Underlying Bond Rating: Standard & Poor's Corp. BBB (stable outlook)

Size: px
Start display at page:

Download "Underlying Bond Rating: Standard & Poor's Corp. BBB (stable outlook)"

Transcription

1 This Preliminary Official Statement is deemed final for purposes of SEC Rule 15c2-12. Certain information contained herein is subject to completion and amendment or other change without notice. The securities may not be sold nor may an offer to buy be accepted prior to the time the Official Statement is delivered in final form. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such jurisdiction. PRELIMINARY OFFICIAL STATEMENT Underlying Bond Rating: Standard & Poor's Corp. BBB (stable outlook) BOOK-ENTRY ONLY (See Rating herein) In the opinion of Bond Counsel, based upon an analysis of existing laws, regulations, rulings and court decisions, interest on the Bonds is excluded from gross income for federal income tax purposes. Bond Counsel is also of the opinion that interest on the Bonds is not a specific item of tax preference under 57 of the Internal Revenue Code of 1986, as amended (the Code ) for purposes of Federal individual or corporate alternative minimum taxes. The Bonds and interest income therefrom, are free from taxation for purposes of personal income, corporate net income and personal property taxes within the Commonwealth of Pennsylvania. For further information concerning federal and state tax matters relating to the Bonds, see Tax Matters herein. $56,555,000* CLAIRTON MUNICIPAL AUTHORITY (Allegheny County, Pennsylvania) $8,220,000* Sewer Revenue Bonds, Series A of 2012 $48,335,000* Sewer Revenue Bonds, Series B of 2012 Dated Date: (Date of Delivery) August 9, 2012 Interest Payable: June 1 and December 1 Due: December 1 (of the years as shown on the inside cover) First Interest Payment Date: December 1, 2012 The Sewer Revenue Bonds, Series A of 2012 (the Series A Bonds"), of the Clairton Municipal Authority (the Authority ), will be issued in the aggregate principal amount of $8,220,000*. The Series A Bonds will mature on December 1, 2015 through and including December 1, 2022 and December 1, 2026, 2031, 2036 and 2042 and will pay interest semi-annually, from their Dated Date, on June 1 and December 1 of each year, commencing on December 1, 2012 at the rates shown on the inside cover. The Sewer Revenue Bonds, Series B of 2012 (the Series B Bonds"), of the Clairton Municipal Authority (the Authority ), will be issued in the aggregate principal amount of $48,335,000*. The Series B Bonds will mature on December 1, 2013 through and including December 1, 2022 and December 1, 2027, 2032, 2037 and 2042 and will pay interest semi-annually, from their Dated Date, on June 1 and December 1 of each year, commencing on December 1, 2012 at the rates shown on the inside cover. The Series A Bonds and Series B Bonds will be herein collectively referred to as (the Bonds ). When issued, the Bonds will be registered in the name of Cede & Co., as registered owner and nominee for The Depository Trust Company ( DTC ), New York, New York. So long as Cede & Co. is the registered owner, reference herein to the registered owner of Bonds shall mean Cede & Co., and not the Beneficial Owners (as defined herein). DTC will act as securities depository of the Bonds, and purchases of beneficial ownership interests in the Bonds will be made in book-entry form only, in denominations of $5,000 or integral multiples thereof. Beneficial Owners will not receive certificates representing their interest in the Bonds. See Book-Entry Only System herein. Principal of, and premium, if any, on the Bonds will be paid by Wells Fargo Bank, N.A., Pittsburgh, Pennsylvania as Trustee (the Trustee ). So long as Cede & Co. is the registered owner, the Trustee will pay principal of, and interest on the Bonds to DTC, which will remit such principal and interest to its Participants (as defined herein), which will in turn remit such principal and interest to the Beneficial Owners of the Bonds, as more fully described herein. See Book-Entry Only System herein. The Bonds are subject to optional and mandatory sinking fund redemption, as more fully set forth herein. SECURITY: The Bonds are revenue obligations of the Authority, issued under and secured pursuant to the provisions provided in the Trust Indenture dated August 15, 1976 between the Authority and the Trustee, (the Indenture ). The Series A Bonds are secured by the receipts and revenues derived from the City of Clairton Wastewater Collection System (the City System ) which serves the City of Clairton (see Appendix A for economic and demographic information for the City of Clairton). The Series B Bonds are secured by receipts and revenues derived from the operation of the Authority s Wastewater Treatment Plant (see Appendix A for economic and demographic information on the participating municipalities. See SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE, as more fully described herein and payable solely from the Receipts and Revenues of the Sewer System as identified in the Indenture. The Clairton Municipal Authority has covenanted to impose sewer rates and charges to provide revenues sufficient to pay the cost of operating the Sewer System and to pay debt service on the Bonds. THE BONDS ARE REVENUE OBLIGATIONS OF THE AUTHORITY AND NEITHER THE CREDIT NOR THE TAXING POWER OF AUTHORITY, ANY POLITICAL SUBDIVISION SERVED BY THE AUTHORITY, THE COUNTY OF ALLEGHENY, THE COMMONWEALTH OF PENNSYLVANIA, OR ANY AGENCY OR POLITICAL SUBDIVISION THEREOF, OTHER THAN THE AUTHORITY IS PLEDGED TO PAY THE PRINCIPAL OF AND INTEREST ON THE BONDS. THE AUTHORITY HAS NO TAXING POWER. AUTHORIZATION FOR ISSUANCE: The Bonds are being issued in accordance with the Pennsylvania Municipality Authorities Act of (53 Pa. C.S.A et seq) (the Act ), and pursuant to the Indenture and a Resolution duly adopted by the Authority on June 28, 2012 (the Resolution ). MATURITY SCHEDULE (See Schedule herein) The Bonds are offered, subject to prior sale, withdrawal or modification, when, as and if issued by the Authority and received by the Underwriter and subject to the approving legal opinion Dinsmore & Shohl, LLP, Pittsburgh, Pennsylvania, Bond Counsel. Said opinion will be furnished upon delivery of the Bonds. Certain legal matters will be passed upon for the Dodaro Matta & Cambest, PC, Pittsburgh, Pennsylvania, Solicitor for the Authority. The Bonds are expected to be delivered on or about August 9, The date of this Preliminary Official Statement is July 5, *Subject to change.

2 $56,555,000* CLAIRTON MUNICIPAL AUTHORITY (Allegheny County, Pennsylvania) $8,220,000* Sewer Revenue Bonds, Series A of 2012 Dated: (Dated of Delivery) August 9, 2012 Due: December 1 (as shown below) Year * Amount * Coupon Yield Price 2015 $ 165, , , , , , , , ** 900, ** 1,365, ** 1,740, ** 2,755,000 *Subject to change. **Term Bonds. (Plus Accrued Interest) i

3 $56,555,000* CLAIRTON MUNICIPAL AUTHORITY (Allegheny County, Pennsylvania) $48,335,000* Sewer Revenue Bonds, Series A of 2012 Dated: (Dated of Delivery) August 9, 2012 Due: December 1 (as shown below) Year * Amount * Coupon Yield Price 2013 $ 825, , , , , , ,000, ,040, ,085, ,130, ** 6,470, ** 8,265, ** 10,550, ** 13,495,000 *Subject to change. **Term Bonds. (Plus Accrued Interest) ii

4 IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS THAT 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. No dealer, broker, salesman or other person has been authorized by the Clairton Municipal Authority (the "Authority"), or the Underwriter to give any information or to make any representations, other than those contained within this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by any of the foregoing. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any state in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth has been obtained from the Authority and other sources that are believed to be reliable, but the Underwriter does not guarantee the accuracy or completeness of the information nor is the information to be construed as a representation by the Underwriter and, except for the information supplied by the Authority, it is not to be construed as a representation or warranty by the Authority. 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 affairs of the Authority since the date hereof. TABLE OF CONTENTS Page Introduction 1 The Authority 1 Purpose of the Issue 1 Sources and Uses of Proceeds 2 The Construction Program 2 The Bonds 3 Security for the Bonds 7 Defaults and Remedies 8 Summary of Certain Provisions of the Indenture 8 Authority Finances, Financial Statements and Consent of Independent Certified Public Accountants 12 Rating 13 Not Arbitrage Bonds 13 No Litigation Certificate 13 Legal Matters 13 Tax Exemption and Other Tax Matters 14 Continuing Disclosure Undertaking 16 Miscellaneous 17 Appendix A - Economic and Demographic Information The Authority Appendix B - Financial Statements and Notes Appendix C - Report of the Consulting Engineer Appendix D - Form of Opinion of Bond Counsel The Table of Contents does not list all of the subjects in this Official Statement and in all instances reference should be made to the complete Official Statement to determine the subjects set forth herein. iii

