds to be Redeemed Bonds may be redeemed only in Authorized Denominations. The Bonds shall be redeemed as described above under Optional Redemption of Bonds at the written direction of a Borrower Representative by written notice to the Issuer, at least 45 days prior to the date fixed for redemption. If less than all of the Bonds of a Series are being redeemed as described above under Optional Redemption of Bonds, the principal amount of such Bonds to be redeemed shall be designated by a Borrower Representative in writing to the Trustee at least 45 days prior to the date fixed for redemption. If Bonds are to be redeemed as described above under Mandatory Redemption of Bonds, the Series 2012A-T Bonds may be selected for redemption only to the extent that a Borrower Representative shall provide an opinion of Bond Counsel addressed to the Issuer and the Trustee to the effect that redemption of Series 2012A-T Bonds in the proposed amount will not cause interest on the Tax Exempt Bonds to be includable in the gross income of the Holders thereof for purposes of federal income taxation. If less than all of the Bonds of a Series are being redeemed (other than as described above under Mandatory Sinking Fund Redemption ), the Bonds of a particular Series shall be chosen (and the mandatory sinking schedule shall be adjusted) on a pro rata basis from among all maturities within such Series then outstanding based on the aggregate principal amount of such Series then outstanding, and within a maturity of a Series by lot. In the case of a partial redemption of Bonds by lot each unit of face value of principal thereof equal to $5,000 (each such $5,000 unit is hereinafter referred to as an Integral Unit ) shall be treated as though it were a separate Bond in the amount of such Integral Unit. If it is determined that one or more, but not all of the Integral Units represented by a Bond are to be called for redemption, then upon notice of redemption of an Integral Unit or Integral Units of Bonds, the Holder of that Bond shall surrender the bond to the Trustee (a) for payment of the redemption price of the Integral Unit or Integral Units of Bonds called for redemption (including without limitation, the interest accrued to the date fixed for redemption and any premium), and (b) for issuance, without charge to the Holder thereof, of a new Bond of the same Series, which shall be an Authorized Denomination, aggregating a principal amount equal to the unmatured and unredeemed portion of, and bearing interest at the same rate and maturing on the same date as, the Bond surrendered. If the Holder of any Bond or Integral Unit selected for redemption shall fail to present such Bond to the Trustee for payment and exchange as aforesaid, such Bond shall, nevertheless, become due and payable on the date fixed for redemption to the extent of the amount called for redemption (and to that extent only), and interest shall cease to accrue from the date fixed for redemption. Notice of Redemption In the event any of the Bonds are called for redemption, the Trustee shall give notice, in the name of the Issuer, of the redemption of such Bonds, which notice shall (i) specify the Bonds to be redeemed, the redemption date, the redemption price and the place or places where amounts due upon such redemption will be payable (which shall be the designated corporate trust office of the Trustee) and, if less than all of the Bonds are to be redeemed, the numbers of the Bonds, and the portions of the Bonds, to be so redeemed, (ii) state any condition to such redemption, including any redemption premium, and (iii) state that on the redemption date, and upon satisfaction of any such condition, the Bonds to be redeemed shall cease to bear interest. Such notice may set forth any additional information relating to such redemption. Such notice shall be given by Mail to the Holders of the Bonds to be redeemed, at least thirty (30) days but no more than sixty (60) days prior to the date fixed for redemption. If a notice of redemption shall be unconditional, or if the conditions of a conditional notice of redemption shall have been satisfied, then upon presentation and surrender of the Bonds so called for redemption at the place or places of payment, such Bonds shall be redeemed. The Trustee may give any other or additional redemption notice as it deems necessary or desirable. Any Bonds which have been duly selected for redemption and which are deemed to be paid in accordance with the Indenture shall cease to bear interest on the specified redemption date. Payment of Redemption Price For the redemption of any of the Bonds, the Issuer shall cause to be deposited in the Special Redemption Account of the applicable Bond Fund, whether out of Project Revenues or any other moneys constituting the Trust Estate, including Net Proceeds available for such purpose pursuant to the Loan Agreement, or otherwise, an amount sufficient to pay the principal of, premium, if any, and interest to become due on the date fixed for such redemption. 9

City of Indianapolis, Indiana $20,500,000 Multifamily Housing Revenue Bonds (GMF-Berkley Common Apartments Project) Senior Series 2010A

City of Indianapolis, Indiana $20,500,000 Multifamily Housing Revenue Bonds (GMF-Berkley Common Apartments Project) Senior Series 2010A NEW ISSUE - Book-Entry Only RATING: Series A "A+" Series B "BBB+" (S&P) SEE 'RATINGS" herein In the opinion of Ice Miller LLP, Indianapolis, Indiana, Bond Counsel, under federal statutes, decisions, regulations

More information

NEW ISSUE Book-Entry Only RATING: S&P A- See RATING herein.

NEW ISSUE Book-Entry Only RATING: S&P A- See RATING herein. NEW ISSUE Book-Entry Only RATING: S&P A- See RATING herein. In the opinion of Peck, Shaffer & Williams LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and judicial decisions

More information

NEW ISSUE Book-Entry Only RATING: A- S&P SEE RATING herein.

NEW ISSUE Book-Entry Only RATING: A- S&P SEE RATING herein. NEW ISSUE Book-Entry Only RATING: A- S&P SEE RATING herein. In the opinion of Jones Walker LLP, Bond Counsel to the Authority (as defined below), under existing law, including current statutes, regulations,

More information

NEW ISSUE Book-Entry Only RATING: S&P A- See RATING herein.

