Local Option Sales Tax Refunding Revenue Bonds, (Stadium Project), Series 2015
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NOTICE OF SALE $64,765,000* Tampa Sports Authority Local Option Sales Tax Refunding Revenue Bonds, (Stadium Project), Series 2015 ELECTRONIC BIDS, via BiDCOMP/PARITY Competitive Bidding System (BiDCOMP/Parity) only, will be received by the Tampa Sports Authority (the "Issuer") for the purchase of all, but not less than all, of the Issuer’s $64,765,000* Local Option Sales Tax Payments Refunding Revenue Bonds (“Bonds”), until 10:45 a.m., local Tampa, Florida time, on Tuesday, December 16, 2014. The Bonds Authorization and Security The Bonds are being issued under and pursuant to the authority of and in full compliance with the Constitution and laws of the State of Florida, including particularly Chapter 96-520, Laws of Florida, Acts of 1996, as amended, Section 212.055(2), Florida Statutes, as amended and other applicable provisions of law (collectively, the "Act"), Resolution No. 05- 14-01 adopted by the Issuer on November 20, 2014, as amended and supplemented from time to time (the "Resolution") and the Second Amended and Restated Trust Indenture dated as of January 6, 2015 by and between the Issuer and U.S. Bank National Association, as trustee (the "Indenture"). The Bonds are subject to all the terms and conditions of the Indenture. The Bonds are being issued to refund all of the Tampa Sports Authority Local Option Sales Tax Refunding Revenue Bonds (Stadium Project), Series 2005, finance certain capital improvements to a community stadium and to pay certain costs and expenses relating to the issuance of the Bonds. The Bonds and the interest hereon is payable solely from and secured by a lien upon and pledge of (i) the Local Option Infrastructure Surtax revenues directed by the County and the City pursuant to Section 2(b) of the Community Investment Interlocal Agreement and payable to the Issuer pursuant to the Interlocal Agreement for Stadium Financing (as such terms are defined are defined in the Indenture (collectively, the "Local Option Sales Tax Revenues"), and (ii) moneys on deposit in certain funds and accounts created and established by the Indenture, and certain investment earnings thereon (the "Pledged Revenues"), all in the manner and to the extent provided in the Indenture. The net proceeds of the Bonds, along with other legally available funds of the Issuer, will be deposited with U.S. Bank National Association (the "Escrow Agent"). Such deposit will be held and distributed pursuant to the terms and provisions of the Escrow Deposit Agreement between the Issuer and the Escrow Agent (the "Escrow Deposit Agreement"). The moneys and securities on deposit with the Escrow Agent will not be available for payment of the Bonds. The Bonds, together with interest thereon, are not general or moral obligations of the Issuer and do not constitute an obligation, either general or special, of the State, the County, the City or any political subdivision thereof, but are limited obligations payable solely and only from the Pledged Revenues. The Bonds shall in no event be payable from the general revenues of the Issuer and shall not constitute a debt, liability, general or moral obligation or a pledge of the faith or loan of credit of the County, the City, the State or any political subdivision of the State within the meaning of any constitutional or statutory provisions; the County, the City, the State nor any political subdivision thereof shall be liable thereon; nor in any event shall such Bonds or obligations be payable out of any funds or properties other than those of the Issuer, and then only to the extent provided in the Indenture. Neither the faith and credit nor the revenues or taxing power of the County, the City, the State or any political subdivision thereof, is pledged to the payment of the principal of the Bonds or the interest thereon or other costs incident thereto. The Issuer has no taxing power. Book-Entry Only Initially, one bond representing each maturity will be issued to and registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”), as registered owner of the Bonds and each such bond shall be immobilized in the custody of DTC. DTC will act as securities depository for the Bonds. Individual purchases will be made in book-entry form only, in the principal amount of $5,000 or any integral multiple thereof. Purchasers will not receive physical delivery of certificates representing their interest in the Bonds purchased. The winning bidder of the Bonds, as a condition to delivery of the Bonds, will be required to deposit the bond certificates representing each maturity with DTC. So long as the Bonds are in book-entry only form, the U.S. Bank National Association will serve as Registrar and Paying Agent