5 CLAIRTON MUNICIPAL AUTHORITY Allegheny County, Pennsylvania 1 North State Street Clairton, Pennsylvania MEMBERS OF THE AUTHORITY Thomas Ward Dominic Curinga Perry Ohm James Cerqua Raymond Glover Chairman Vice Chairman Treasurer Secretary Asst. Secretary / Treasurer OTHERS ASSOCIATED WITH THE AUTHORITY Patrick J. Canavan Brian Secrest Francis A. Geleko KLH Engineers, Inc. Maher Duessel Superintendent Asst. Superintendent Finance Director Consulting Engineers Auditors SOLICITOR Dodaro Matta & Cambest, PC Pittsburgh, Pennsylvania TRUSTEE Wells Fargo Bank, N.A. Pittsburgh, Pennsylvania BOND COUNSEL Dinsmore & Shohl, LLP Pittsburgh, Pennsylvania UNDERWRITER Piper Jaffray & Co. Pittsburgh, Pennsylvania iv

6 CLAIRTON MUNICIPAL AUTHORITY Allegheny County, Pennsylvania SUMMARY STATEMENT This Summary Statement is qualified in its entirety and subject in all respects to more complete information contained in this Official Statement. No person is authorized to detach this Summary Statement or otherwise use it without the entire Official Statement. Issuer Bonds Redemption Provisions Clairton Municipal Authority, Allegheny County, Pennsylvania. $56,555,000* Sewer Revenue Bonds, Series A of 2012 (the Series A Bonds ), and Sewer Revenue Bonds, Series B of 2012 (the Series B Bonds ). The Series A Bonds and Series B Bonds will be herein collectively referred to as (the Bonds or the Sewer Revenue Bonds ). The Series A Bonds maturing on and after December 1, 2026 are subject to redemption in whole or in part, at the option of the Authority on December 1, 2022 or any date thereafter at 100% of the principal amount thereof plus interest accrued to the date of redemption. The Series A Bonds are subject to mandatory sinking fund redemption as set forth herein. The Series B Bonds maturing on and after December 1, 2023 are subject to redemption in whole or in part, at the option of the Authority on December 1, 2022 or any date thereafter at 100% of the principal amount thereof plus interest accrued to the date of redemption. The Series B Bonds are subject to mandatory sinking fund redemption as set forth herein. See THE BONDS Mandatory Sinking Fund Redemption. Form Application of Proceeds Book-Entry Only Bonds. The proceeds of the Series A Bonds will be used to provide funds: (1) to pay a portion of the costs of the acquisition of the City System (hereinafter defined) and the completion of certain capital improvements thereto, (2) to pay capitalized interest on the Project Bonds during completion of improvements to collection system, (3) to fund a debt service reserve fund for the Project Bonds; and (4) to pay the costs of issuance and insuring the Project Bonds. The proceeds of the Series B Bonds will be used to provide funds: (1) to refinance existing short-term indebtedness incurred in connection with the renovation of the Authority s Administration Building, (2) to pay the costs of the Expansion Project and various and sundry capital improvements necessary for the maintenance, operation and expansion of the Authority Wastewater Treatment Facilities (hereinafter defined), (3) to pay capitalized interest on the Project Bonds during construction of the Expansion Facilities, (4) to fund a debt service reserve fund for the Project Bonds; and (5) to pay the costs of issuance and insuring the Project Bonds. Security Rating Continuing Disclosure Undertaking *Subject to change. The principal of, premium, if any, and the interest on the Bonds, together with any Additional Bonds to be issued under the Indenture and as said term is defined in the Indenture shall be payable, equally and ratably, from the Receipts and Revenues of the Authority derived from the operation of its Sewer System (as hereinafter defined), and from other receipts, revenues and moneys of the Authority available for such purposes, to the extent and in the manner provided in the Indenture. The Series A Bonds are secured by the receipts and revenues derived from the City of Clairton Wastewater Collection System (the City System ) which serves the City of Clairton (see Appendix A for economic and demographic information for the City of Clairton). The Series B Bonds are secured by receipts and revenues derived from the operation of the Authority s Wastewater Treatment Plant (see Appendix A for economic and demographic information on the participating municipalities. The Authority is authorized to issue the Bonds under the Municipality Authorities Act (53 Pa. C.S.A ET sew) (the Act ). (See SECURITY FOR THE BONDS herein). The Bonds are expected to receive an underlying rating of BBB (stable) (based on the Authority s financial condition) from S&P (See Rating herein.) The Authority has agreed to provide, or cause to be provided, in a timely manner, certain information in accordance with the requirements of Rule 15c2-12 as promulgated under the Securities Exchange Act of 1934, as amended and interpreted (the Rule). (See Continuing Disclosure Undertaking herein.) v

7 $56,555,000* CLAIRTON MUNICIPAL AUTHORITY (Allegheny County, Pennsylvania) Sewer Revenue Bonds, Series A of 2012 Sewer Revenue Bonds, Series B of 2012 INTRODUCTION This Official Statement of the Clairton Municipal Authority (the Authority ) provides certain information concerning the Authority, in connection with the issuance of $56,555,000* aggregate principal amount of its, Sewer Revenue Bonds, Series A of 2012 (the Series A Bonds ) and Sewer Revenue Bonds, Series B of 2012 (the Series B Bonds ). The Series A Bonds and Series B Bonds will be herein collectively referred to as (the Bonds or the Sewer Revenue Bonds ). The Bonds are being issued by the Authority pursuant to the Constitution and laws of the Commonwealth of Pennsylvania, including the Municipality Authorities Act (53 Pa. C.S.A et seq.) (the Act ) and the Resolution adopted by the Authority on June 28, 2012 and are each secured, separately, by portions of the Receipts and Revenues (as defined in the Indenture) Authority s sanitary sewer system pursuant to the Trust Indenture dated as of, 2012 (the Indenture ). The Bonds are revenue obligations of the Authority, and the principal of, redemption premium, if any, and the interest on the Bonds are payable solely from the portions Receipts and Revenues of the Authority derived from the operation of its Sewer System, as said terms are defined and described in the Indenture, and also from other moneys as may be made available for such purpose to the extent and in the manner provided in the Indenture. The Series A Bonds are secured by the receipts and revenues derived from the City of Clairton Wastewater Collection System (the City System ) which serves the City of Clairton (see Appendix A for economic and demographic information for the City of Clairton). The Series B Bonds are secured by receipts and revenues derived from the operation of the Authority s Wastewater Treatment Plant (see Appendix A for economic and demographic information on the participating municipalities. Neither the delivery of this Official Statement nor any sale of the Bonds made hereunder shall, under any circumstances, create an implication that no changes have occurred in the affairs of the Authority, or areas served by the Authority, since the date of this Official Statement or the earlier date as of which certain information contained herein is given. Introduction THE AUTHORITY The Authority is a body corporate and politic Created in 1950 under the Municipality Authorities Act of 1945, as amended, and pursuant to an ordinance of the Council of the City of Clairton, Allegheny County, Pennsylvania. On June 19, 2006, a Resolution was passed to extend the life of the Authority to June 19, The Authority is empowered to exercise any and all powers conferred by the Act, as amended, necessary to the acquisition, ownership, improvement, maintenance and operation of its Sewage collection system (the City System ) and its sewage treatment and sanitary disposal system (the Wastewater Treatment Facilities and, together with the City System, the Sewer System ). The Authority is governed by a board of five members appointed by the City for terms of five years. PURPOSE OF THE ISSUE The proceeds of the Series A Bonds will be used to provide funds: (1) to pay a portion of the costs of the acquisition of the City System and the completion of certain capital improvements thereto, (2) to pay capitalized interest on the Series A Bonds during construction of the Capital Improvements to the City System, (3) to fund a debt service reserve fund for the Series A Bonds; and (4) to pay the costs of issuance and insuring the Series A Bonds. 1