NEW ISSUE Book-Entry Only RATING: S&P A- See RATING herein. NEW ISSUE Book-Entry Only RATING: S&P A- See RATING herein. In the opinion of Peck, Shaffer & Williams LLP, Bond Counsel, based upon an analysis of existing laws, regulations, rulings and judicial decisions

More information

Series B "BBB-" (S&P) SEE 'RATINGS" herein

Series B BBB- (S&P) SEE 'RATINGS herein NEW ISSUE Book Entry Only RATING: Series A "A-" Series B "BBB-" (S&P) SEE 'RATINGS" herein In the opinion of Bond Counsel, under existing statutes, regulations, rulings and judicial decisions, and assuming

More information

$20,735,0000. consisting of

$20,735,0000. consisting of NEW ISSUE Book-Entry Only RATING: A- S&P S SEE RATING herein. In the opinionn of Jones Walker LLP, Cincinnati, Ohio, Bond Counsel to the Issuer (as defined below), under existing laws, regulations, rulings

More information

$27,765,000 BEXAR COUNTY HOUSING FINANCE CORPORATION SENIOR LIVING REVENUE BONDS $845,000 (The Inn at Los Patios. Taxable Series 2011A-T

$27,765,000 BEXAR COUNTY HOUSING FINANCE CORPORATION SENIOR LIVING REVENUE BONDS $845,000 (The Inn at Los Patios. Taxable Series 2011A-T NEW ISSUE Book-Entry Only RATING: S&P Series 2011A A Series 2011A-T A Series 2011B BBB SEE RATINGS herein. In the opinion of Fulbright & Jaworski L.L.P., Bond Counsel, assuming continuing compliance by

More information

$250,000,000. Taxable Bonds Series $250,000, % Bonds due November 15, 2045

$250,000,000. Taxable Bonds Series $250,000, % Bonds due November 15, 2045 NEW-ISSUE BOOK-ENTRY ONLY Ratings: Standard & Poor s: AAMoody s: Aa3 Fitch: AA(See RATINGS herein) $250,000,000 Allina Health System Taxable Bonds Series 2015 $250,000,000 4.805% Bonds due November 15,

More information

$40,350,000. Student Housing Revenue Bonds (USG Real Estate Foundation IV, LLC Project) Series 2016

$40,350,000. Student Housing Revenue Bonds (USG Real Estate Foundation IV, LLC Project) Series 2016 NEW ISSUE BOOK ENTRY ONLY Rating: Moody s: MIG 1 (See RATING herein) The delivery of the Bonds (as defined below) is subject to the opinion of Bond Counsel to the Issuer to the effect that, assuming compliance

More information

VIRGINIA COLLEGE BUILDING AUTHORITY

VIRGINIA COLLEGE BUILDING AUTHORITY NEW ISSUE BOOK ENTRY ONLY Rating: S&P: A (See RATING herein) Assuming compliance with certain covenants and subject to the qualifications described under TAX MATTERS herein, in the opinion of Bond Counsel,

More information

NEW ISSUE BOOK ENTRY ONLY. RATING: S&P: BBB Stable Outlook See: RATING herein

NEW ISSUE BOOK ENTRY ONLY. RATING: S&P: BBB Stable Outlook See: RATING herein NEW ISSUE BOOK ENTRY ONLY RATING: S&P: BBB Stable Outlook See: RATING herein In the opinion of Ballard Spahr LLP, Bond Counsel, interest on the Bonds is excludable from gross income for purposes of federal

More information

OFFICIAL STATEMENT DATED MAY 14, 2014

OFFICIAL STATEMENT DATED MAY 14, 2014 OFFICIAL STATEMENT DATED MAY 14, 2014 NEW ISSUE BOOK ENTRY ONLY RATING: Standard & Poor s: A Stable Outlook See: RATING herein In the opinion of Ballard Spahr LLP, Bond Counsel, interest on the Bonds is

More information

$32,275,000. FHA-Insured Mortgage Revenue Refunding Bonds (St. John s Meadows Project), Series 2007

$32,275,000. FHA-Insured Mortgage Revenue Refunding Bonds (St. John s Meadows Project), Series 2007 NEW ISSUE (see RATING herein) In the opinion of Trespasz & Marquardt LLP, Bond Counsel to the Authority, based on existing statutes, regulations, rulings and court decisions, interest on the Series 2007

More information

Freddie Mac. (See RATINGS herein)

Freddie Mac. (See RATINGS herein) NEW ISSUE-BOOK-ENTRY ONLY RATINGS (S&P): AAA/A-1+ (See RATINGS herein) In the opinion of Jones Hall, A Professional Law Corporation, Bond Counsel, subject to certain qualifications and assumptions described

More information

The date of this Official Statement is December 1, 2015

The date of this Official Statement is December 1, 2015 NEW ISSUE-BOOK ENTRY ONLY RATING: Moody s: MIG-2 See RATINGS herein) In the opinion of Bond Counsel, under existing law and assuming continuous compliance with the applicable provisions of the Internal

More information

Florida Power & Light Company

Florida Power & Light Company NEW ISSUE BOOK-ENTRY ONLY In the opinion of King & Spalding LLP, Bond Counsel, under existing statutes, rulings and court decisions, and under applicable regulations, and assuming the accuracy of certain

More information

George K. Baum & Company

George K. Baum & Company NEW ISSUE BOOK-ENTRY ONLY RATING: S&P: AA SERIES 2010A BANK QUALIFIED In the opinion of Bond Counsel, conditioned on continuing compliance with certain requirements of the Internal Revenue Code of 1986,

