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Sales Tax Bonds Series 2020A

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Sales Tax Bonds Series 2020A NEW ISSUE – BOOK-ENTRY ONLY Ratings: see “RATINGS” herein Mayer Brown LLP and McGaugh Law Group LLC, Co-Bond Counsel, are of the opinion that under existing law, interest on the Series 2020A Project Bonds is excludable from the gross income of the owners thereof for federal income tax purposes assuming the accuracy of the certifications of the Authority and continuing compliance by the Authority with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”). In addition, interest on the Series 2020A Project Bonds is not an item of tax preference for purposes of computing individual alternative minimum taxable income. Prospective purchasers of the Series 2020A Project Bonds should consult their own tax advisors as to the federal, state and local tax consequences of their acquisition, ownership or disposition of, or the accrual or receipt of interest on the Series 2020A Project Bonds. See “TAX MATTERS” herein. CHICAGO TRANSIT AUTHORITY $367,895,000 SECOND LIEN SALES TAX RECEIPTS REVENUE BONDS SERIES 2020A Dated: Date of Issuance Due: December 1, as shown on the inside front cover The Chicago Transit Authority (the “Authority”) is issuing $367,895,000 aggregate principal amount of Second Lien Sales Tax Receipts Revenue Bonds, Series 2020A (the “Series 2020A Project Bonds”). The Series 2020A Project Bonds are being issued pursuant to a Trust Indenture dated as of January 1, 2017 (the “2017 Indenture”), by and between the Authority and Zions Bancorporation, National Association (f/k/a Zions Bank, a division of ZB, National Association), Chicago, Illinois, as trustee (the “Trustee”), as supplemented and amended to the date hereof, and as further supplemented by a Fifth Supplemental Indenture, dated as of September 1, 2020, by and between the Authority and the Trustee (the “Fifth Supplemental Indenture,” and the 2017 Indenture as so supplemented and amended, the “Indenture”). The Series 2020A Project Bonds are deliverable in fully registered form and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of Series 2020A Project Bonds will be made in denominations of $5,000 and integral multiples thereof and will be in book‑entry form only. Purchasers of Series 2020A Project Bonds will not receive physical bonds representing their beneficial ownership in the Series 2020A Project Bonds but will receive a credit balance on the books of their respective DTC Participants or DTC Indirect Participants. The Series 2020A Project Bonds will not be transferable or exchangeable except for transfer to another nominee of DTC or as otherwise described herein. Interest and principal of the Series 2020A Project Bonds are payable to Cede & Co. Such interest and principal payments are to be disbursed to the beneficial owners of the Series 2020A Project Bonds through their respective DTC Participants or DTC Indirect Participants. Interest on the Series 2020A Project Bonds, is payable on June 1 and December 1 of each year commencing on December 1, 2020. The Series 2020A Project Bonds are subject to optional redemption and mandatory sinking fund redemption. See “DESCRIPTION OF THE BONDS—Redemption” herein. The Series 2020A Project Bonds are limited obligations of the Authority payable solely from Sales Tax Receipts on a subordinate and junior basis to the claim on such Sales Tax Receipts by First Lien Parity Obligations as described herein and on a parity basis to the claim on such Sales Tax Receipts by Second Lien Obligations as described herein. See “SECURITY FOR THE BONDS—Pledge of Security” herein. The proceeds from the sale of the Series 2020A Project Bonds will be used to (i) finance, in whole or in part, capital projects contemplated by the Authority’s capital improvement program, (ii) refund a portion of its Second Lien Sales Tax Receipts Capital Improvement Notes, (iii) capitalize interest on the Series 2020A Project Bonds through September 1, 2023, and (iv) pay costs in connection with the issuance of the Series 2020A Project Bonds. See “PLAN OF FINANCE” herein. The Series 2020A Project Bonds are not, and shall not be or become, an indebtedness or obligation of the State of Illinois (the “State”), the Regional Transportation Authority or any political subdivision of the State (other than the Authority) or of any municipality within the State, nor shall any Series 2020A Project Bonds be or become an indebtedness of the Authority within the purview of any constitutional limitation or provision. The Series 2020A Project Bonds do not have a lien on and are not