8 The proceeds of the Series B Bonds will be used to provide funds: (1) to refinance existing short-term indebtedness incurred in connection with the renovation of the Authority s Administration Building, (2) to pay the costs of the expansion of the Wastewater Treatment Facilities and various and sundry capital improvements necessary for the maintenance, operation and expansion of the Wastewater Treatment Facilities, (3) to pay capitalized interest on the Series B Bonds during construction of the Expansion Facilities, (4) to fund a debt service reserve fund for the Series B Bonds; and (5) to pay the costs of issuance and insuring the Series B Bonds. Sources and Uses of Funds USE OF PROCEEDS It is estimated that monies will be provided, and applied, substantially in accordance with the following table: Sources: Series A Series B Total Principal Amount of Bonds Less: Net Original Issue Discount Total Sources Uses: Deposit to Capital Projects Funds Refunding Escrow Deposit Deposit to the Capitalized Interest Funds Deposit to the Debt Service Reserve Fund Municipal Bond Insurance Premium Costs of Issuance (1) Miscellaneous (Additional Proceeds) Total Uses (1) Includes bond discount, legal fees, rating fees, document and bond printing, trustee fees, CUSIP numbers, registration fees, advertising and miscellaneous. THE CONSTRUCTOIN FUND The Authority is undertaking certain capital projects which include, but are not restricted to the following: Series A Bonds The Authority will be; paying a portion of the cost of the acquisition of the City System and the completion of certain capital improvements thereto; which includes the acquisition of certain equipment. Series B Bonds The Authority will be expanding its Wastewater Treatment Facilities in order to comply with Commonwealth of Pennsylvania, Department of Environmental Protection requirements. 2

9 THE BONDS Description The Series A Bonds are designated the Sewer Revenue Bonds, Series A of 2012, (the Series A Bonds ). The Series A Bonds will be issued in fully registered form, without coupons, in $5,000 denominations or integral multiples thereof. The Series A Bonds will bear interest from August 9, 2012 payable semi-annually commencing December 1, 2012, and on each June 1 and December 1 thereafter until maturity or earlier redemption of such Series A Bonds. The Series B Bonds are designated the Sewer Revenue Bonds, Series B of 2012, (the Series B Bonds ). The Series B Bonds will be issued in fully registered form, without coupons, in $5,000 denominations or integral multiples thereof. The Series B Bonds will bear interest from August 9, 2012 payable semi-annually commencing December 1, 2012, and on each June 1 and December 1 thereafter until maturity or earlier redemption of such Series B Bonds. Payment of Principal and Interest The person in whose name any Bond is registered (the Registered Owner ) at the close of business on any Record Date (as defined below) with respect to any Interest Payment Date will be entitled to receive the interest payable on such Interest Payment Date notwithstanding the cancellation of such Bond upon any transfer or exchange thereof subsequent to such Record Date and prior to such Interest Payment Date. The term Record Date with respect to any Interest Payment Date means the fifteenth (15 th ) day of the calendar month immediately preceding such Interest Payment Date. The Bonds may be transferred or exchanged only on the bond register (the Bond Register ) of the Authority maintained at the designated corporate trust office of the Trustee. No transfer or exchange of any Bond will be valid unless made at such office and registered on the Bond Register. Every Bond presented or surrendered for registration of transfer or exchange must be duly endorsed, or be accompanied by a written instrument of transfer in form and with guaranty of signature satisfactory to the Trustee, duly executed by the Registered Owner thereof or his duly authorized agent or legal representative. No service charge shall be made for any transfer or exchange of any Bonds, but the Authority may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of Bonds. Authority shall not be required to register the transfer or exchange of any Bond called for redemption. Principal of and premium, if any, are payable in legal tender at the designated corporate trust office of the Trustee, provided that interest will be paid by check mailed to the Registered Owner on the appropriate Record Date. The Sewer Revenue Bonds are limited obligations of the Authority; the principal of, redemption premium, if any, and the interest on the Sewer Revenue Bonds are payable from the Receipts and Revenues of the Authority derived from its Sewer System, respectively, as said phrase is defined in the applicable Indenture, together with certain other monies and funds available for such purpose, to the extent and in the manner provided in the applicable Indenture. The Bonds are being issued pursuant to the laws of the Commonwealth of Pennsylvania, particularly the Act. There is no specific statutory or constitutional limitation upon the amount of bonds which may be issued by Pennsylvania Municipality Authorities governed by the Act. The Bonds are specifically authorized by the Indenture. As a condition to authentication of the Bonds by the Trustee, the Authority is required to deliver to the Trustee a certified copy of the applicable Indenture and various certificates and opinions are specified by the Indenture. Book-Entry-Only System The information in this section concerning DTC (as hereinafter defined), and DTC's book-entry system was obtained from material provided by DTC. Neither the Authority nor the Underwriter takes any responsibility for the accuracy thereof. 3

10 Certificates representing ownership of the Bonds will not be issued to the purchasers of the Bonds. Rather, The Depository Trust Company, New York, New York ( DTC ), will act as securities depository under a book-entry system for the Bonds. Unless such system is discontinued, the provisions described under this caption, Book-Entry-Only System (including provisions regarding payments to and transfers by the owners of beneficial interests in the Bonds) will be applicable to the Bonds. If such system is discontinued, the provisions described under Discontinuation of Book-Entry-Only System below will be applicable. DTC will act as securities depository for the Bonds. The ownership of one fully registered Bond for each maturity set forth on the inside cover page hereof, in the aggregate principal amount of such maturity, will be 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. DTC, the world s largest depository, is a limited-purpose trust company organized under 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 1934, as amended. DTC holds and provides asset servicing for over 2 million issues of U.S. and non-u.s. equity issues, corporate and municipal debt issues, and money market instruments from over 85 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 book-entry transfers and pledges between Direct Participants accounts thereby eliminating the need for physical movement of securities certificates. Direct DTC Participants ( Direct Participants ) include both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations, some of whom (and/or their representatives) own DTC. Access to the DTC system is also available to others such as both U.S. and non-u.s., brokers and dealers, banks and trust companies that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (the Indirect Participants ). The DTC rules applicable to its Participants are on file with the Securities and Exchange School District. More information about DTC can be found at Purchasers of the Bonds under the DTC system must be made by or through Direct Participants, which receive a credit balance for the Bonds in the records of DTC. The ownership interest of each actual purchaser of each Bond (the Beneficial Owner ) will be recorded through the records of the DTC Participants. Beneficial Owners will not receive written confirmation from DTC of their purchase, but are expected to receive a written confirmation providing details of the transaction, as well as periodic statements of their holdings, from the DTC Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership in the Bonds will be accomplished by book entries made by DTC and by the DTC Participants who act on behalf of the Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interest in the Bonds, except in the event that use of the book-entry system for the Bonds is discontinued. Interest on and principal of the Bonds will be paid by the Trustee to DTC, or its nominee, and then paid by DTC to the Direct Participants and thereafter paid by the Direct Participants to the Indirect Participants or to the Beneficial Owners when due. NEITHER THE AUTHORITY NOR THE TRUSTEE WILL HAVE ANY RESPONSIBILITY OR OBLIGATION TO THE DTC PARTICIPANTS OR THE PERSONS FOR WHOM THEY ACT AS NOMINEES WITH RESPECT TO THE PAYMENTS TO OR THE PROVIDING OF NOTICE FOR THE DIRECT PARTICIPANTS, THE INDIRECT PARTICIPANTS, OR THE BENEFICIAL OWNERS. PRINCIPAL AND INTEREST PAYMENTS ON THE BONDS WILL BE MADE TO DTC OR ITS NOMINEE, CEDE & CO., AS THE REGISTERED OWNER OF THE BONDS. UPON RECEIPT OF MONEYS, DTC S CURRENT PRACTICE IS TO CREDIT IMMEDIATELY THE ACCOUNTS OF DIRECT PARTICIPANTS IN ACCORDANCE WITH THEIR RESPECTIVE HOLDINGS SHOWN ON THE RECORDS OF DTC. PAYMENTS BY DIRECT PARTICIPANTS AND INDIRECT PARTICIPANTS TO BENEFICIAL OWNERS WILL BE GOVERNED BY STANDING INSTRUCTIONS AND CUSTOMARY PRACTICES, AS IS NOW THE CASE WITH MUNICIPAL SECURITIES HELD FOR THE ACCOUNTS OF CUSTOMERS OR REGISTERED IN STREET NAME AND WILL BE THE RESPONSIBILITY OF SUCH DTC PARTICIPANTS AND NOT OF DTC, THE TRUSTEE OR THE AUTHORITY, SUBJECT TO ANY STATUTORY AND REGULATORY REQUIREMENTS AS MAY BE IN EFFECT FROM TIME TO TIME. 4