More information

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED NOVEMBER 1, 2016

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED NOVEMBER 1, 2016 This Preliminary Limited Offering Memorandum and the information contained herein are subject to change, amendment and completion without notice. Under no circumstances shall this Preliminary Limited Offering

More information

City Securities Corporation

City Securities Corporation NEW ISSUE--BOOK-ENTRY ONLY RATINGS: Moody s: Aaa Standard & Poor s: AA+ See RATINGS herein. In the opinion of Ice Miller LLP, Bond Counsel, conditioned on continuing compliance with the Tax Covenants (as

More information

$53,360,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK PRATT INSTITUTE REVENUE BONDS, SERIES 2016

$53,360,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK PRATT INSTITUTE REVENUE BONDS, SERIES 2016 NEW ISSUE Moody s: A3 (See Ratings herein) Dated: Date of Delivery $53,360,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK PRATT INSTITUTE REVENUE BONDS, SERIES 2016 Due: July 1, as shown below Payment

More information

consisting of: $7,800,000 * TAXABLE ENTERPRISE REVENUE REFUNDING BONDS, SERIES 2011B $1,855,000 * ENTERPRISE REVENUE REFUNDING BONDS, SERIES 2011C

consisting of: $7,800,000 * TAXABLE ENTERPRISE REVENUE REFUNDING BONDS, SERIES 2011B $1,855,000 * ENTERPRISE REVENUE REFUNDING BONDS, SERIES 2011C This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the

More information

PRELIMINARY OFFICIAL STATEMENT DATED MAY 7, 2014

PRELIMINARY OFFICIAL STATEMENT DATED MAY 7, 2014 The information contained in this Preliminary Official Statement is subject to completion and amendment. The Series 2014A Bonds may not be sold nor may an offer to buy be accepted prior to the time the

More information

$3,825,000* SUMMIT AT FERN HILL COMMUNITY DEVELOPMENT DISTRICT

$3,825,000* SUMMIT AT FERN HILL COMMUNITY DEVELOPMENT DISTRICT This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

Polk County, Iowa $12,195,000* General Obligation Refunding Bonds, Series 2018A

Polk County, Iowa $12,195,000* General Obligation Refunding Bonds, Series 2018A Polk County, Iowa $12,195,000* General Obligation Refunding Bonds, Series 2018A (Book Entry Only) (PARITY Bidding Available) DATE: Monday, April 23, 2018 TIME: 1:00 P.M. PLACE: Office of the Board of Supervisors,

More information

$151,945,000 MONROE COUNTY INDUSTRIAL DEVELOPMENT CORPORATION TAX-EXEMPT REVENUE BONDS (THE ROCHESTER GENERAL HOSPITAL PROJECT), SERIES 2017

$151,945,000 MONROE COUNTY INDUSTRIAL DEVELOPMENT CORPORATION TAX-EXEMPT REVENUE BONDS (THE ROCHESTER GENERAL HOSPITAL PROJECT), SERIES 2017 NEW ISSUE Full Book-Entry Standard & Poor s A- (See Rating herein) In the opinion of Harris Beach PLLC, Bond Counsel to the Issuer, based on existing statutes, regulations, court decisions and administrative

More information

Each Series of Bonds is secured by a pledge of the full faith, credit, and taxing power of the State of South Carolina.

Each Series of Bonds is secured by a pledge of the full faith, credit, and taxing power of the State of South Carolina. NEW ISSUE BOOK-ENTRY-ONLY Ratings: Fitch Ratings: AAA Moody s Investors Service, Inc.: Aaa Standard & Poor s Credit Market Services: AA+ In the opinion of Parker Poe Adams & Bernstein LLP, Special Tax

More information

$39,110,000 * BOARD OF TRUSTEES FOR COLORADO MESA UNIVERSITY ENTERPRISE REVENUE AND REVENUE REFUNDING BONDS SERIES 2013

$39,110,000 * BOARD OF TRUSTEES FOR COLORADO MESA UNIVERSITY ENTERPRISE REVENUE AND REVENUE REFUNDING BONDS SERIES 2013 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the

More information

NEW ISSUE - BOOK-ENTRY ONLY

NEW ISSUE - BOOK-ENTRY ONLY NEW ISSUE - BOOK-ENTRY ONLY NOT RATED In the opinion of Squire, Sanders & Dempsey L.L.P., Bond Counsel, under existing law (i) assuming continuing compliance with certain covenants and the accuracy of

More information

$146,465,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK FORDHAM UNIVERSITY REVENUE BONDS, SERIES 2016A

$146,465,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK FORDHAM UNIVERSITY REVENUE BONDS, SERIES 2016A NEW ISSUE Moody s: A2 Standard & Poor s: A (See Ratings herein) $146,465,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK FORDHAM UNIVERSITY REVENUE BONDS, SERIES 2016A Dated: Date of Delivery Due: July

More information

$18,000,000 General Obligation Bond Anticipation Notes Dated: July 25, 2018 Due: July 24, 2019

$18,000,000 General Obligation Bond Anticipation Notes Dated: July 25, 2018 Due: July 24, 2019 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to

More information

OFFICIAL STATEMENT. RATING: Standard & Poor's "AAA"

OFFICIAL STATEMENT. RATING: Standard & Poor's AAA OFFICIAL STATEMENT NEW ISSUE BOOK-ENTRY ONLY RATING: Standard & Poor's "AAA" See "RATING" herein. In the opinion of Bond Counsel, under current law and subject to conditions described in the Section herein

