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ALLEGHENY COUNTY AIRPORT AUTHORITY I M E T

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ALLEGHENY COUNTY AIRPORT AUTHORITY I M E T e r ed t PRELIMINARY OFFICIAL STATEMENT DATED APRIL 13, 2012 e h t ep l c l c a ha NEW ISSUE - BOOK ENTRY ONLY RATINGS: Moody's: Baa1 s be CUSIP PREFIX: S&P: A- y nor , Fitch: BBB+ bu y o t In the opinion of Buchanan Ingersoll & Rooney PC, Bond Counsel, under existing law: (1) (a) interest on the 2012A-1 Bonds is excludable bu o er from gross income for federal income tax purposes except for any period a 2012A-1 Bond is held by a person who, within the meaning of Section 147(a) t ff o er of the Internal Revenue Code of 1986, as amended (the "Code"), is a "substantial user" or a "related person" to a "substantial user" of the facilities ff an o financed with the proceeds of the 2012A-1 Bonds, and (b) the 2012A-1 Bonds are "private activity bonds" under the Code and, as such, interest on the on. i t y an c a 2012A-1 Bonds is an item of tax preference that is includable in alternative minimum taxable income for purposes of determining the alternative i f d m o s minimum tax imposed on individuals and corporations; and (2)(a) interest on the 2012B Bonds is excludable from gross income for federal income tax i ur on j nor i purposes; and (b) the 2012B Bonds are not "private activity bonds" under the Code, and, as such, interest on the 2012B Bonds is not subject to the t h a d l t c i alternative minimum tax on individuals and corporations, except as described herein in the discussion regarding the adjusted current earnings o c u i s l s adjustment for corporations. Under the existing laws of the Commonwealth of Pennsylvania, the 2012 Bonds are exempt from personal property taxes in o f s o be Pennsylvania and interest on the 2012 Bonds is exempt from Pennsylvania personal income tax and from Pennsylvania corporate net income tax. See t s o he n "Tax Matters" herein. t aw l y or s a ll e ALLEGHENY COUNTY AIRPORT AUTHORITY i m e t i s s ur d o $21,965,000* Airport Revenue Bonds, Series 2012A-1 (AMT) t c e on s er B f f $13,185,000* Airport Revenue Bonds, Series 2012B (Non-AMT) o he he t T (Pittsburgh International Airport) an . der e e t n c Dated: Date of Delivery Due: January 1, as shown on i u u t i t the reverse side hereof s not on i t t on a Interest on the 2012 Bonds will be paid on each January 1 and July 1 commencing July 1, 2012. The 2012 Bonds will be issued as fully registered c i t c hou f t i i l bonds and initially will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”). DTC will en w t act as a securities depository for the 2012 Bonds. Purchases of beneficial interests in the 2012 Bonds will be made in book-entry only form (without m qua e t en certificates) in the denominations of $5,000 or any multiple thereof within the applicable maturity. So long as Cede & Co. is the registered owner of the 2012 a or t m S n Bonds, principal of, premium, if any, and interest on the 2012 Bonds will be payable by Wells Fargo Bank, N.A., as Trustee (the “Trustee”), to DTC, which l o i a t end i will in turn remit such payments to its participants for subsequent disbursement to beneficial owners of the 2012 Bonds, as more fully described herein. c ra i m f f a st i The 2012 Bonds are subject to optional and mandatory sinking fund redemption prior to maturity, as described herein. See “DESCRIPTION OF O y reg THE 2012 BONDS-Redemption Provisions.” and o nar i t on The 2012 Bonds will be issued pursuant to a Trust Indenture dated as of December 1, 1999 (the “Indenture”) between The Allegheny County i t m or i e li l Airport Authority (the “Authority”) and the Trustee, as amended and supplemented by, among others, a Sixth Supplemental Indenture dated as of May 1, e pr p r l P m 2012. As more fully described herein, the proceeds of the 2012 Bonds, together with investment income thereon and other funds, will be used to (1) pay all or u o s i a portion of the costs of certain capital improvements undertaken by the Authority at Pittsburgh International Airport, (2) fund capitalized interest on and a h , c awf t l ll debt service reserve fund for the 2012 Bonds, and (3) pay the costs of issuance of the 2012 Bonds. See, “THE PLAN OF FINANCE” herein. un ha The 2012 Bonds will be secured on a