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Los Angeles County Metropolitan Transportation Authority

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Los Angeles County Metropolitan Transportation Authority NEW ISSUE‑BOOK‑ENTRY‑ONLY ® RATINGS: Moody’s: “Aa2” S&P: “AAA” Fitch: “AA+” (See “RATINGS” herein) In the opinion of Kutak Rock LLP, Bond Counsel to LACMTA, under existing laws, regulations, rulings and judicial decisions and assuming the accuracy of certain representations and continuing compliance with certain covenants, interest on the Series 2019 Bonds is excluded from gross income for federal income tax purposes and is not a specific item of tax preference for purposes of the federal alternative minimum tax. Bond Counsel is further of the opinion that interest on the Series 2019 Bonds is exempt from present State of California personal income taxes. For a more complete description, see “TAX MATTERS” herein. $545,000,000 LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY $418,575,000 $126,425,000 Proposition C Sales Tax Revenue Bonds Proposition C Sales Tax Revenue Bonds Senior Bonds, Senior Bonds, Series 2019‑A (Green Bonds) Series 2019‑B Dated: Date of Delivery Due: As shown on inside cover The Los Angeles County Metropolitan Transportation Authority (“LACMTA”) is issuing its Proposition C Sales Tax Revenue Bonds, Senior Bonds, Series 2019-A (Green Bonds) (the “Series 2019-A Green Bonds”) and its Proposition C Sales Tax Revenue Bonds, Senior Bonds, Series 2019-B (the “Series 2019-B Bonds”). The Series 2019-A Green Bonds and the Series 2019-B Bonds are collectively referred to herein as the “Series 2019 Bonds.” The Series 2019 Bonds are being issued pursuant to the Amended and Restated Trust Agreement, dated as of January 1, 2010, as amended (the “Trust Agreement”), by and between LACMTA and U.S. Bank National Association, as trustee (the “Trustee”), and the Twenty-Ninth Supplemental Trust Agreement, to be dated as of February 1, 2019 (the “Twenty-Ninth Supplemental Agreement,” and together with the Trust Agreement, the “Agreement”), by and between LACMTA and the Trustee. The Series 2019 Bonds are limited obligations of LACMTA payable solely from and secured by a first lien on and pledge of the “Pledged Revenues” and by other amounts held by the Trustee under the Agreement. “Pledged Revenues” are receipts from the Proposition C Sales Tax, less amounts described in this Official Statement. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2019 BONDS” and “PROPOSITION C SALES TAX AND COLLECTIONS” herein. LACMTA will use the proceeds of the Series 2019 Bonds to (a) finance or refinance (through the repayment of Proposition C Commercial Paper Notes and Proposition C Revolving Obligations), or reimburse LACMTA for, the development and construction of certain projects of the rail, bus and highway transit system, including, with the proceeds of the Series 2019-A Green Bonds, projects that have been identified as environmentally beneficial, as further described herein, and (b) pay the costs of issuance of the Series 2019 Bonds. The Series 2019 Bonds will be issued in denominations of $5,000 and integral multiples thereof. The Series 2019 Bonds will be issued in fully registered form and will be registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company, New York, New York (“DTC”), the securities depository for the Series 2019 Bonds. Individual purchases and sales of the Series 2019 Bonds may be made in book-entry form only. See “APPENDIX H—BOOK-ENTRY-ONLY SYSTEM.” The Series 2019 Bonds will mature in the principal amounts and will bear interest at the rates set forth on the inside front cover. LACMTA will pay interest on the Series 2019 Bonds on January 1 and July 1, commencing on July 1, 2019. Certain of the Series 2019 Bonds are subject to redemption prior to maturity as described in this Official Statement. See “DESCRIPTION OF THE SERIES 2019 BONDS – Redemption.” Neither the faith and credit nor the taxing power of the County of Los Angeles, the State of California or any political subdivision or public agency thereof, other than LACMTA to the extent of the Pledged Revenues and certain other amounts held by the Trustee under the Agreement, is pledged to the payment of the principal of or interest on the Series 2019 Bonds. Other than Pledged Revenues and such other amounts held by the Trustee under the Agreement, the general fund of LACMTA is not liable, and neither the credit nor the taxing power of LACMTA is pledged, to the payment of the principal of or interest on the Series 2019 Bonds. LACMTA has no power to levy property taxes to pay the principal of or interest on the Series 2019 Bonds. Purchasers of the Series 2019 Bonds will be deemed to have consented to certain amendments to the Trust