11 So long as Cede & Co. is the registered owner of the Bonds, as nominee of DTC, references herein to the Bondholders or Registered Owners of the Bonds or Registered Owners shall mean Cede & Co. and shall not mean the Beneficial Owners of the Bonds. Under the Indenture, payments made by the Trustee to DTC or its nominee shall satisfy the Authority s obligations under the Resolution to the extent of such payments. For every transfer and exchange of the Bonds, the Trustee may charge DTC and DTC may charge the DTC Participants and the DTC Participants may charge the Beneficial Owners a sum sufficient to cover any tax, fee or other governmental charge that may be imposed in relation thereto. Discontinuance of Book-Entry-Only System DTC may determine to discontinue providing its services with respect to the Bonds at any time by giving notice to the Trustee and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, Bond certificates are required to be printed and delivered as described below and in the Resolution. A Beneficial Owner, upon registration of certificates held in the Beneficial Owner s name, will become the Bondholder. The Authority may determine to discontinue the system of book-entry transfer through DTC (or a successor securities depository). In such event, Bond certificates will be printed and delivered as described below and in the Indenture. Unless otherwise noted, the information contained in this section has been extracted from a report from DTC entitled Book Entry-Only Municipals. No representation is made by the Authority or the Underwriter as to the completeness or the accuracy of such information or as to the absence of material adverse changes in such information subsequent to the date hereof. In the event that the Book-Entry-Only System is discontinued and the Beneficial Owners become registered owners of the Bonds, the following provisions applicable to registered owners would apply: (i) Bonds may be exchanged for an equal aggregate principal amount of Bonds in other authorized denominations, upon surrender thereof at the designated corporate trust office of the Trustee; (ii) the transfer of any Bonds may be registered on the books maintained by the Trustee for such purpose only upon the surrender thereof to the Trustee together with a duly executed assignment in form satisfactory to the Authority and the Trustee; and (iii) for every exchange or registration of transfer of Bonds, the Trustee may impose a charge sufficient to reimburse it for any tax, fee or governmental charge required to be paid with respect to such exchange or registration of transfer of the Bonds. The Authority and the Trustee shall not be required: (a) to issue or transfer or exchange any Bond during a period beginning at the close of business on the Record Date next preceding any Interest Payment Date and ending at the close of business on the Interest Payment Date; or (b) to issue or transfer or exchange any Bond then considered for redemption during the period beginning at the close of business on the fifteenth (15th) day next preceding any date of selection of such Bonds to be redeemed and ending at the close of business on the day on which the notice of redemption is mailed; or (c) to transfer or exchange any portion of any Bond selected for redemption until after the redemption date. Delivery of Certificates; Registered Owners Bond certificates in fully registered form will be delivered to, and registered in the name of DTC or its nominee, Cede & Co., and in the event that the book-entry-only system for the Bonds is discontinued, the DTC Participants or such other persons as such DTC Participants may specify (which may be the DTC Participants or Beneficial Owners), in authorized denominations of $5,000 or integral multiples thereof. The ownership of the Bonds so delivered (and any Bonds thereafter delivered upon a transfer or exchange described below) shall be registered in registration books to be kept by the Trustee as Registrar and the Authority and the Trustee shall be entitled to treat the registered owners of such Bonds, as their names appear in such registration books as of the appropriate dates, as the owners thereof for all purposes described herein and in the Indenture. 5

12 Denominations The Bonds will be issued in denominations of $5,000 principal amount or any integral multiple thereof within a maturity. Redemption Series A Bonds Optional Redemption. The Series A Bonds stated to mature on and after December 1, 2026 are subject to redemption prior to maturity at the option of the Authority, in whole or in part on any date beginning December 1, 2022 upon not less than 30 days notice, to be given in the manner required by the Resolution, at 100% of principal. Mandatory Sinking Fund Redemption. The Series A Bonds maturing on December 1, 2026, 2031, 2036 and 2042 are subject to mandatory redemption by lot, at a redemption price of 100% of the principal amount thereof plus interest accrued to the date set for redemption, on December 1 in the years and in the principal amounts as follows: Redemption Date Principal Amount to be Redeemed *Stated Maturity Series B Bonds Optional Redemption. The Series B Bonds stated to mature on and after December 1, 2023 are subject to redemption prior to maturity at the option of the Authority, in whole or in part on any date beginning December 1, 2022 upon not less than 30 days notice, to be given in the manner required by the Resolution, at 100% of principal Mandatory Sinking Fund Redemption. The Series B Bonds maturing on December 1, 2031, 2036 and 2042 are subject to mandatory redemption by lot, at a redemption price of 100% of the principal amount thereof plus interest accrued to the date set for redemption, on December 1 in the years and in the principal amounts as follows: Redemption Date Principal Amount to be Redeemed *Stated Maturity 6

13 Manner of Redemption If less than all Bonds of any one maturity are to be redeemed at any particular time, such Bonds so to be called for redemption shall be chosen by lot, within such maturity, by the Trustee. If a Bond is of a denomination (principal amount or maturity value) larger than $5,000, a portion of such Bond may be redeemed. For the purposes of redemption, a Bond shall be treated as representing that number of Bonds which is obtained by dividing the denomination thereof by $5,000, each $5,000 portion of such Bond being subject to redemption. In the case of partial redemption of a Bond, payment of the redemption price shall be made only upon surrender of such Bond in exchange for Bonds of authorized denominations, of like form, in an aggregate amount equal to the unredeemed portion. Notice of Redemption Any redemption under the preceding provisions shall be made upon notice of redemption mailed not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption, postage prepaid, to all registered owners of the Bonds to be redeemed at their last addresses shown on the Registration Books maintained by the Trustee; provided, however, failure to mail such notice or any defect in the notice so mailed or in the mailing thereof with respect to any one Bond shall not affect the validity of the proceedings for redemption of any other Bonds. The notice of redemption for the Bonds may be a conditional notice of redemption. If the Authority shall have duly mailed notice of redemption and shall have provided funds for the payment of the principal of the Bonds so called for redemption and interest thereon, interest on such Bonds shall cease to accrue after said redemption date. SECURITY FOR THE BONDS The Bonds will be issued under and secured separately, in accordance with the terms of the Indenture. The Indenture provides for the issuance of the sewer revenue bonds in addition to the Bonds ( Additional Bonds ) under the limitations set forth therein, and defines the duties and responsibilities of the parties with respect to the expenditures of the proceeds of the Bonds, the maintenance and operation of the Sewer System, the conservation and application of all funds, the security for moneys on deposit, the provisions relating to reserves, the provisions relating to the redemption of the Bonds, and the provisions for the payment of the principal or premium, if any, and the interest on the Bonds and any additional bonds. The Series A Bonds are revenue obligations of the Authority, and the principal of, redemption premium, if any, and the interest on the Bonds are payable solely from that portion of the Receipts and Revenues of the Authority derived from the operation of its City System, as said terms are defined in the Indenture, and also from other moneys as may be made available for such purpose to the extent and in the manner provided in the Indenture. The Authority and the City have determined that it is in their best interests that the Authority either own or operate the City wastewater collection systems or otherwise become responsible for ownership and or compliance with the City s NPDES Permits. To that end, the Authority and the City have entered into the Acquisition Agreement. It is recognized the acquisition will not be finally consummated until such time as the total consideration for the acquisition has been paid in accordance with the Acquisition Agreement. However, the effective date of the acquisition shall be March 1, 2012, for any and all purpose once the acquisition has been completed in accordance with the provisions of the Acquisition Agreement. The system shall be separately maintained by the Authority with separate staff, professionals and revenues and expenses associated only with the collection system. Whereas, Jefferson Hills, South Park and PCSA understand and acknowledge this acquisition. The debt service fund will be paid solely from the receipts and revenues derived from the customers of the City Wastewater Treatment system. The Series B Bonds are revenue obligations of the Authority, and the principal of, redemption premium, if any, and the interest on the Bonds are payable solely from that portion of the Receipts and Revenues of the Authority derived the operation of its Wastewater Treatment Facilities, as said terms are defined in the Indenture, and also from other moneys as may be made available for such purpose to the extent and in the manner provided in the Indenture. 7

