|
5v
<br /> PRELIMINARY OFFICIAL STATEMENT DATED APRIL 16,2015 8.A. - Page 19
<br /> NEW ISSUE—FULL BOOK ENTRY RATINGS:
<br /> Moody's:"
<br /> —
<br /> ..<4 S&P:" "
<br /> c o (See"RATINGS"herein)
<br /> vv In the opinion of Jones Hall,A Professional Law Corporation, San Francisco, California, Bond Counsel, subject,however to certain qualifications
<br /> described herein,under existing law,the interest on the Bonds is excluded from gross income for federal income tax purposes and such interest is not
<br /> .0 an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations,although for the purpose of
<br /> ,6 computing the alternative minimum tax imposed on certain corporations, such interest is taken into account in determining certain income and
<br /> O earnings.In the further opinion of Bond Counsel,such interest is exempt from California personal income taxes.See"TAX MATTERS"herein.
<br /> r3
<br /> v.5
<br /> o�
<br /> City of Redwood City
<br /> T Redwood Public Financing Authority
<br /> 11IlV ioardeii BB77 (San Mateo County, California)
<br /> R
<br /> Water Revenue Refunding Bonds, Series 2015
<br /> u
<br /> p y
<br /> p N _
<br /> OXy'
<br /> 4t; Dated:Date of Delivery Due:February 1,as shown on the inside front cover
<br /> vv
<br /> >,>, The$ *City of Redwood City Public Financing Authority Water Revenue Refunding Bonds,Series 2015(the"Bonds"),will be registered in
<br /> the name of Cede&Co.,as nominee of The Depository Trust Company,New York,New York("DTC").DTC will act as securities depository of the
<br /> i Bonds.Individual purchases of Bonds will be made in book-entry form only,in denominations of$5,000 or any integral multiple thereof.Purchasers
<br /> cu
<br /> of Bonds will not receive certificates representing their interest in the Bonds purchased but will receive a credit balance in the records of DTC.
<br /> Principal of and interest on the Bonds are payable directly to DTC by U.S. Bank National Association, San Francisco, California, as trustee (the
<br /> x "Trustee").Principal is payable on the dates set forth below.Interest is payable semiannually on each February 1 and August 1,commencing August
<br /> c o 1,2015. Upon receipt of payments of principal of,premium,if any, and interest on the Bonds,DTC is obligated in turn to remit such principal,
<br /> a premium, if any, and interest to the DTC Participants (as defined herein)for subsequent disbursement to purchasers of the Bonds, as described
<br /> 5 a herein.
<br /> 4 The Bonds are being issued to(a)refund,on a current basis,the Authority's outstanding City of Redwood City Public Financing Authority Water
<br /> 2 o Revenue Bonds,Series 2006A,(b)fund a reserve fund for the Bonds,and(c)pay the costs of issuance of the Bonds.See"FINANCING PLAN"herein.
<br /> See also "SECURITY FOR THE BONDS—Reserve Fund" herein for a description of certain circumstances under which the Reserve Fund for the
<br /> 6 o Bonds may be terminated.
<br /> H c
<br /> The Bonds are special obligations of the City of Redwood City Public Financing Authority(the "Authority")payable from the revenues pledged
<br /> under the Indenture of Trust,dated as of May 1,2015,by and between the Authority and the Trustee,consisting primarily of installment payments
<br /> ym by City City(the"City") purchase May v o (the"2015 Installment Payments")to be made b the Ci of Redwood Ci the"Ci under an installment urchase contract,dated as of Ma 1,
<br /> 0, :". 2015,by and between the Authority and the City(the"2015 Installment Purchase Contract").The 2015 Installment Payments are secured by a pledge
<br /> of and lien on the net revenues(the"Net Revenues")of the City's municipal water enterprise(the"Enterprise").Net Revenues are also pledged,on a
<br /> c i; g parity with the 2015 Installment Purchase Contract,under an installment purchase contract by and between the Authority and the City(the"2007
<br /> Installment Purchase Contract"),under which the City makes installment payments constituting revenues to secure the Authority's Water Revenue
<br /> a.V;a Bonds, Series 2007A, and under an installment purchase contract by and between the Authority and the City (the "2013 Installment Purchase
<br /> gContract"), under which the City makes installment payments constituting revenues to secure the Authority's Water Refunding Revenue Bonds,
<br /> o v s Series 2013(the"2013 Bonds").Net Revenues may also be pledged under additional parity obligations hereafter issued or incurred by the City(the
<br /> b. : "Parity Obligations").The City has covenanted under the 2015 Installment Purchase Contract to prescribe,revise and collect such charges from the
<br /> '47'1;o services and facilities of the Water System which will produce gross revenues sufficient in each Fiscal Year to provide Net Revenues equal to at least
<br /> vg E 1.20 times the aggregate of obligations of the City with respect to the 2015 Installment Purchase Contract,the 2007 Installment Purchase Contract,the
<br /> cv 2013 Installment Sale Agreement and payments with respect to any Parity Obligations hereafter issued or incurred by the City in such Fiscal Year.
<br /> v• 'C
<br /> The Bonds are subject to redemption prior to maturity.See"THE BONDS--Redemption"herein.
<br /> o Neither the Bonds nor the obligation of the City to make 2015 Installment Payments constitutes an obligation of the City or the Authority for
<br /> Y x w which the City is obligated to levy or pledge any form of taxation or for which the City has levied or pledged any form of taxation.The Authority
<br /> g 0 c has no taxing power.Neither the Bonds nor the obligation of the City to make 2015 Installment Payments under the 2015 Installment Purchase
<br /> o ; Contract constitutes a debt of the City,the County of San Mateo,the State of California or any of its political subdivisions within the meaning of
<br /> .5. any constitutional or statutory debt limitation or restriction.
<br /> o MATURITY SCHEDULE
<br /> x ° SEE THE INSIDE FRONT COVER
<br /> Bids for the purchase of the Bonds will be received by the Authority on Thursday, April 30, 2015, electronically only, through the I-Deal LLC
<br /> ✓ 8 Y BiDCOMP/PARITY®system,until 8:30 A.M.,Pacific Daylight time.The Bonds will be sold pursuant to the terms of sale set forth in the Official
<br /> .OD Notice of Sale,dated April 16,2015.
<br /> • N
<br /> � � O
<br /> o o This cover page contains information for general reference only.It is not a summary of this issue.Potential purchasers of the Bonds are advised to
<br /> 0 oo o. read the entire Official Statement to obtain information essential to making an informed investment decision.
<br /> a 3 The Bonds will be offered when,as and if issued and received by the Underwriter subject to the approval of legality by Jones Hall,A Professional
<br /> .g�c Law Corporation,San Francisco, California,Bond Counsel. Certain legal matters will be passed upon for the Authority and the City by Quint&
<br /> .F Thimmig LLP,Larkspur,California,Disclosure Counsel,and by Pamela Thompson,Esq.,the City Attorney.It is expected that the Bonds,in book-
<br /> er ., entry form,will be available for delivery through the facilities of DTC on or about May 19,2015.
<br /> � o
<br /> 4 S 3 Dated:April J 2015
<br /> *Preliminary,subject to change.
<br />
|