More information

$20,630,000. University of Illinois Auxiliary Facilities System Revenue Bonds, Series 2016B

$20,630,000. University of Illinois Auxiliary Facilities System Revenue Bonds, Series 2016B NEW ISSUE BOOK-ENTRY-ONLY (See Ratings, herein) Subject to compliance by The Board of Trustees of the University of Illinois (the Board ) with certain covenants, in the opinion of Bond Counsel, under present

More information

$32,145,000 The Delaware Economic Development Authority Revenue Bonds (Delaware State University Project) Series 2012

$32,145,000 The Delaware Economic Development Authority Revenue Bonds (Delaware State University Project) Series 2012 NEW ISSUE - BOOK ENTRY ONLY $32,145,000 The Delaware Economic Development Authority Revenue Bonds (Delaware State University Project) Series 2012 Rating: S&P: A+ In the opinion of Ballard Spahr, LLP, Wilmington,

More information

THE AUTHORITY HAS NO POWER TO LEVY OR COLLECT TAXES.

THE AUTHORITY HAS NO POWER TO LEVY OR COLLECT TAXES. New Issue Book-Entry-Only In the opinion of Gibbons P.C., Bond Counsel to the Authority, under existing law, interest on the Refunding Bonds and net gains from the sale of the Refunding Bonds are exempt

More information

EXISTING ISSUES REOFFERED. $127,785,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK CORNELL UNIVERSITY REVENUE BONDS, SERIES 2008 Consisting of:

EXISTING ISSUES REOFFERED. $127,785,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK CORNELL UNIVERSITY REVENUE BONDS, SERIES 2008 Consisting of: EXISTING ISSUES REOFFERED Moody s: Aa1 Standard & Poor s: AA (See Ratings herein) $127,785,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK CORNELL UNIVERSITY REVENUE BONDS, SERIES 2008 Consisting of:

More information

OFFICIAL STATEMENT DATED MAY 12, 2016

OFFICIAL STATEMENT DATED MAY 12, 2016 OFFICIAL STATEMENT DATED MAY 12, 2016 NEW ISSUE BOOK ENTRY ONLY RATING: Standard & Poor s: BBB+ Stable Outlook See: RATING herein In the opinion of Ballard Spahr LLP, Bond Counsel, interest on the Bonds

More information

NEW ISSUE BOOK ENTRY ONLY. RATING: Standard & Poor s: BBB+ Negative Outlook See: RATING herein

NEW ISSUE BOOK ENTRY ONLY. RATING: Standard & Poor s: BBB+ Negative Outlook See: RATING herein NEW ISSUE BOOK ENTRY ONLY RATING: Standard & Poor s: BBB+ Negative Outlook See: RATING herein In the opinion of Ballard Spahr LLP, Bond Counsel, interest on the Bonds is excludable from gross income for

More information

OFFICIAL STATEMENT $65,130,000 CUYAHOGA COMMUNITY COLLEGE DISTRICT, OHIO GENERAL RECEIPTS REFUNDING BONDS, SERIES E, 2016

OFFICIAL STATEMENT $65,130,000 CUYAHOGA COMMUNITY COLLEGE DISTRICT, OHIO GENERAL RECEIPTS REFUNDING BONDS, SERIES E, 2016 Ratings: Moody s: Aa2 Standard & Poor s: AA- NEW ISSUE In the opinion of Tucker Ellis LLP, Bond Counsel to the District, under existing law (1) assuming continuing compliance with certain covenants and

More information

$159,485,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS Revenue Bonds (Sharp HealthCare), Series 2014A

$159,485,000 ABAG FINANCE AUTHORITY FOR NONPROFIT CORPORATIONS Revenue Bonds (Sharp HealthCare), Series 2014A NEW ISSUE BOOK ENTRY ONLY RATINGS: S&P: AAMoodys: A1 See RATINGS herein. In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority, based upon an analysis of existing laws, regulations,

More information

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED AUGUST 18, 2016

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED AUGUST 18, 2016 This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

A detailed maturity schedule is set forth on the inside front cover

A detailed maturity schedule is set forth on the inside front cover NEW ISSUE S&P: A- See RATING herein In the opinion of Jones Walker LLP, Cincinnati, Ohio, Bond Counsel, under existing laws, regulations, rulings and judicial decisions and assuming continuing compliance

More information

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED JANUARY 3, 2018 NEW ISSUE - BOOK-ENTRY ONLY LIMITED OFFERING

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED JANUARY 3, 2018 NEW ISSUE - BOOK-ENTRY ONLY LIMITED OFFERING This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment without notice. These securities may not be sold nor may an offer to buy be accepted

More information

NEW ISSUE - BOOK ENTRY ONLY Series 2011-A Bonds: Moody s: Aa2 (stable) Standard & Poor s: AA- (stable)

NEW ISSUE - BOOK ENTRY ONLY Series 2011-A Bonds: Moody s: Aa2 (stable) Standard & Poor s: AA- (stable) NEW ISSUE - BOOK ENTRY ONLY RATINGS: Series 2011-A Bonds: Moody s: Aa2 (stable) Standard & Poor s: AA- (stable) In the opinion of Bond Counsel, under existing law and assuming the accuracy of certain representations

More information

$33,210,000 Bucks County Industrial Development Authority Revenue Bonds (George School Project) $28,130,000 Series 2013A (Tax-Exempt)