14 The Authority operates a wastewater treatment and disposal facility consisting of sewage works, combined sewer overflow structures, and all other appurtenances necessary for the treatment and disposal of wastewater and other acceptable waste. In order to comply with Commonwealth of Pennsylvania, Department of Environmental Protection (hereinafter DEP ) requirements (the DEP Requirements ), the Authority plans to undertake the expansion of the Authority Wastewater Treatment Facilities as well as other various capital projects necessary for the Operation and Maintenance of said Authority Wastewater Treatment Facilities. In order to proceed with the Expansion Project, the Authority has entered into an Agreement to replace the Prior Agreements and to establish the rights and obligations of the parties, defined service areas, reservation of capacity, and allocation of costs. The Authority s Consulting Engineer has prepared certain studies and reports, Final Basis of Design Reports, detailing the size, layout and cost of the Wastewater Treatment Facilities required to be constructed to accommodate flow from the Authority Customers. The debt service and Operation and Maintenance costs associated with plant expansion will be paid by the Authority s customers (Clairton, Jefferson Hills, PCSA and South Park) based on their percent of reserved capacity, as defined in Article II of the Wastewater Treatment Agreement. DEFAULTS AND REMEDIES As provided in the Indenture, upon happening and during continuance of any Event of Default, as defined therein, then and in every case the Trustee shall declare, by notice in writing delivered to the Authority, the principal of all Bonds and additional bonds then outstanding if not then due and payable and the interest accrued thereon to be due and payable immediately; and upon such declaration the same shall become and shall be due and payable immediately. The above provision, however, is subject to the condition that if, after the principal of the Bonds shall have been so declared to be due and payable, all arrears of interest, if any, upon the Bonds and interest on overdue installments of interest at the rate of interest specified therein, and the principal of all Bonds which have matured other than by reason of such declaration, shall have been paid by the Authority, and the Authority shall also have performed all other things in respect to which it may have been in default hereunder, and shall have paid the reasonable charges of the Trustee and its counsel and of the bondholders, including reasonable attorneys fees paid or incurred, then, and in every such case, the holders of not less than a majority in aggregate principal amount of the bonds then outstanding, by written notice to the Authority and to the Trustee, may waive such default and its consequences and such waiver shall be binding upon the Trustee and upon all bondholders; but not such waiver shall extend to or affect any subsequent default or impair any rights or remedy consequent thereon. SUMMARY OF CERTAIN PROVISIONS OF THE INDENTURE The Bonds are being issued as Sewer Revenue Bonds, under and subject to the provisions of the Trust Indenture dated as of, 2012 (collectively, the Indenture ), between the Authority and Wells Fargo Bank, N.A., Pittsburgh, Pennsylvania, as Trustee, (the Trustee ), to which reference is made for complete details of the terms of the Bonds. The following statements are a summary of certain provisions of the Indenture. This Summary does not purport to be complete and reference is hereby made to the Indenture for a full and complete statement of such provisions. Security for the Bonds Under the Indenture, all Receipts and Revenues (as defined therein) have been pledged to the Trustee. Certain portions of the Receipts and Revenues secure, separately, the Series A Bonds and Series B Bonds. The Indenture constitutes an irrevocable lien upon such Receipts and Revenues for the benefit of the holders of the Series A Bonds and Series B Bonds, as their respective interests appear, and any additional bonds or other parity obligations authorized to be issued thereunder (collectively referred to hereinafter as the Bonds ). Covenants of the Authority The Authority has covenanted in the Indenture that it will adopt, fix, charge, maintain and collect rates, rents and other charges for use of the Sewer System and for services rendered by the Authority in connection therewith. The Authority also covenants to keep such rates and charges in full force and effect continuously during the time any Bonds remain outstanding under the Indenture. 8

15 The Authority covenants that such sewer rates and other charges imposed, shall be established so that the estimated amounts to be received therefrom in each fiscal year of the Authority, together with revenues otherwise estimated to become available in such fiscal year under provisions of the Indenture for the purposes, will be sufficient: A. to pay the current expenses of the Authority; B. to pay 110% of the current fiscal year s debt service requirements (the Current Annual Debt Service Requirements ); C. to make transfers to the Debt Service Reserve Fund when required; and Funds to be established by the Authority Under the Indenture, the Authority has established a Revenue Fund to be held by one or more Authorized Depositaries, and a Construction Fund, a Debt Service Fund, Debt Service Reserve Fund and Surplus Fund all to be held by the Trustee. Revenue Fund All Receipts and Revenues are initially deposited to the Authority s Revenue Fund, established with an authorized depositary, from which the Authority may pay its current expenses. The Receipts and Revenues will be segregated into two accounts based upon the sources from which they are derived, the City System Account and the Wastewater Treatment Facilities Account. Debt Service Reserve Fund Simultaneously with the issuance of the Bonds, an amount equal to the lesser of: (i) maximum annual debt service requirement of the Bonds; and (ii) 10% of the principal amount of the Bonds, (iii) or 125% Average Annual Debt will be deposited to the Debt Service Reserve Fund. The Debt Service Reserve Fund will be segregated into two accounts based upon the sources from which funds are derived, the Series 2012A Account and the Series 2012B Account. The Series 2012 A Account will secure the Series A Bonds and the Series 2012 B Account will secure the Series B Bonds. The Trustee will be authorized to withdraw money on deposit in the Debt Service Reserve Fund to repair any deficiencies in the Debt Service Fund in order to meet current debt service requirement of the Bonds; such amount may be satisfied by the deposit of cash, a surety bond, or similar instrument, acceptable to the insurer. In the event of such a withdrawal or other deficiency of funds in the Debt Service Reserve Fund, the Authority will repair the same within two years, by means of equal installments or more expeditiously. Debt Service Fund After the Authority shall have paid its current expenses, the Authority shall withdraw from the Revenue Fund and deposit with the Trustee for credit to the Debt Service Fund on the first day of each month,, 2012, an amount equal to one-twelfth of and for the purpose of paying, the interest due on the Series 2012A Bonds on, Thereafter, on the first day of each month, beginning, 200, the Authority shall deposit to the Debt Service Fund an amount equal to one-sixth of, and for the purpose of paying, the interest due on the Series 2012A Bonds on the next interest payment date therefor and an amount equal to one-twelfth of, and for the purpose of paying, the principal amount of the Series 2012A Bonds maturing by their terms, or subject to mandatory sinking fund redemption or purchase pursuant to the Indenture on the next succeeding _(month/day). After the Authority shall have paid its current expenses, the Authority shall withdraw from the Revenue Fund and deposit with the Trustee for credit to the Debt Service Fund on the first day of each month,, 2012, an amount equal to one-twelfth of and for the purpose of paying, the interest due on the Series 2012B Bonds on, Thereafter, on the first day of each month, beginning, 200, the Authority shall deposit to the Debt Service Fund an amount equal to one-sixth of, and for the purpose of paying, the interest due on the Series 2012B Bonds on the next interest payment date therefor and an amount equal to one-twelfth of, and for the purpose of paying, the principal amount of the Series 2012B Bonds maturing by their terms, or subject to mandatory sinking fund redemption or purchase pursuant to the Indenture on the next succeeding _(month/day). 9