for the Bonds. The Issuer reserves the right to designate a successor Registrar and Paying Agent for the Bonds if the Bonds at any time cease to be in book-entry only form. Description of the Bonds and Interest Payment Dates All Bonds shall be in fully registered form in the denomination of $5,000 each or any integral multiple thereof, shall be dated the date of delivery (expected to be Tuesday, January 6, 2015) and shall bear interest payable on January 1 and July 1 of each year, commencing July 1, 2015, or such other date as determined by the Issuer. Principal Amortization of the Bonds Principal of the Bonds will be paid annually (at maturity, unless designated as mandatory sinking fund payments in the manner prescribed herein) on the following dates in the following aggregate amounts: Principal (Date) Amount* 01/01/2016 $0 01/01/2017 0 01/01/2018 2,755,000 01/01/2019 5,825,000 01/01/2020 6,115,000 01/01/2021 6,425,000 01/01/2022 6,745,000 01/01/2023 7,080,000 01/01/2024 7,435,000 01/01/2025 7,810,000 01/01/2026 8,200,000 01/01/2027 6,375,000 __________________ *Preliminary, subject to adjustment as provided herein. Adjustment to Principal Amounts The preliminary aggregate principal amount of the Bonds and the preliminary principal amount of each annual payment on the Bonds as set forth in this Notice of Sale (the “Preliminary Aggregate Principal Amount” and the “Preliminary Principal Amount” of each annual payment, respectively; collectively, the “Preliminary Amounts”) may be revised before the receipt of electronic bids for their purchase. ANY SUCH REVISIONS made prior to the receipt of electronic bids (the “Revised Aggregate Principal Amount” and the “Revised Principal Amount” of each annual payment, respectively; collectively, the “Revised Amounts”) WILL BE PUBLISHED ON THOMSON MUNICIPAL MARKET MONITOR (“TM3”) (www.TM3.com) NOT LATER THAN 4:00 p.m. (LOCAL TAMPA, FLORIDA TIME) ON THE LAST BUSINESS DAY PRIOR TO THE DATE OF SALE. In the event that no such revisions are made, the Preliminary Amounts will constitute the Revised Amounts. Bidders shall submit bids based on the Revised Amounts and the Revised Amounts will be used to compare bids and select a winning bidder. As promptly as reasonably possible after the bids are received, the Issuer will notify the bidder to whom the Bonds will be awarded, if and when such award is made, and such bidder, upon such notice, shall advise the Issuer of the initial reoffering prices to the public of each maturity of the Bonds (the “Initial Reoffering Prices”). Such Initial Reoffering Prices, among other things, will be used by the Issuer to calculate the final principal amount of each annual payment on the Bonds (the “Final Aggregate Principal Amount” and the “Final Principal Amount” of each annual payment, respectively; collectively, the “Final Amounts”) to accommodate the refunding objectives of the Issuer. The Final Aggregate Principal Amount of the Bonds will not be reduced or increased by more than 15% from the Revised Aggregate Principal Amount. THE SUCCESSFUL BIDDER MAY NOT WITHDRAW ITS BID OR CHANGE THE INTEREST RATES BID OR THE INITIAL REOFFERING PRICES AS A RESULT OF ANY CHANGES MADE TO THE REVISED AMOUNTS. The dollar amount bid by the successful bidder will be adjusted to reflect changes in the dollar amount of the underwriter’s 2 discount and the original issue discount/premium, if any, but will not change the selling compensation per $1,000 of par amount of the Bonds from the selling compensation that would have been received based on the purchase price for the Bonds in the winning bid and the Initial reoffering Prices. The Final Amounts will be communicated to the successful bidder as soon as possible, but not later than 3:00 P.M. the day after awarding the Bonds. Term Bond Option Bidders may designate in their proposal two or more consecutive annual principal payments as a term bond, which matures on the maturity date of the last annual principal payment of the sequence. Any term bond so designated shall be subject to mandatory sinking fund redemption in each annual period on the principal payment date and in the entire principal amount for each annual principal payment designated for inclusion in such term bond. There is no limitation on the number of term bonds. Optional Redemption The Bonds maturing on or before January 1, 2025 are not subject to optional redemption prior to maturity. The Bonds maturing on or after January 1, 2026 are subject to redemption prior to their maturity at the option of the Issuer, in whole or in part on any date on or after January 1, 2025, and if in part, in such manner as determined by the Trustee, at the redemption price of 100% of the principal amount of the Bonds to be redeemed without redemption premium, plus accrued interest to the date set for redemption.