$33,210,000 Bucks County Industrial Development Authority Revenue Bonds (George School Project) $28,130,000 Series 2013A (Tax-Exempt) NEW ISSUE - BOOK-ENTRY ONLY Ratings: S&P: AA- Fitch: AA- (See RATINGS herein) In the opinion of Drinker Biddle & Reath LLP, Bond Counsel, under existing laws as presently enacted and construed, interest

More information

$100,000,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK THE ROCKEFELLER UNIVERSITY REVENUE BONDS, SERIES 2009C

$100,000,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK THE ROCKEFELLER UNIVERSITY REVENUE BONDS, SERIES 2009C NEW ISSUE Moody s: Aa1 Standard & Poor s: AAA (See Ratings herein) $100,000,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK THE ROCKEFELLER UNIVERSITY REVENUE BONDS, SERIES 2009C Dated: Date of Delivery

More information

THE TRUSTEES OF INDIANA UNIVERSITY Indiana University Commercial Paper Notes Not to Exceed $100,000,000

THE TRUSTEES OF INDIANA UNIVERSITY Indiana University Commercial Paper Notes Not to Exceed $100,000,000 NEW ISSUE RATINGS BOOK-ENTRY ONLY Moody s: P-1 Standard & Poor s: A-1+ (See RATINGS ) In the opinion of Ice Miller LLP, Indianapolis, Indiana, Bond Counsel, under existing laws, regulations, judicial decisions

More information

$20,635,000. Morgan Stanley

$20,635,000. Morgan Stanley NEW ISSUE - Book-Entry Only Expected Ratings: Fitch: Asf S&P: A(sf) See Ratings herein In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions,

More information

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED JANUARY 21, 2016

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED JANUARY 21, 2016 This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

STIFEL, NICOLAUS & COMPANY, INCORPORATED

STIFEL, NICOLAUS & COMPANY, INCORPORATED REOFFERING CIRCULAR NOT A NEW ISSUE BOOK-ENTRY ONLY On the date of issuance of the Bonds, Balch & Bingham LLP ( Bond Counsel ) delivered its opinion with respect to the Bonds described below to the effect

More information

PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 18, 2013

PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 18, 2013 This Preliminary Official Statement and the information contained herein are subject to change, completion or amendment without notice. The Bonds may not be sold nor may offers to buy be accepted prior

More information

HAWK S POINT COMMUNITY DEVELOPMENT DISTRICT (Hillsborough County, Florida) $7,120,000*

HAWK S POINT COMMUNITY DEVELOPMENT DISTRICT (Hillsborough County, Florida) $7,120,000* This Preliminary Limited Offering Memorandum and any information contained herein are subject to completion and amendment. Under no circumstances may this Preliminary Limited Offering Memorandum constitute

More information

Taxable Student Fee Bonds Series V-2

Taxable Student Fee Bonds Series V-2 New and Refunding Issue Book-Entry-Only Ratings: Moody s: Aaa ; S&P: AA+ See RATINGS In the opinion of Ice Miller LLP, Indianapolis, Indiana, and Coleman Stevenson & Montel, LLP, Indianapolis, Indiana,

More information

$9,630,000 BROCKTON HOUSING AUTHORITY (BROCKTON, MASSACHUSETTS) Capital Fund Housing Revenue Bonds, Series 2017

$9,630,000 BROCKTON HOUSING AUTHORITY (BROCKTON, MASSACHUSETTS) Capital Fund Housing Revenue Bonds, Series 2017 NEW ISSUE - BOOK ENTRY ONLY (See RATING herein) In the opinion of Harris Beach PLLC, Bond Counsel to the Authority, based on existing statutes, regulations, court decisions and administrative rulings,

More information

BANC OF AMERICA SECURITIES LLC

BANC OF AMERICA SECURITIES LLC NEW ISSUE - FULL BOOK ENTRY Rating: Fitch : AA-/F1+ (See RATINGS herein) In the opinion of Womble Carlyle Sandridge & Rice, PLLC, Bond Counsel, assuming continuing compliance by the Agency and the Borrower

More information

MORGAN KEEGAN & COMPANY, INC.

MORGAN KEEGAN & COMPANY, INC. NEW ISSUE BOOK ENTRY ONLY RATING: S&P BBB+ In the opinion of Bond Counsel, under existing laws, regulations, rulings, and judicial decisions, assuming the accuracy of certain representations and continuing

More information

$31,760,000 Infrastructure and State Moral Obligation Revenue Bonds (Virginia Pooled Financing Program) Series 2015C.

$31,760,000 Infrastructure and State Moral Obligation Revenue Bonds (Virginia Pooled Financing Program) Series 2015C. NEW ISSUE/BOOK-ENTRY RATINGS: 2015C Infrastructure Revenue Bonds: Aaa (Moody's), AAA (S&P) 2015C Moral Obligation Bonds: Aa2 (Moody's), AA (S&P) (See "Ratings" herein) In the opinion of Bond Counsel, under

More information

NEW ISSUE--BOOK-ENTRY ONLY

NEW ISSUE--BOOK-ENTRY ONLY NEW ISSUE--BOOK-ENTRY ONLY RATINGS: Moody s: Aaa S&P Global Ratings: AAA See RATINGS herein. In the opinion of Ice Miller LLP, Bond Counsel, conditioned on continuing compliance with the Tax Covenants

More information

Moody s: Applied For S&P: Applied For See Ratings herein.