16 Surplus Fund On of each year, all moneys in the Revenue Fund in excess of [one-fourth of the estimated annual current expenses of the Authority], which estimate shall be based upon the budget of current expenses of the Authority for the ensuing Fiscal Year, shall be withdrawn by the Authority from the Revenue Fund and deposited in the Surplus Fund. The Trustee shall from time to time, upon requisitions signed by the Treasurer or Assistant Treasurer of the Authority, withdraw from the Surplus Fund and pay to the Authority the amounts requested in any such requisitions, which amounts shall be credited to a special fund established with an authorized depositary and shall be used for the purposes, herein specified. The moneys held by the Trustee in the Surplus Fund may be used by the Authority: (a) to pay the cost of any Capital Additions, or extraordinary repairs and maintenance; (b) to prepay, redeem or purchase Bonds, provided that no Bonds may be purchased at a price in excess of the then effective optional prepayment or redemption price, with respect to the Bonds to be purchased or if such Bonds are not then subject to optional redemption, at a price not in excess of 105% of the principal amount of the Bonds to be purchased, plus accrued interest to the purchase date; (c) to supplement funds for projects (including projects consisting in whole or in part of the refunding of Bonds) financed by the issuance of Additional Bonds; (d) to make up any deficiency in the Debt Service Fund or Debt Service Reserve Fund; or (e) to pay any debts, liabilities or obligations of the authority incurred in connection with the ownership or operation of the Sewage System for which there is insufficient money in another Fund or which are not properly payable from any other fund under the Indenture (including, among other things, surveys, plans, specifications, studies and reports with respect to the Sewage System or the operation thereof or the feasibility or desirability of acquiring or constructing Capital Additions). In connection with the application of moneys in the Surplus Fund to (i) the purposes described in clauses (a) or (c) above, the Authority shall furnish the Trustee a requisition substantially in the form described in Section 5.01(a) and (b) hereof, with such changes as may be necessary to reflect the purpose for which and the Fund from which such amount is to be withdrawn; (ii) the purpose described in clause (b) above, the Authority shall furnish to the Trustee an Officers Certificate containing specific instructions as to redemption or purchase, and in the case of any purchase, the purchase price, the names of the sellers, the Bonds to be purchased and the expenses involved in the purchase; (iii) the purpose described in clause (e) above, the Authority shall furnish to the Trustee an Officers Certificate requesting such payment and an Opinion of Counsel to the effect that the obligation to be paid is a proper obligation of the Authority which the Authority is legally required to pay and may be paid from moneys in the Surplus Fund; and (iv) the purpose described in clause (d) above, the Trustee may make such transfers as it deems necessary without any direction from the Authority. In addition, the Trustee shall, without any direction from the Authority, transfer moneys from the Surplus Fund to the Debt Service Fund or to any sinking, purchase or analogous fund to the extent that the moneys in the Debt Service Fund, the Debt Service Reserve Fund or any sinking, purchase or analogous fund may on any Interest Payment Date be insufficient to make the payment for which the Debt Service Fund, the Debt Service Reserve Fund or any sinking, purchase or analogous fund was established as the same shall become due. 10

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

$7,020,000 MUNICIPAL WATER AUTHORITY OF ALIQUIPPA Beaver County, Pennsylvania Water and Sewer Revenue Bonds, Series of 2017

$7,020,000 MUNICIPAL WATER AUTHORITY OF ALIQUIPPA Beaver County, Pennsylvania Water and Sewer Revenue Bonds, Series of 2017 NEW ISSUE BOOK-ENTRY ONLY $7,020,000 MUNICIPAL WATER AUTHORITY OF ALIQUIPPA Beaver County, Pennsylvania Water and Sewer Revenue Bonds, Series of 2017 Dated: Date of Delivery Principal Due: November 15

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

$8,650,000 Township of Monroe Cumberland County, Pennsylvania General Obligation Bonds, Series of 2011

$8,650,000 Township of Monroe Cumberland County, Pennsylvania General Obligation Bonds, Series of 2011 NEW ISSUE BOOK-ENTRY ONLY RATINGS: S&P: A+ (Stable Outlook) Underlying AA+ (CreditWatch negative) Assured Guaranty Municipal Insured (See RATINGS herein) In the opinion of Bond Counsel, under existing

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

RESOLUTION OF THE BOARD OF SCHOOL DIRECTORS OF CENTENNIAL SCHOOL DISTRICT, BUCKS COUNTY, PENNSYLVANIA

RESOLUTION OF THE BOARD OF SCHOOL DIRECTORS OF CENTENNIAL SCHOOL DISTRICT, BUCKS COUNTY, PENNSYLVANIA RESOLUTION OF THE BOARD OF SCHOOL DIRECTORS OF CENTENNIAL SCHOOL DISTRICT, BUCKS COUNTY, PENNSYLVANIA A RESOLUTION OF THE BOARD OF SCHOOL DIRECTORS OF CENTENNIAL SCHOOL DISTRICT, BUCKS COUNTY, PENNSYLVANIA,

More information

BOENNING & SCATTERGOOD INC.

BOENNING & SCATTERGOOD INC. NEW ISSUE BOOK-ENTRY ONLY OFFICIAL STATEMENT Rating: S & P Rated AAA negative outlook AGM insured Underlying Rating A/Stable See Rating and Municipal Bond Insurance 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

$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

SIXTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND

SIXTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND SIXTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Successor Trustee AND MANUFACTURERS AND TRADERS TRUST COMPANY, as

More information

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: 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 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

$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

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

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

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

$9,655,000 MUNICIPALITY OF PENN HILLS

$9,655,000 MUNICIPALITY OF PENN HILLS OFFICIAL STATEMENT BOOK-ENTRY ONLY Bond Rating: Standard & Poor's Corp. AA- (stable) (See Rating herein) In the opinion of Bond Counsel, under existing law and assuming continuing compliance by the Municipality

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

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

INDENTURE OF TRUST. Dated as of May 1, between the REDEVELOPMENT AGENCY OF THE CITY OF LAKEPORT. and. UNION BANK OF CALIFORNIA, N.A.

INDENTURE OF TRUST. Dated as of May 1, between the REDEVELOPMENT AGENCY OF THE CITY OF LAKEPORT. and. UNION BANK OF CALIFORNIA, N.A. Jones Hall A Professional Law Corporation Execution Copy INDENTURE OF TRUST Dated as of May 1, 2008 between the REDEVELOPMENT AGENCY OF THE CITY OF LAKEPORT and UNION BANK OF CALIFORNIA, N.A., as Trustee

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

Imperial Irrigation District Energy Financing Documents. Electric System Refunding Revenue Bonds Series 2015C & 2015D

Imperial Irrigation District Energy Financing Documents. Electric System Refunding Revenue Bonds Series 2015C & 2015D Imperial Irrigation District Energy Financing Documents Electric System Refunding Revenue Bonds Series 2015C & 2015D RESOLUTION NO. -2015 A RESOLUTION AUTHORIZING THE ISSUANCE OF ELECTRIC SYSTEM REFUNDING

More information

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

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

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

$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

SCHOOL DISTRICT NO. 414 (KIMBERLY), TWIN FALLS COUNTY, STATE OF IDAHO. Resolution Authorizing the Issuance and Confirming the Sale of

SCHOOL DISTRICT NO. 414 (KIMBERLY), TWIN FALLS COUNTY, STATE OF IDAHO. Resolution Authorizing the Issuance and Confirming the Sale of SCHOOL DISTRICT NO. 414 (KIMBERLY), TWIN FALLS COUNTY, STATE OF IDAHO Resolution Authorizing the Issuance and Confirming the Sale of $1,500,000 General Obligation Bonds, Series 2013A (Tax-Exempt) $1,485,000

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

Refunded Bonds ), originally issued in the amount of Three Million Two Hundred Fifty

Refunded Bonds ), originally issued in the amount of Three Million Two Hundred Fifty ORDINANCE NO. 18-2004 An Ordinance concerning the refunding by the Town of Plainfield, Indiana, of its Waterworks Revenue Bonds of 1996; authorizing the issuance of waterworks refunding revenue bonds for

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

$21,115,000 DELAWARE COUNTY AUTHORITY (Pennsylvania) Revenue Bonds (Eastern University) Series of 2012

$21,115,000 DELAWARE COUNTY AUTHORITY (Pennsylvania) Revenue Bonds (Eastern University) Series of 2012 NEW ISSUE BOOK-ENTRY ONLY STANDARD & POOR S: BBB- (See RATING herein) In the opinion of Bond Counsel, under existing law and assuming continuing compliance by the Issuer and the University with the requirements

More information

SEVENTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND

SEVENTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND SEVENTH SUPPLEMENTAL TRUST INDENTURE BY AND AMONG PENNSYLVANIA TURNPIKE COMMISSION AND THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Successor Trustee AND MANUFACTURERS AND TRADERS TRUST COMPANY,

More information

$11,855,000 TOWNSHIP OF CRANBERRY Butler County, Pennsylvania General Obligation Bonds, Refunding Series of 2012

$11,855,000 TOWNSHIP OF CRANBERRY Butler County, Pennsylvania General Obligation Bonds, Refunding Series of 2012 OFFICIAL STATEMENT New Issue BOOK-ENTRY ONLY Bond Rating: Moody s Investors Service, Aa2 (See BOND RATING herein.) In the opinion of Bond Counsel, based upon an analysis of existing laws, regulations,

More information

Raymond James & Associates, Inc.