Agreement. See “INTRODUCTION—Proposed Amendments to Trust Agreement” herein. The amendments are expected to become effective on the date of issuance of the Series 2019 Bonds. This cover page contains certain information for general reference only. It is not intended to be a summary of the terms of, or the security for, the Series 2019 Bonds. Investors are advised to read this Official Statement in its entirety to obtain information essential to the making of an informed investment decision. Capitalized terms used on this cover page and not otherwise defined have the meanings set forth herein. LACMTA is offering the Series 2019 Bonds when, as and if it issues the Series 2019 Bonds. The issuance of the Series 2019 Bonds is subject to the approval as to their validity by Kutak Rock LLP, Bond Counsel to LACMTA. The Los Angeles County Counsel, as General Counsel to LACMTA, and Nixon Peabody LLP, as Disclosure Counsel, will pass on certain legal matters for LACMTA. Certain legal matters will be passed on for the Underwriters by their counsel, Orrick, Herrington & Sutcliffe LLP. LACMTA anticipates that the Series 2019 Bonds will be available for delivery through the facilities of DTC on or about February 20, 2019. Siebert Cisneros Shank & Co., L.L.C. Citigroup (Joint Senior Manager) (Joint Senior Manager) BofA Merrill Lynch Morgan Stanley (Co-Senior Manager) (Co-Senior Manager) Drexel Hamilton, LLC Ramirez & Co., Inc. (Co-Manager) (Co-Manager) Date of Official Statement: February 6, 2019 MATURITY SCHEDULE $418,575,000 Los Angeles County Metropolitan Transportation Authority Proposition C Sales Tax Revenue Bonds Senior Bonds, Series 2019-A (Green Bonds) Maturity Date Principal Interest (July 1) Amount Rate Yield Price CUSIP† No. 2024 $15,140,000 5.000% 1.510% 117.915 54466HGU4 2025 15,900,000 5.000 1.610 120.425 54466HGV2 2026 16,695,000 5.000 1.710 122.670 54466HGW0 2027 17,530,000 5.000 1.830 124.478 54466HGX8 2028 18,405,000 5.000 1.950 125.986 54466HGY6 2029 19,325,000 5.000 2.080C 124.725C 54466HGZ3 2030 20,290,000 5.000 2.250C 123.099C 54466HHA7 2031 21,305,000 5.000 2.380C 121.872C 54466HHB5 2037 28,690,000 5.000 2.850C 117.557C 54466HHC3 2038 30,125,000 5.000 2.910C 117.019C 54466HHD1 2039 31,635,000 5.000 2.970C 116.484C 54466HHE9 $183,535,000 – 5.000% Series 2019-A Green Term Bonds due July 1, 2044 Yield 3.100%C – Price 115.335C – CUSIP† No. 54466HHF6 C Priced to call at par on July 1, 2028. † CUSIP® is a registered trademark of the American Bankers Association. The CUSIP data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP numbers are not intended to create a database and do not serve in any way as a substitute for the CGS database. CUSIP numbers have been assigned by an independent company not affiliated with LACMTA and are provided solely for convenience and reference. The CUSIP numbers for a specific maturity are subject to change after the issuance of the Series 2019 Bonds. Neither LACMTA nor the Underwriters take any responsibility for the accuracy of the CUSIP numbers provided herein. $126,425,000 Los Angeles County Metropolitan Transportation Authority Proposition C Sales Tax Revenue Bonds Senior Bonds, Series 2019-B Maturity Date Principal Interest (July 1) Amount Rate Yield Price CUSIP† No. 2032 $22,880,000 5.000% 2.490%C 120.846C 54466HHG4 2033 24,025,000 5.000 2.580C 120.014C 54466HHH2 2034 25,225,000 5.000 2.650C 119.371C 54466HHJ8 2035 26,485,000 5.000 2.720C 118.732C 54466HHK5 2036 27,810,000 5.000 2.790C 118.098C 54466HHL3 C Priced to call at par on July 1, 2028. † CUSIP® is a registered trademark of the American Bankers Association. The CUSIP data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP numbers are not intended to create a database and do not serve in any way as a substitute for the CGS database. CUSIP numbers have been assigned by an independent company not affiliated with LACMTA and are provided solely for convenience and reference. The CUSIP numbers for a specific maturity are subject to change after the issuance of the Series 2019 Bonds. Neither LACMTA nor the Underwriters take any responsibility for the accuracy of the CUSIP numbers provided herein. metro.net Metro Rail & Busway Chatsworth Amtrak & Metrolink Nordhoff SAN FERNANDO VALLEY Lake Allen Sierra MadreArcadia VillaMonroviaDuarte/CityIrwindale of HopeAzusa DowntownAPU/CitrusGlendora CollegeSan DimasLa VernePomona Claremont Roscoe GOLD LINE FOOTHILL EXTENSION Memorial Park Sherman Way SAN GABRIEL VALLEY LAX FlyAway Del Mar Canoga De Soto Pierce CollegeTampa Reseda Balboa Woodley SepulvedaVan NuysWoodmanValley CollegeLaurel Canyon North Hollywood Fillmore Universal City/Studio City Los Angeles River Warner Ctr Hollywood/Highland South Pasadena Hollywood/VineLAX FlyAway Highland
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