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NEW ISSUE—FULL BOOK ENTRY RATINGS: .
<br /> Moody's:"Aa3"
<br /> S&P:"AA-"
<br /> (See"RATINGS"herein)
<br /> 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 purposea and such interest is
<br /> not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations, although for the
<br /> purpose of computing the alternative minimum tax imposed on certain corporations,such interest is taken into account in determining certain
<br /> income and earnings. In the further opinion of Bond Counsel, such interest is exempt from California personal income taxes. See "TAX
<br /> MATTERS"herein.
<br /> $20,235,000
<br /> City of Redwood City
<br /> � �� Public Financing Authority
<br /> �Nu (San Mateo County, California)
<br /> Water Revenue Refunding Bonds, Series 2015
<br /> Dated:Date of Delivery Due:February 1,as shown on the inside front cover
<br /> The$20,235,000 City of Redwood City Public Financing Authority Water Revenue Refunding Bonds,Series 2015(the"Bonds'),will be registered
<br /> in the name of Cede&Co.,as nominee of The Depository Trust Company,New York,New York("DTC").DTC will act as securities depository
<br /> of the Bonds.Individual purchases of Bonds will be made in book-entry form only,in denominations of$5,000 or any integral multiple thereof.
<br /> Purchasers of Bonds will not receive certificates represenring their interest in the Bonds purchased but will receive a credit balance in the records
<br /> of DTC. Princlpal of and interest on the Bonds are payable directly to DTC by U.S. Bank National Assoaation, San Francisco, California, as
<br /> trustee (the °Trustee°). Principal is payable on the dates set forth below. Interest is payable semiannually on each February 1 and August 1,
<br /> commencing August 1,2015.Upon receipt of payments of principal of,premium,if any,and interest on the Bonds,DTC is obligated in turn to
<br /> remit such principal,premium,if any,and interest to the DTC Participants(as defined herein)for subsequent disbursement to purchasers of the
<br /> Bonds,as described herein.
<br /> 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 /> 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"
<br /> herein.See also"SECURITY FOR THE BONDS—Reserve Fund"herein for a description of certain arcumstances under which the Reserve Fund
<br /> for the Bonds may be terminated.
<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
<br /> payments(the"2015 Installment Payments")to be made by the City of Redwood City(the"City")under an installment purchase contract,dated
<br /> as of May 1,2015,by and between the Authority and the City(the"2015 Installment Purchase Contract").The 2015 Installment Payments are
<br /> secured by a pledge of and lien on the net revenues(the"Net Revenues")of the Cit}�s municipal water enterprise(the"Enterprise°).The City's
<br /> pledge of Net Revenues under the 2015 Installment Purchase Contract is on a parity basis with a similar pledge under an installment purchase
<br /> contract by and between the Authority and the City (the "2007 Installment Purchase Contract"), under which the City makes installment
<br /> payments that secure the Authority's Water Revenue Bonds, Series 2007A, and under an installment purchase contract by and between the
<br /> Authority and the City(the"2013 Installment Purchase Contract"),under which the City makes installment payments that secure the Authorit�s
<br /> Water Refunding Revenue Bonds,Series 2013(the"2013 Bonds").Net Revenues may also be pledged to additional parity obligations hereafter
<br /> issued or incurred by the City(the"Parity Obligations').
<br /> The City has covenanted under the 2015 Installment Purchase Contract to fix,prescribe and collect such charges in connection with the services
<br /> and facilities of the Enterprise which will produce gross revenues sufficient in each Fiscal Year to provide Net Revenues equal to at least 1.20
<br /> times the aggregate of obliga6ons of the City in such 6sca1 year with respect to the 2015 Installment Purchase Contract, the 2007 Installment
<br /> Purchase Contract,the 2013 Installment Sale Agreement and any Parity Obligations hereafter issued or incurred by the City.
<br /> The Bonds are subject to redemption prior to maturity.See'"THE BONDS—Redempdon'herein.
<br /> Neither the Bonds nor the obligation of the City to make 2015 Installment Payments consdtutes an obligation of the City or the Authority for
<br /> 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
<br /> Authority has no taxing power. Neither the Bonds nor the obligation of the City to make 2015 Installment Payments under the 2015
<br /> Instaliment Purchase Contract constitutes a debt of the City, the County of San Mateo, the State of California or any of its political
<br /> subdivisions within the meaning of any constitutional or statutory debt limitation or restrACtion.
<br /> MATURITY SCHEDULE
<br /> SEE THE INSIDE FRONT COVER
<br /> This cover page contains information for general reference only.It is not a summary of this issue.Potential purchasers of the Bonds are advised
<br /> to read the entire Official Statement to obtain information essential to making an informed inveshnent decision.
<br /> 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 /> Law Corporation,San Francisco,California,Bond Counsel.Certain legal matters will be passed upon for the Authority and the City by Quint&
<br /> Thimmig LLP, Larkspur, California, Disclosure Counsel, and by Pamela Thompson, Esq.,the City Attorney. It is expected that the Bonds, in
<br /> book-entry form,will be available for delivery through the facilities of DTC on or about May 19,2015.
<br /> Dated:Apri130,2015
<br />
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