Raymond James & Associates, Inc. NEW ISSUE - FULL BOOK-ENTRY Ratings: S&P - AAA Moody's - Aaa Fitch - AAA Financial Guaranty Insured In the opinion of Bond Counsel, under existing law interest on the Series 1997-D Warrants (i) will be

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

$11,315,000 MAHANOY CITY SEWER AUTHORITY Schuylkill County, Pennsylvania Guaranteed Sewer Revenue Bonds, Series of 2016

$11,315,000 MAHANOY CITY SEWER AUTHORITY Schuylkill County, Pennsylvania Guaranteed Sewer Revenue Bonds, Series of 2016 OFFICIAL STATEMENT BOOK-ENTRY ONLY Rating: Insured: AA (Stable Outlook) AGM Insured In the opinion of Stevens & Lee, P.C., Reading, Pennsylvania, Bond Counsel, assuming continuing compliance by the Authority

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

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

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

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

$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

RESOLUTION 2017 WISSAHICKON SCHOOL DISTRICT MONTGOMERY COUNTY, PENNSYLVANIA

RESOLUTION 2017 WISSAHICKON SCHOOL DISTRICT MONTGOMERY COUNTY, PENNSYLVANIA RESOLUTION 2017 WISSAHICKON SCHOOL DISTRICT MONTGOMERY COUNTY, PENNSYLVANIA A RESOLUTION AUTHORIZING THE ISSUANCE OF BONDS IN THE AMOUNT OF UP TO TWELVE MILLION DOLLARS ($12,000,000); PROVIDING FOR THE

More information

Merrill Lynch & Co. Underwriter and Remarketing Agent for the Adjustable Rate Bonds

Merrill Lynch & Co. Underwriter and Remarketing Agent for the Adjustable Rate Bonds NEW ISSUE In the opinion of Bond Counsel, interest on the Adjustable Rate Bonds will be exempt from personal income taxes imposed by the State of New York (the State ) or any political subdivision thereof,

More information

RESOLUTION. by the BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM. authorizing the issuance, sale and delivery of PERMANENT UNIVERSITY FUND BONDS,

RESOLUTION. by the BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM. authorizing the issuance, sale and delivery of PERMANENT UNIVERSITY FUND BONDS, RESOLUTION by the BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM authorizing the issuance, sale and delivery of BOARD OF REGENTS OF THE UNIVERSITY OF TEXAS SYSTEM PERMANENT UNIVERSITY FUND BONDS, and

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

ARTICLE I DEFINITIONS

ARTICLE I DEFINITIONS RESOLUTION NO. 7223 A RESOLUTION PRESCRIBING THE FORM AND DETAILS OF AND AUTHORIZING AND DIRECTING THE SALE AND DELIVERY OF GENERAL OBLIGATION IMPROVEMENT BONDS, SERIES 2017-D, OF THE CITY OF LAWRENCE,

More information

NOW, THEREFORE, BE IT RESOLVED by the Board of Education of the Norton City School District, County of Summit, State of Ohio, that:

NOW, THEREFORE, BE IT RESOLVED by the Board of Education of the Norton City School District, County of Summit, State of Ohio, that: A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $9,800,000 FOR THE PURPOSE OF CONSTRUCTING, FURNISHING, EQUIPPING, ADDING TO, RENOVATING, REMODELING,

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

PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT. $55,500,000 Revenue Bonds (Philadelphia Performing Arts Charter School Project) Series of 2013

PHILADELPHIA AUTHORITY FOR INDUSTRIAL DEVELOPMENT. $55,500,000 Revenue Bonds (Philadelphia Performing Arts Charter School Project) Series of 2013 BOOK ENTRY ONLY Dated: Delivery Date RATING: Standard & Poor s: BB (stable outlook) In the opinion of Bond Counsel, assuming continuing compliance by the Authority, the Borrowers and the School with certain

More information

RESOLUTION NO

RESOLUTION NO RESOLUTION NO. 031717-1 A RESOLUTION OF THE BOARD OF TRUSTEES OF THE DESERT COMMUNITY COLLEGE DISTRICT AUTHORIZING THE SALE AND ISSUANCE OF NOT TO EXCEED $145,000,000 AGGREGATE PRINCIPAL AMOUNT OF DESERT

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

SECOND SUPPLEMENTAL TRUST INDENTURE BETWEEN WEST VILLAGES IMPROVEMENT DISTRICT AND U.S. BANK NATIONAL ASSOCIATION AS TRUSTEE. Dated as of 1, 2017

SECOND SUPPLEMENTAL TRUST INDENTURE BETWEEN WEST VILLAGES IMPROVEMENT DISTRICT AND U.S. BANK NATIONAL ASSOCIATION AS TRUSTEE. Dated as of 1, 2017 SECOND SUPPLEMENTAL TRUST INDENTURE BETWEEN WEST VILLAGES IMPROVEMENT DISTRICT AND U.S. BANK NATIONAL ASSOCIATION AS TRUSTEE Dated as of 1, 2017 41995858;1 Page 87 TABLE OF CONTENTS This Table of Contents

More information

Jones Hall, A Professional Law Corporation June 2, 2015 INDENTURE OF TRUST. between the MARINA COAST WATER DISTRICT. and

Jones Hall, A Professional Law Corporation June 2, 2015 INDENTURE OF TRUST. between the MARINA COAST WATER DISTRICT. and Jones Hall, A Professional Law Corporation June 2, 2015 INDENTURE OF TRUST between the MARINA COAST WATER DISTRICT and MUFG UNION BANK, N.A., as Trustee Dated as of June 1, 2015 Relating to $ Marina Coast

More information

BOENNING & SCATTERGOOD INC.

BOENNING & SCATTERGOOD INC. OFFICIAL STATEMENT NEW ISSUE BOOK-ENTRY-ONLY Ratings: Standard & Poor s AA (stable outlook) AGM Insured Underlying Rating A/Stable See RATING and MUNICIPAL BOND INSURANCE herein In the opinion of Bond

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

$10,000,000 SHAMOKIN-COAL TOWNSHIP JOINT SEWER AUTHORITY Northumberland County, Pennsylvania Sewer Revenue Bonds, Series of 2015

$10,000,000 SHAMOKIN-COAL TOWNSHIP JOINT SEWER AUTHORITY Northumberland County, Pennsylvania Sewer Revenue Bonds, Series of 2015 New Issue Book-Entry Only S&P Insured: AA (Stable Outlook) S&P Underlying: (A- Positive Outlook) See MISCELLANEOUS Ratings herein In the opinion of Stevens & Lee, P.C., Forty Fort, Pennsylvania, Bond Counsel,

More information

$45,380,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY Affordable Housing Program Trust Fund Refunding Bonds Series 2004

$45,380,000 ILLINOIS HOUSING DEVELOPMENT AUTHORITY Affordable Housing Program Trust Fund Refunding Bonds Series 2004 Interest on the Offered Bonds will NOT be excludible from the gross income of the owners thereof for federal income tax purposes. Under the Illinois Housing Development Act (the Act ), in its present form,

More information

$100,000,000* CITY OF MILWAUKEE, WISCONSIN Sewerage System Revenue Bonds Series 2016 S7

$100,000,000* CITY OF MILWAUKEE, WISCONSIN Sewerage System Revenue Bonds Series 2016 S7 This is a Preliminary Official Statement, subject to correction and change. The City has authorized the distribution of the Preliminary Official Statement to prospective purchasers and others. Upon the

More information

OFFICIAL STATEMENT. Rating: Standard & Poor s: A+ Due. Interest Rate Yield CUSIPs 2017 $ 385, % 0.70% AU $ 250, % 2.