secured by any physical properties of the Authority. The Authority has no taxing power. The maturities, principal amounts, interest rates, yields, prices and CUSIP® numbers of the Series 2020A Project Bonds are set forth on the inside front cover page of this Official Statement. The Series 2020A Project Bonds are offered when, as and if issued and received by the Underwriters, subject to the approval of validity thereof by Mayer Brown LLP, Chicago, Illinois, and McGaugh Law Group LLC, Chicago, Illinois, Co-Bond Counsel. Certain legal matters will be passed upon for the Underwriters by Ice Miller LLP, Chicago, Illinois, Underwriters’ Counsel, and for the Authority by its General Counsel and by Thompson Coburn LLP, Chicago, Illinois, Disclosure Counsel. The Series 2020A Project Bonds are expected to be delivered through the facilities of DTC in New York, New York on or about September 3, 2020. Siebert Williams Shank & Co., LLC Ramirez & Co., Inc. UBS Barclays Blaylock Van, LLC Drexel Hamilton, LLC Morgan Stanley Piper Sandler & Co. PNC Capital Markets LLC RBC Capital Markets Wells Fargo Securities August 27, 2020 MATURITIES, PRINCIPAL AMOUNTS, INTEREST RATES, YIELDS, PRICES AND CUSIP®* NUMBERS $367,895,000 CHICAGO TRANSIT AUTHORITY SECOND LIEN SALES TAX RECEIPTS REVENUE BONDS SERIES 2020A Interest is payable on June 1 and December 1 of each year, commencing December 1, 2020 $97,195,000 5.00% Term Bond due December 1, 2045, Yield 2.740%, Price 118.341%† CUSIP* 16772PCB0 $121,590,000 4.00% Term Bond due December 1, 2050, Yield 3.020%, Price 107.849%† CUSIP* 16772PCC8 $59,110,000 5.00% Term Bond due December 1, 2055, Yield 2.920%, Price 116.741%† CUSIP* 16772PCD6 $90,000,000 4.00% Term Bond due December 1, 2055, Yield 3.120%, Price 107.016%† CUSIP* 16772PCE4 † Priced to the December 1, 2029 call. * Copyright 2020, American Bankers Association. CUSIP data herein is provided by CUSIP Global Services which is managed on behalf of the American Bankers Association by S&P Capital IQ, a part of McGraw-Hill Financial, Inc. The CUSIP numbers listed are being provided solely for the convenience of the bondholders only at the time of sale of the Series 2020A Project Bonds and the Authority does not make any representation with respect to such numbers or undertake any responsibility for their accuracy now or at any time in the future. The CUSIP number for a specific maturity is subject to change after the sale of the bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2020A Project Bonds. CHICAGO TRANSIT AUTHORITY CHICAGO TRANSIT BOARD Terry Peterson, Chairman Arabel Alva Rosales, Vice-Chair Judge Gloria Chevere Kevin Irvine Reverend Dr. L. Bernard Jakes Reverend Johnny L. Miller Alejandro Silva OFFICERS Dorval R. Carter Jr., President Jeremy V. Fine, Chief Financial Officer and Treasurer Karen G. Seimetz, General Counsel Gregory Longhini, Assistant Secretary CO-BOND COUNSEL Mayer Brown LLP McGaugh Law Group LLC Chicago, Illinois DISCLOSURE COUNSEL Thompson Coburn LLP Chicago, Illinois FINANCIAL ADVISOR Columbia Capital Management, LLC Chicago, Illinois This Official Statement does not constitute an offer to sell the Series 2020A Project Bonds in any jurisdiction to any person to whom it is unlawful to make such offer in such jurisdiction. No dealer, broker, salesman or other person has been authorized by the Authority or the Underwriters to give any information or to make any representation other than those contained herein and, if given or made, such other information or representation must not be relied upon as having been authorized. Neither the delivery of this Official Statement nor the sale of any of the Series 2020A Project Bonds implies that the information herein is correct as of any time subsequent to the date hereof. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create the implication that there has been no change in the matters described herein since the date hereof. This Official Statement is not to be construed as a contract with the purchasers of the Series 2020A Project Bonds. All summaries of statutes and documents are made subject to the provisions of such statutes and documents, respectively, and do not purport to be complete statements of any or all of such provisions. The information set forth herein has been obtained from the Authority and other sources that are believed to be reliable, but it is not guaranteed as to accuracy or completeness and is not to be construed as a representation by the Authority or the Underwriters. 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 laws 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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