See “RATINGS” and “THE PERMANENT SCHOOL FUND GUARANTEE PROGRAM”.)
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NEW ISSUES: BOOK-ENTRY-ONLY Ratings: S&P: Applied For (See “RATINGS” and “THE PERMANENT SCHOOL FUND GUARANTEE PROGRAM”.) PRELIMINARY OFFICIAL STATEMENT July 28, 2020 In the opinion of Bond Counsel (defined below), under current law and subject to conditions described in the section “TAX MATTERS RELATING TO THE 2020A BONDS” herein, interest on the 2020A Bonds (defined below) (a) is not included in gross income for federal income tax purposes and (b) is not an item of tax preference for purposes of the federal alternative minimum income tax. A holder may be subject to other federal tax consequences as described in the section “TAX MATTERS RELATING TO THE 2020A BONDS.” Interest on the 2020T Bonds (defined below) is not excluded from gross income for federal income tax purposes. See “FEDERAL INCOME TAX TREATMENT OF THE 2020T BONDS” herein. EANES INDEPENDENT SCHOOL DISTRICT (A political subdivision of the State of Texas located in Travis County, Texas) $18,940,000* $6,165,000* UNLIMITED TAX SCHOOL BUILDING AND REFUNDING BONDS, UNLIMITED TAX SCHOOL BUILDING BONDS, SERIES 2020A TAXABLE SERIES 2020T Dated Date: July 15, 2020 (interest will accrue from the Delivery Date) Due: August 1, as shown on page ii The Eanes Independent School District (the “District”) is issuing its $18,940,000* Unlimited Tax School Building and Refunding Bonds, Series 2020A (the “2020A Bonds”) and $6,165,000* Unlimited Tax School Building Bonds, Taxable Series 2020T (the “2020T Bonds”, and collectively with the 2020A Bonds, the “Bonds”), in accordance with the Constitution and general laws of the State of Texas, including, particularly, Chapter 45, Texas Education Code, as amended, Chapter 1207, Texas Government Code, as amended, Chapter 1371, Texas Government Code, as amended, an order adopted by the Board of Trustees of the District (the “Order”) on March 31, 2020 authorizing the issuance of the Bonds and delegating authority to certain officers of the District to complete the sale of the Bonds through the execution of a pricing certificate (the “Pricing Certificate”), and an election held within the District on May 4, 2019 (the “Election”). The Bonds These securities may not be sold, nor may offers to buy them be accepted, prior to the time the to prior accepted, be them buy to offers may nor sold, be not may securities These constitute direct obligations of the District and are payable as to principal, and interest from the proceeds of an annual ad valorem tax levied, without legal limit as to rate or amount, against all taxable property located within the District. e an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, these securities in securities of, these sale be any there nor shall to buy, of an offer or a solicitation to sell e an offer er the securitieslaws of any such jurisdiction. The District has submitted an application and received conditional approval from the Texas Education Agency for the payment of principal of and interest on the Bonds to be guaranteed under the Permanent School Fund Guarantee Program which will automatically become effective when the Attorney General of Texas approves the Bonds. (See “THE PERMANENT SCHOOL FUND GUARANTEE PROGRAM”). Interest on the Bonds will accrue from the Delivery Date (defined below), and will be payable on February 1 and August 1 each year, commencing February 1, 2021 until stated maturity or prior redemption. The Bonds will be issued as fully registered obligations in principal denominations of $5,000 or any integral multiple thereof within a stated maturity. Interest accruing on the Bonds will be calculated on the basis of a 360-day year consisting of twelve 30-day months. (See “THE BONDS – General Description”). The District intends to utilize the Book-Entry-Only System of The Depository Trust Company (“DTC”), but reserves the right on its behalf or on behalf of DTC to discontinue its use of such system. The principal of, and interest on the Bonds will be payable to Cede & Co., as nominee for DTC, by UMB Bank, N.A., Austin, Texas, as the initial Paying Agent/Registrar (the “Paying Agent/Registrar”) for the Bonds. No physical delivery of the Bonds will be made to the owners thereof. Such Book-Entry-Only System will affect the method and timing of payment and the method of transfer (see “BOOK-ENTRY-ONLY SYSTEM”). Proceeds from the sale of the 2020A Bonds will be used for (i) construction, acquisition, rehabilitation, renovation, expansion, improvement, and equipment of school buildings in the District, including safety and security improvements; student programs and support, including technology systems and equipment; instructional, co-curricular and extra-curricular spaces, including robotics, wrestling and aquatics; promotion of energy efficiency and conservation; facility systems and site improvements throughout the