Moody s: Applied For S&P: Applied For See Ratings herein. In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and continuing compliance with certain

More information

TENNESSEE HOUSING DEVELOPMENT AGENCY

TENNESSEE HOUSING DEVELOPMENT AGENCY This Preliminary Official Statement and the information contained herein are subject to completion and amendment without prejudice. Under no circumstances shall the Preliminary Official Statement constitute

More information

MATURITY SCHEDULE ON THE INSIDE COVER

MATURITY SCHEDULE ON THE INSIDE COVER NEW ISSUE BOOK-ENTRY ONLY Rating: Standard & Poor s AA+ See RATING herein. In the opinion of Spencer Fane Britt & Browne LLP, Special Tax Counsel, under existing law and assuming continued compliance with

More information

NORTH SPRINGS IMPROVEMENT DISTRICT (Broward County, Florida)

NORTH SPRINGS IMPROVEMENT DISTRICT (Broward County, Florida) NEW ISSUES - BOOK-ENTRY ONLY LIMITED OFFERING NOT RATED In the opinion of Bond Counsel, under existing statutes, regulations, rulings and court decisions and assuming compliance with the tax covenants

More information

$283,580,000 WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION REVENUE BONDS, SERIES 2016 (WESTCHESTER MEDICAL CENTER OBLIGATED GROUP PROJECT)

$283,580,000 WESTCHESTER COUNTY LOCAL DEVELOPMENT CORPORATION REVENUE BONDS, SERIES 2016 (WESTCHESTER MEDICAL CENTER OBLIGATED GROUP PROJECT) NEW ISSUE Book-Entry Only RATINGS: Moody s: Baa2 S&P: BBB In the opinion of Winston & Strawn LLP, Bond Counsel, based on existing statutes, regulations, rulings, and court decisions, interest on the Series

More information

PRELIMINARY OFFICIAL STATEMENT DATED JULY 30, 2018

PRELIMINARY OFFICIAL STATEMENT DATED JULY 30, 2018 This Preliminary Official Statement and the information contained herein are subject to completion and amendment without prejudice. Under no circumstances shall the Preliminary Official Statement constitute

More information

OKLAHOMA COUNTY FINANCE AUTHORITY Educational Facilities Lease Revenue Bonds (Crooked Oak Public Schools Project) $7,660,000 $390,000

OKLAHOMA COUNTY FINANCE AUTHORITY Educational Facilities Lease Revenue Bonds (Crooked Oak Public Schools Project) $7,660,000 $390,000 NEW ISSUE - Book Entry Only RATING: S&P A- In the opinion of Bond Counsel, interest on the Series 2013A Bonds is excluded from gross income for federal income tax purposes, and is not an item of tax preference

More information

preliminary limited offering memorandum dated February 25, 2016

preliminary limited offering memorandum dated February 25, 2016 This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

$75,000,000 $32,615,000 Kentucky Economic Development Finance Authority

$75,000,000 $32,615,000 Kentucky Economic Development Finance Authority NEW ISSUE BOOK ENTRY ONLY RATINGS: See RATINGS herein S&P: A+ Moody s: A1 Fitch: A+ In the opinion of Bond Counsel, assuming the compliance by the Issuer and the Corporation with certain requirements of

More information

$51,775,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK GNMA COLLATERALIZED REVENUE BONDS (CABRINI OF WESTCHESTER PROJECT), SERIES 2006

$51,775,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK GNMA COLLATERALIZED REVENUE BONDS (CABRINI OF WESTCHESTER PROJECT), SERIES 2006 NEW ISSUE Standard & Poor s: AA See Rating herein $51,775,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK GNMA COLLATERALIZED REVENUE BONDS (CABRINI OF WESTCHESTER PROJECT), SERIES 2006 Dated: Date of

More information

preliminary limited offering memorandum dated march 10, 2016

preliminary limited offering memorandum dated march 10, 2016 This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

CITY OF COLUMBUS, OHIO

CITY OF COLUMBUS, OHIO THIS PRELIMINARY OFFICIAL STATEMENT AND THE INFORMATION CONTAINED HEREIN ARE SUBJECT TO COMPLETION OR AMENDMENT IN A FINAL OFFICIAL STATEMENT. Under no circumstances shall this Preliminary Official Statement

More information

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED AUGUST 29, 2017

PRELIMINARY LIMITED OFFERING MEMORANDUM DATED AUGUST 29, 2017 This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

$24,700,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK CATHOLIC HEALTH SYSTEM OBLIGATED GROUP REVENUE BONDS, SERIES 2008

$24,700,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK CATHOLIC HEALTH SYSTEM OBLIGATED GROUP REVENUE BONDS, SERIES 2008 NEW ISSUE $24,700,000 DORMITORY AUTHORITY OF THE STATE OF NEW YORK CATHOLIC HEALTH SYSTEM OBLIGATED GROUP REVENUE BONDS, SERIES 2008 Dated: Date of Delivery Price: 100% Due: July 1 as shown on the inside

More information

Water Revenue Bonds,

Water Revenue Bonds, SUPPLEMENT to OFFICIAL STATEMENT of FAYETTE COUNTY, GEORGIA relating to its Water Revenue Bonds New Issue New Issue $8,070,000 $15,590,000 Water Revenue Bonds, Water Revenue Refunding Bonds, Series 2012A

More information

NEW ISSUE BOOK ENTRY ONLY

NEW ISSUE BOOK ENTRY ONLY NEW ISSUE BOOK ENTRY ONLY Ratings: (see RATINGS herein) In the opinion of Bond Counsel to the Corporation, interest on the 2004 Series A Bonds is included in gross income for Federal income tax purposes