OFFICIAL STATEMENT. Rating: Standard & Poor s: A+ Due. Interest Rate Yield CUSIPs 2017 $ 385, % 0.70% AU $ 250, % 2. NEW ISSUE Book-Entry-Only OFFICIAL STATEMENT Rating: Standard & Poor s: A+ (See MISCELLANEOUS-Rating ) In the opinion of Bond Counsel, based on existing law and assuming compliance with certain tax covenants

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

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

BOARD OF TRUSTEES CENTRAL WASHINGTON UNIVERSITY SYSTEM REVENUE BONDS SERIES 2016 BOND RESOLUTION RESOLUTION NO

BOARD OF TRUSTEES CENTRAL WASHINGTON UNIVERSITY SYSTEM REVENUE BONDS SERIES 2016 BOND RESOLUTION RESOLUTION NO BOARD OF TRUSTEES CENTRAL WASHINGTON UNIVERSITY SYSTEM REVENUE BONDS SERIES 2016 BOND RESOLUTION RESOLUTION NO. 16-06 A RESOLUTION of the Board of Trustees of Central Washington University providing for

More information

TENNESSEE HOUSING DEVELOPMENT AGENCY Housing Finance Program Bonds $163,850,000 Issue 2015-A (Non-AMT)

TENNESSEE HOUSING DEVELOPMENT AGENCY Housing Finance Program Bonds $163,850,000 Issue 2015-A (Non-AMT) NEW ISSUE BOOK-ENTRY ONLY In the opinion of Bond Counsel, under existing federal laws and assuming continuing compliance by THDA with federal tax law requirements, (i) interest on the Issue 2015-A Bonds

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

THE REFUNDED BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT AND

THE REFUNDED BONDS; AUTHORIZING THE EXECUTION AND DELIVERY OF A BOND REGISTRAR AGREEMENT AND A RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE OF BONDS IN A MAXIMUM AGGREGATE PRINCIPAL AMOUNT OF $9,710,000, FOR THE PURPOSE OF REFUNDING AT A LOWER INTEREST COST CERTAIN OF THE SCHOOL DISTRICT S SCHOOL

More information

Ratings: Moody s: Aa1

Ratings: Moody s: Aa1 NEW ISSUE BOOK-ENTRY ONLY Ratings: Moody s: Aa1 Standard & Poor s: AA+ Fitch: AA+ (See Ratings ) In the opinion of Bond Counsel, under current law and subject to the conditions described in the section

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

Honorable John Chiang Treasurer of the State of California as Agent for Sale

Honorable John Chiang Treasurer of the State of California as Agent for Sale NEW ISSUES FULL BOOK-ENTRY NOT RATED In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the Authority, based upon an analysis of existing laws, regulations, rulings and court decisions

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

PRELIMINARY OFFICIAL STATEMENT CITY OF WICHITA, KANSAS $26,090,000* $103,055,000* WATER AND SEWER UTILITY REVENUE BONDS

PRELIMINARY OFFICIAL STATEMENT CITY OF WICHITA, KANSAS $26,090,000* $103,055,000* WATER AND SEWER UTILITY REVENUE BONDS 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

$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

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

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

$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

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

$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

DESERT COMMUNITY COLLEGE DISTRICT RESOLUTION NO

DESERT COMMUNITY COLLEGE DISTRICT RESOLUTION NO DESERT COMMUNITY COLLEGE DISTRICT RESOLUTION NO. 111815-4 RESOLUTION AUTHORIZING THE ISSUANCE OF THE DESERT COMMUNITY COLLEGE DISTRICT (RIVERSIDE AND IMPERIAL COUNTIES, CALIFORNIA) 2016 GENERAL OBLIGATION

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

BOENNING & SCATTERGOOD INC.

BOENNING & SCATTERGOOD INC. NEW ISSUE BOOK-ENTRY ONLY Dated: Date of Delivery Interest Due: April 1 and October 1 OFFICIAL STATEMENT In the opinion of Bond Counsel, based upon an analysis of existing laws, regulations, rulings and

More information

RBC Capital Markets The Huntington Investment Company BofA Merrill Lynch. Book-Running Senior Manager. Co-Managers

RBC Capital Markets The Huntington Investment Company BofA Merrill Lynch. Book-Running Senior Manager. Co-Managers OFFICIAL STATEMENT DATED DECEMBER 12, 2013 NEW ISSUE Book-Entry Only RATINGS: See Ratings of the 2013 Bonds herein In the opinion of Bond Counsel, based upon an analysis of existing laws, regulations,

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

Goldman, Sachs & Co. PNC Capital Markets LLC

Goldman, Sachs & Co. PNC Capital Markets LLC This is a Preliminary Official Statement and the information contained herein is subject to completion and amendment in a final Official Statement. The securities offered hereby may not be sold nor may

More information

NEW ISSUE. $100,000,000 Subseries C-1 Tax-Exempt Subordinate Bonds. $130,000,000 Subseries C-3 Taxable Subordinate Bonds

NEW ISSUE. $100,000,000 Subseries C-1 Tax-Exempt Subordinate Bonds. $130,000,000 Subseries C-3 Taxable Subordinate Bonds NEW ISSUE In the opinion of Bond Counsel, interest on the Fixed Rate Bonds will be exempt from personal income taxes imposed by the State of New York (the State ) or any political subdivision thereof,

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

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

PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 17, 2012

PRELIMINARY OFFICIAL STATEMENT DATED JANUARY 17, 2012 This Preliminary Official Statement and the information contained herein are subject to completion, amendment or other change without notice. The Bonds may not be sold nor may offers to buy be accepted

More information

Morgan Keegan & Company, Inc.

Morgan Keegan & Company, Inc. OFFICIAL STATEMENT NEW ISSUE BOOK-ENTRY ONLY Moody s: A1/VMIG 1 (See RATING herein) In the opinion of Bond Counsel, under existing law and subject to conditions described in the section herein TAX EXEMPTION,

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

$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

ORDINANCE NUMBER

ORDINANCE NUMBER ORDINANCE NUMBER 20-2015 AN ORDINANCE PROVIDING FOR THE ISSUANCE OF NOT TO EXCEED $12,000,000 GENERAL OBLIGATION TAXABLE BONDS (SPECIAL SERVICE AREA NO. 2), SERIES 2015, OF THE VILLAGE OF EVERGREEN PARK,

More information

$6,970,000 WEST MIFFLIN AREA SCHOOL DISTRICT (Allegheny County, Pennsylvania) GENERAL OBLIGATION BONDS, SERIES OF 2013

$6,970,000 WEST MIFFLIN AREA SCHOOL DISTRICT (Allegheny County, Pennsylvania) GENERAL OBLIGATION BONDS, SERIES OF 2013 OFFICIAL STATEMENT New Issue Book Entry Bond Rating: Standard & Poor s Ratings Services AA (stable) / BBB+ (negative outlook) underlying BAM Insured (See BOND INSURANCE and CUSIP Base: 954498 BOND RATING

More information

$10,365,000* CITY OF FAYETTEVILLE, GEORGIA Water and Sewerage Refunding Revenue Bonds, Series 2010

$10,365,000* CITY OF FAYETTEVILLE, GEORGIA Water and Sewerage Refunding Revenue Bonds, Series 2010 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

$9,750,000* WILKES COUNTY SCHOOL DISTRICT (GEORGIA) General Obligation Refunding Bonds, Series 2011

$9,750,000* WILKES COUNTY SCHOOL DISTRICT (GEORGIA) General Obligation Refunding Bonds, Series 2011 This Preliminary Official Statement and the information contained herein are subject to change, completion or amendment without notice. The Series 2011 Bonds may not be sold nor may offers to buy be accepted

More information

OFFICIAL STATEMENT BOOK-ENTRY ONLY

OFFICIAL STATEMENT BOOK-ENTRY ONLY BOOK-ENTRY ONLY OFFICIAL STATEMENT $9,995,000 LANCASTER COUNTY CAREER & TECHNOLOGY CENTER AUTHORITY GUARANTEED LEASE REVENUE BONDS, SERIES OF 2013 (LANCASTER COUNTY CAREER & TECHNOLOGY CENTER) Lancaster

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

ELEVENTH SUPPLEMENTAL INDENTURE OF TRUST. Dated as of 1, between. UTAH TRANSIT AUTHORITY, as Issuer. and. ZB, NATIONAL ASSOCIATION, as Trustee

ELEVENTH SUPPLEMENTAL INDENTURE OF TRUST. Dated as of 1, between. UTAH TRANSIT AUTHORITY, as Issuer. and. ZB, NATIONAL ASSOCIATION, as Trustee Gilmore & Bell Draft: 11/28/17 ELEVENTH SUPPLEMENTAL INDENTURE OF TRUST Dated as of 1, 2018 between UTAH TRANSIT AUTHORITY, as Issuer and ZB, NATIONAL ASSOCIATION, as Trustee and supplementing the Amended

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

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

Southwest Securities, Inc.

Southwest Securities, Inc. NEW ISSUE - FULL BOOK-ENTRY INSURED RATING: S&P: AA UNDERLYING RATING: S&P: A- See RATINGS herein In the opinion of Jones Hall, A Professional Law Corporation, San Francisco, California, Bond Counsel,

More information