parity basis under the Indenture with certain bonds of the Authority as described herein. See “SECURITY hange be c s d e l FOR THE 2012 BONDS” herein. o c t an ct wou t e THE 2012 BONDS ARE LIMITED OBLIGATIONS OF THE AUTHORITY. THE PRINCIPAL s j e l m a ub u OF, INTEREST ON AND PREMIUM, IF ANY, ON THE 2012 BONDS ARE PAYABLE BY THE s s c r i or c AUTHORITY ONLY OUT OF NET REVENUES (AS DEFINED IN THE INDENTURE) AND FROM are on n i no i t SUCH OTHER MONEYS AS MAY BE AVAILABLE FOR SUCH PURPOSE. NEITHER THE a t i der c i here l n GENERAL CREDIT OF THE AUTHORITY NOR THE CREDIT OR TAXING POWER OF THE o U s . , ned COUNTY OF ALLEGHENY, THE COMMONWEALTH OF PENNSYLVANIA OR ANY POLITICAL i m er a f t or f n SUBDIVISION THEREOF IS PLEDGED FOR THE PAYMENT OF THE 2012 BONDS. THE 2012 o f l o h c c na i BONDS SHALL NOT BE OR BE DEEMED A GENERAL OBLIGATION OF THE AUTHORITY OR AN f u on s i n t i h a OBLIGATION OF THE COUNTY OF ALLEGHENY, THE COMMONWEALTH OF PENNSYLVANIA c i m or OR ANY POLITICAL SUBDIVISION THEREOF. THE AUTHORITY HAS NO TAXING POWER. SEE wh ered f v n i n i l i “SECURITY FOR THE 2012 BONDS.” n de he o t i s i The 2012 Bonds are offered, subject to prior sale, when, as and if issued by the Authority and accepted by the Underwriters subject to the ct t i d approving legal opinion of Buchanan Ingersoll & Rooney PC, Pittsburgh, Pennsylvania, Bond Counsel, and certain other conditions. Certain legal matters and s en i t r m n u will be passed upon for the Authority by its counsel, Schnader Harrison Segal & Lewis LLP, Pittsburgh, Pennsylvania. Certain legal matters will be passed j e e t y a m upon for the Underwriters by their counsel, Campbell & Levine, LLC, Pittsburgh, Pennsylvania. It is expected that delivery of the 2012 Bonds will be made t n e a S t l in New York, New York through the facilities of DTC on or about May __, 2012 against payment therefor. a n i a i St c s l i f a f i c O ond i ff B he O t he y t e Piper Jaffray & Co. PNC Capital Markets LLC Siebert Brandford Shank & Co., L.L.C. f m i o nar t i The date of this Official Statement is April __, 2012. e l m i a l he t s e ______________________ o y t Pr an s i or i * Preliminary, subject to change h T pr be $21,965,000* ALLEGHENY COUNTY AIRPORT AUTHORITY Airport Revenue Bonds, Series 2012A-1 (AMT) (Pittsburgh International Airport) MATURITIES PRINCIPAL AMOUNTS INTEREST RATE YIELDS (January 1) $13,185,000* ALLEGHENY COUNTY AIRPORT AUTHORITY Airport Revenue Bonds, Series 2012B (Non-AMT) (Pittsburgh International Airport) MATURITIES PRINCIPAL AMOUNTS INTEREST RATE YIELDS (January 1) ______________________ * Pr eliminary, subject to change THE ALLEGHENY COUNTY AIRPORT AUTHORITY BOARD OF DIRECTORS David W. Minnotte, Chairman Richard Stanizzo, Vice Chairman Dennis Davin Honorable Jan Rea Robert Lewis Glenn R. Mahone Cynthia D. Shapira Honorable Matthew Smith Ashley Henry Shook Authority Management Bradley D. Penrod, A.A.E., Executive Director/Chief Executive Officer James R. Gill, CPA, A.A.E., Chief Financial & Administrative Officer Stephanie L. Saracco, A.A.E., Chief Operating Officer Authority Solicitor Schnader Harrison Segal & Lewis LLP Pittsburgh, Pennsylvania Bond Counsel Buchanan Ingersoll & Rooney PC Pittsburgh, Pennsylvania Counsel to the Underwriters Campbell & Levine, LLC Pittsburgh, Pennsylvania Trustee Wells Fargo Bank, N.A. Philadelphia, Pennsylvania Financial Advisor Raymond James | Morgan Keegan Richmond, Virginia Airport Consultant LeighFisher, Inc. Burlingame, California i This Official Statement is provided in connection with the issuance of the 2012 Bonds referred to herein and may not be reproduced or be used, in whole or in part, for any other purpose. The information contained in this Official Statement has been derived from information provided by the Authority and other sources which are believed to be reliable. The Underwriters have provided the following sentence for inclusion in this Official Statement. The Underwriters have reviewed the information in this Official Statement in accordance with, and as part of, their respective responsibilities to investors under the federal securities law as applied to the facts and circumstances of this transaction, but the Underwriters do not guarantee the accuracy or completeness of such information.
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