More information

$6,230,000 WILFORD PRESERVE COMMUNITY DEVELOPMENT DISTRICT (CLAY COUNTY, FLORIDA)

$6,230,000 WILFORD PRESERVE COMMUNITY DEVELOPMENT DISTRICT (CLAY COUNTY, FLORIDA) NEW ISSUE - BOOK-ENTRY ONLY LIMITED OFFERING NOT RATED In the opinion of Bond Counsel, assuming compliance by the District with certain covenants, under existing statutes, regulations, and judicial decisions,

More information

BOOK ENTRY ONLY. Due: April 1, as shown

BOOK ENTRY ONLY. Due: April 1, as shown THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR QUICK REFERENCE ONLY. IT IS NOT A SUMMARY OF THIS ISSUE. INVESTORS MUST READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING

More information

NEW ISSUE RATING: S&P A+

NEW ISSUE RATING: S&P A+ NEW ISSUE RATING: S&P A+ In the opinion of Calfee, Halter & Griswold LLP, Special Counsel, under existing law, assuming continuing compliance with certain covenants and the accuracy of certain representations,

More information

$62,000,000 Taxable Industrial Building Revenue Bonds, Series 2013 (Crosswater Canyon, Inc. Project)

$62,000,000 Taxable Industrial Building Revenue Bonds, Series 2013 (Crosswater Canyon, Inc. Project) NEW ISSUE BOOK-ENTRY ONLY NOT RATED In the opinion of Bond Counsel, interest on the Series 2013 Bonds (as hereinafter defined) is not excludable from gross income for federal income tax purposes. Interest

More information

PRELIMINARY OFFICIAL STATEMENT DATED, 2017 $ LOS ANGELES COUNTY SCHOOLS POOLED FINANCING PROGRAM POOLED TRAN PARTICIPATION CERTIFICATES

PRELIMINARY OFFICIAL STATEMENT DATED, 2017 $ LOS ANGELES COUNTY SCHOOLS POOLED FINANCING PROGRAM POOLED TRAN PARTICIPATION CERTIFICATES PRELIMINARY OFFICIAL STATEMENT DATED, 2017 NEW ISSUES FULL BOOK-ENTRY-ONLY RATINGS: Series A-1: Standard & Poor s: Series A-2: Standard & Poor s: Series A-3: Standard & Poor s: (See RATINGS herein.) [In

More information

PRELIMINARY OFFICIAL STATEMENT DATED APRIL 5, 2018

PRELIMINARY OFFICIAL STATEMENT DATED APRIL 5, 2018 THIS PRELIMINARY OFFICIAL STATEMENT AND THE INFORMATION CONTAINED HEREIN ARE SUBJECT TO COMPLETION OR AMENDMENT IN A FINAL OFFICIAL STATEMENT. The 2018 Bonds may not be sold nor may offers to buy be accepted

More information

SCHOOL DISTRICT OF RIVERVIEW GARDENS ST. LOUIS COUNTY, MISSOURI

SCHOOL DISTRICT OF RIVERVIEW GARDENS ST. LOUIS COUNTY, MISSOURI This Preliminary Official Statement and the information contained herein are subject to completion and amendment. These securities may not be sold nor may offers to buy be accepted prior to the time the

More information

PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 9, 2015

PRELIMINARY OFFICIAL STATEMENT DATED NOVEMBER 9, 2015 This is a Preliminary Official Statement and the information contained herein is subject to completion and amendment in a final Official Statement. Under no circumstances shall this Preliminary Official

More information

$16,000,000* ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT (OSCEOLA COUNTY, FLORIDA)

$16,000,000* ROLLING OAKS COMMUNITY DEVELOPMENT DISTRICT (OSCEOLA COUNTY, FLORIDA) This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 26, 2017

PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 26, 2017 PRELIMINARY OFFICIAL STATEMENT DATED OCTOBER 26, 2017 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this

More information

Preliminary Official Statement Dated July 11, 2018

Preliminary Official Statement Dated July 11, 2018 This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to

More information

MT. ORAB AUTOMALL NEW ISSUE-BOOK-ENTRY ONLY

MT. ORAB AUTOMALL NEW ISSUE-BOOK-ENTRY ONLY MT. ORAB AUTOMALL NEW ISSUE-BOOK-ENTRY ONLY RATING: NOT RATED Interest on the Bonds is not excludable from gross income for federal income tax purposes, but in the opinion of Keating Muething & Klekamp

More information

$21,750,000* FAYETTE COUNTY, GEORGIA Water Revenue Bonds,

$21,750,000* FAYETTE COUNTY, GEORGIA Water Revenue Bonds, This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. These securities may not be sold nor may offers to buy be accepted prior

More information

$8,220,000 Albany-Dougherty Inner City Authority Revenue Refunding Bonds (Dougherty County, Georgia Public Purpose Project), Series 2010

$8,220,000 Albany-Dougherty Inner City Authority Revenue Refunding Bonds (Dougherty County, Georgia Public Purpose Project), Series 2010 NEW ISSUE (Book-Entry Only) RATINGS: Standard & Poor s: AA- See MISCELLANEOUS - Ratings herein. In the opinion of Bond Counsel, under current law and subject to conditions described in the Section herein

More information

$4,800,000 VIRGINIA HOUSING DEVELOPMENT AUTHORITY Rental Housing Bonds 2016 Series A-Non-AMT