District (including plumbing, roofing, heating, ventilation, air conditioning, surfaces and other systems); and the purchase of new school buses, (ii) refunding a portion of the District’s currently outstanding obligations as disclosed in Schedule I attached hereto (the “Refunded Bonds”), and (iii) paying the costs of issuing the 2020A Bonds. (See “THE BONDS – Authorization and Purpose”). Proceeds from the sale of the 2020T Bonds will be used for (i) construction, acquisition, rehabilitation, renovation, expansion, improvement, and equipment of school buildings in the District, including safety and security improvements; student programs and support, including technology systems and equipment; instructional, co-curricular and extra-curricular spaces, including robotics, wrestling and aquatics; promotion of energy efficiency and conservation; facility systems and site improvements throughout the District (including plumbing, roofing, heating, ventilation, air conditioning, surfaces and other systems); and the purchase of new school buses, and (ii) paying the costs of issuing the Bonds. (See “THE BONDS – Authorization and Purpose”). MATURITY SCHEDULE ON PAGES ii AND iii The Bonds are offered when, as and if issued, and accepted by the initial purchasers thereof named below (the “Underwriters”), subject to the approval of legality by the Attorney General of the State of Texas and the approval of certain legal matters by Hunton Andrews Kurth LLP, Houston, Texas, Bond Counsel. Certain legal matters will be passed upon for the Underwriters by their counsel, Orrick, Herrington & Sutcliffe LLP, Austin, Texas. The Bonds are expected to be available for initial delivery through the services of DTC on or about September 9, 2020 (the “Delivery Date”). BOK FINANCIAL SECURITIES, INC. ESTRADA HINOJOSA RAYMOND JAMES __________ * Preliminary, subject to change. This Preliminary Official Statement and the information contained herein are subject to completion or amendment without notice. without amendment or completion to subject are herein contained information the and Statement Official Preliminary This constitut Statement Official Preliminary this shall circumstances no Under form. final in delivered is Statement Official the und filing or qualification registration, to prior unlawful be would sale or solicitation offer, such which in jurisdiction any MATURITY SCHEDULE FOR THE 2020A BONDS EANES INDEPENDENT SCHOOL DISTRICT Base CUSIP No: 270083(1) $18,940,000* UNLIMITED TAX SCHOOL BUILDING AND REFUNDING BONDS, SERIES 2020A Maturity Date Principal Interest Initial CUSIP (8/1) Amount* Rate Yield Suffix No. (1) 2021 $3,115,000 2022 1,350,000 2023 1,540,000 2024 1,620,000 2025 1,700,000 2026 1,785,000 2027 1,870,000 2028 1,310,000 2029 1,070,000 2030 1,120,000 2031 205,000 2032 215,000 2033 225,000 2034 235,000 2035 240,000 2036 250,000 2037 255,000 2038 270,000 2039 280,000 2040 290,000 (Interest to accrue from the Delivery Date) REDEMPTION PROVISIONS…. The District reserves the right, at its option, to redeem 2020A Bonds having stated maturities on and after August 1, 2031, in whole or in part, in principal amounts of $5,000 or any integral multiple thereof, on August 1, 2030 or any date thereafter, at par value thereof plus accrued interest to the date of redemption. (See “THE BONDS – Optional Redemption.”) Additionally, the 2020A Bonds may be subject to mandatory sinking fund redemption in the event the Underwriters elect to aggregate two or more maturities as Term Bonds. ___________ * Preliminary, subject to change. (1) CUSIP is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned to the Bonds by CUSIP Global Services, managed by S&P Global Market Intelligence on behalf of The American Bankers Association and are included solely for the convenience of owners of the Bonds. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP services. Neither the District, the Financial Advisor, nor the Underwriters shall be responsible for the selection or correctness of the CUSIP numbers set forth herein. ii MATURITY SCHEDULE FOR THE 2020T BONDS EANES INDEPENDENT SCHOOL DISTRICT Base CUSIP No: 270083(1) $6,165,000* UNLIMITED TAX SCHOOL BUILDING BONDS, TAXABLE SERIES 2020T Maturity Date Principal Interest Initial CUSIP (8/1) Amount* Rate Yield Suffix No. (1) 2021 $ 45,000 2022 40,000 2023 235,000 2024 245,000 2025 260,000 2026 270,000 2027 285,000 2028 295,000 2029 310,000 2030 330,000 2031 345,000 2032 355,000 2033 360,000 2034 370,000 2035 380,000 2036 390,000 2037 395,000 2038 410,000 2039 420,000 2040 425,000 (Interest to accrue from the Delivery Date) REDEMPTION PROVISIONS…. The District reserves the right, at its option, to redeem 2020T Bonds having stated maturities on and after August 1, 2031, in whole or in part, in principal amounts of $5,000 or any integral multiple thereof, on August 1, 2030 or any date thereafter, at par value thereof plus accrued interest to the date of redemption.