$4,800,000 VIRGINIA HOUSING DEVELOPMENT AUTHORITY Rental Housing Bonds 2016 Series A-Non-AMT Ratings: Moody s S&P Aa1 AA+ (See Ratings herein) In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the Authority, under existing statutes and court decisions and assuming continuing compliance

More information

Caterpillar Financial Services Corporation PowerNotes

Caterpillar Financial Services Corporation PowerNotes PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED MARCH 30, 2017 Caterpillar Financial Services Corporation PowerNotes With Maturities of 9 Months or More from Date of Issue We plan to offer and sell notes with

More information

NEW ISSUE BOOK-ENTRY ONLY RATINGS: S&P: A

NEW ISSUE BOOK-ENTRY ONLY RATINGS: S&P: A NEW ISSUE BOOK-ENTRY ONLY RATINGS: S&P: A See Ratings herein. In the opinion of O Melveny & Myers LLP, Bond Counsel, assuming the accuracy of certain representations and compliance by the Regional Airports

More information

$10,605,000* CENTRE LAKE COMMUNITY DEVELOPMENT DISTRICT (TOWN OF MIAMI LAKES, FLORIDA) SPECIAL ASSESSMENT BONDS, SERIES 2016

$10,605,000* CENTRE LAKE COMMUNITY DEVELOPMENT DISTRICT (TOWN OF MIAMI LAKES, FLORIDA) SPECIAL ASSESSMENT BONDS, SERIES 2016 This Preliminary Limited Offering Memorandum and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Limited Offering Memorandum constitute

More information

PRIVATE PLACEMENT MEMORANDUM DATED DECEMBER 5, 2006

PRIVATE PLACEMENT MEMORANDUM DATED DECEMBER 5, 2006 NEW ISSUES Book-Entry Only PRIVATE PLACEMENT MEMORANDUM DATED DECEMBER 5, 2006 RATINGS: See RATINGS herein. In the opinion of Steptoe & Johnson PLLC, Bond Counsel, based upon an analysis of existing laws,

More information

$127,910,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY UPMC REVENUE BONDS, SERIES 2015B

$127,910,000 PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY UPMC REVENUE BONDS, SERIES 2015B NEW ISSUE BOOK ENTRY ONLY RATINGS: Moody s: Aa3 S&P: A+ Fitch: AA- (See RATINGS herein) In the opinion of Bond Counsel, under existing law and assuming continuing compliance by the Pennsylvania Economic

More information

$344,145,000* JEFFERSON COUNTY, ALABAMA Limited Obligation Refunding Warrants, Series 2017

$344,145,000* JEFFERSON COUNTY, ALABAMA Limited Obligation Refunding Warrants, Series 2017 SUPPLEMENT to PRELIMINARY OFFICIAL STATEMENT DATED JUNE 23, 2017 relating to $344,145,000* JEFFERSON COUNTY, ALABAMA Limited Obligation Refunding Warrants, Series 2017 This supplement (this Supplement

More information

LAURENS COUNTY, GEORGIA

LAURENS COUNTY, GEORGIA NEW ISSUE (Book Entry Only) RATING: Moody s: A1 See MISCELLANEOUS Rating In the opinion of Bond Counsel, under existing laws, regulations and judicial decisions, and assuming continued compliance by the

More information

FMSBonds NEW ISSUE - BOOK-ENTRY ONLY

FMSBonds NEW ISSUE - BOOK-ENTRY ONLY NEW ISSUE - BOOK-ENTRY ONLY LIMITED OFFERING NOT RATED In the opinion of Greenberg Traurig, P.A., Bond Counsel, under existing statutes, regulations, rulings and court decisions, assuming continuing compliance

More information

$600,000,000 NEW JERSEY TURNPIKE AUTHORITY Turnpike Revenue Bonds, Series 2017 A

$600,000,000 NEW JERSEY TURNPIKE AUTHORITY Turnpike Revenue Bonds, Series 2017 A NEW ISSUE Book-Entry Only See RATINGS herein In the opinion of Wilentz, Goldman & Spitzer, P.A., Bond Counsel, under existing statutes, regulations, rulings and court decisions, and assuming continuing

More information

NEW ISSUE - BOOK-ENTRY ONLY NOT RATED LIMITED OFFERING

NEW ISSUE - BOOK-ENTRY ONLY NOT RATED LIMITED OFFERING NEW ISSUE - BOOK-ENTRY ONLY NOT RATED LIMITED OFFERING In the opinion of Greenspoon Marder, P.A., Bond Counsel to the Authority, assuming compliance by the Authority and the Borrower with certain tax covenants

More information

NEW ISSUE BOOK-ENTRY ONLY INSURED RATING:

NEW ISSUE BOOK-ENTRY ONLY INSURED RATING: NEW ISSUE BOOK-ENTRY ONLY INSURED RATING: Standard & Poor s: AA (stable outlook) UNDERLYING RATING: Standard & Poor s: A (stable outlook) (See RATINGS. ) In the opinion of Orrick, Herrington & Sutcliffe

More information

$7,460,000 CITY OF MINNEAPOLIS, MINNESOTA TAX INCREMENT REFUNDING REVENUE BONDS (GRANT PARK PROJECT) SERIES 2015

$7,460,000 CITY OF MINNEAPOLIS, MINNESOTA TAX INCREMENT REFUNDING REVENUE BONDS (GRANT PARK PROJECT) SERIES 2015 REFUNDING ISSUE Book-Entry Only In the opinion of Bond Counsel, under existing laws as presently enacted and construed, interest on the Bonds is not includable in gross income for federal income tax purposes

More information