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$71,300,000 Anaheim Public Financing Authority Revenue

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$71,300,000 Anaheim Public Financing Authority Revenue NEW ISSUE - BOOK-ENTRY ONLY In the opinion of Co-Bond Counsel, under existing law and assuming compliance with the tax covenant described herein, the interest received by the owners of the /993 Bonds is excluded from gross income forFederal income tax purposes and is�,.-: sr �fiepreference item for purposes of the Federal alternative minimum tax. In the further opinion of Co-Bond Counsel, the interest received by 1/-;, ,•wFten of the 1993 Bonds is exempt from personal income taxes of the State of California. See, however, "TAX EXEMPTION" herein for a descrfption of other taxes on corporations. Credit Ratings: Moody's: Aaa Standard & Poor's: AAA Duff & Phelps: AAA (see "Credit Ratings" herein) $71,300,000 Anaheim Public Financing Authority Revenue Bonds, Series 1993 (City of Anaheim Electric Utility Projects) Dated: June I, 1993 Due: October I, as shown herein The 1993 Bonds are being executed and delivered as fully registered bonds. The 1993 Bonds when initially executed and delivered will be registered in the name of Cede & Co., as registered owner and nominee for the Depository Trust Company, New York, New York ("OTC"), and will be available to ultimate purchasers in book-entry form only in denominations of $5,000or any integral multiple thereof. Interest on the 1993 Bonds is payable semi­ annually on April I and October I of each year, commencing October I, 1993. Payments of principal of and interest on the 1993 Bonds are to be made to purchasers by DTC through DTC Participants. Purchasers will not receive physical delivery of the 1993 Bonds purchased by them. See "DESCRIPTION OF THE 1993 BONDS-Book-Entry System." The 1993 Bonds are subject to optional and mandatory redemption prior to their stated maturities as described herein. The 1993 Bonds are secured by, among other things, Project Revenues, which consist of 1993 Purchase Payments to be made by the City under the Installment Purchase Agreements. The 1993 Purchase Payments and all other payments with respect to Qualified Obligations are payable from Surplus Revenues in the Qualified Obligations Account of the City's Electric System Surplus Revenue Fund, subject to application as provided in the Indenture and the Installment Purchase Agreements. The 1993 Purchase Payments will rank junior to the City's approximately $206, 179,000 outstanding electric revenue bonds and any additional electric revenue bonds which may be issued in the future on a parity with such bonds. As Qualified Obligations of the City, the 1993 Purchase Payments will rank on a parity with all other QualifiedObligations of the City, including the purchase payments with respect to the outstanding Electric System Certificates of Participation (Public Utilities Building) and Electric System Certificatesof Participation (Combustion Turbine Peaking Plant) (the "Prior Certificates"). See "SECURITY AND SOURCES OF PAYMENT FOR THE 1993 BONDS." THE OBLIGATIONS OF THE CITY TO MAKE 1993 PURCHASE PAYMENTS UNDER THE INSTALLMENT PURCHASE AGREEMENTS ARE PAYABLE SOLELY FROM SURPLUS REVENUES IN THE QUALIFIED OBLIGATIONS ACCOUNT UNLESS OTHERWISE PAID FROM OTHER SOURCES OF LEGALLY AVAILABLE FUNDS. THE 1993 BONDS SHALL NOT IN ANY WAY BE CONSTRUED TO BE A DEBT OF THE CITY, THE FINANCING AUTHORITY OR THE STATE OF CALIFORNIA, OR ANY POLITICAL SUBDIVISION THEREOF, IN CONTRAVENTION OF ANY APPLICABLE CONSTITUTIONAL OR STATUTORY LIMI­ TATION OR REQUIREMENT CONCERNING THE CREATION OF INDEBTEDNESS BY THE CITY, THE FINANCING AUTHORITY, THE STATE OF CALIFORNIA, OR ANY POLITICAL SUBDIVISION THEREOF, NOR WILL ANYTHING CONTAINED IN THE INSTALLMENT PURCHASE AGREEMENTS OR INDENTURE CONSTITUTE A PLEDGE OF GENERAL REVENUES, FUNDS OR MONEYS OF THE CITY OR THE FINANCING AUTHORITY OR AN OBLIGATION OF THE CITY OR THE FINANCING AUTHORITY FOR WHICH THE CITY OR THE FINANCING AUTHORITY IS OBLIGATED TO LEVY OR PLEDGE ANY FORM OF TAXATION OR FOR WHICH THE CITY OR THE FINANCING AUTHORITY HAS LEVIED OR PLEDGED ANY FORM OF TAXATION. Payment of the principal of and interest on the 1993 Bonds when due will be insured by an irrevocable municipal bond insurance policy more fully described herein to be issued simultaneously with the delivery of the 1993 Bonds by MBIA Maturity Schedule $44, 760,000 Electric System Refenue Bonds Due Principal Interest Due Principal Interest October I Amount Rate Yield October I Amount Rate Yield 1994 $ 285,000 5.000% 2.75% 2004 $1,045,000 5.100% 5.15% 1995 300,000 5.000 3.50 2005 1,145,000 5.200 5.25 1996 315,000 5.000 3.80 2006 4,075,000 5.300 5.35 1997 335,000 5.000 4.10 2007 4,340,000 5.375 5.40 1998 345,000 5.000 4.30 2008 4,610,000 5.400 5.45 1999 2,825,000 5.000 4.50 2009 4,900,000 5.400 4.50 2000 2,965,000 5.000 4.70 2010 5,215,000 5.500 5.55 2001 760,000 5.000 4. 85 2011 5,555,000 5.500 5.55 2002 850,000 5.0 00 4.95 2012 1,900,000 5.550 5.60 2003 945,000 5.000 5.05 2013 2,050,000 5.550 5.60 $7,115,000 5.60% Term Bonds due October I, 2016 @ 99.25% $19,425,000 5.625% Term Bonds due October I, 2022 @ 98.928% (Accrued interest from June I, 1993 to be added) The 1993 Bonds are offered when, as and if delivered to and received by the Underwriters, subject to approval of legality by Mudge Rose Guthrie Alexander & Ferdon, Los Angeles, California, and Rourke, Woodruff & Spradlin, a Professional Corporation, Orange, California, Co-Bond Counsel. Certain legal matters will be passed upon for the City and the Financing Authority by the City Attorney and Financing Authority Counsel. O'Brien Partners Inc. is serving as financial advisor to the City in connection with the issuance of the 1993 Bonds. It is expected that the 1993 Bonds will be available for delivery through the facilities of the DTC book-entry system on or about June 23, 1993. Merrill Lynch & Co. June 2, 1993 ANAHEIM PUBLIC FINANCING AUTHORITY MEMBERS ib.F 'i.1IE FINANCING AUTHORITY - CITY COUNCIL Tom Daly, Chairman of the Financing Authority - Mayor Bob D. Simpson, Vice-Chairman of the Financing Authority - Mayor Pro Tempore Frank Feldhaus, Director of the Financing Authority - Councilman Irv Pickler, Director of the Financing Authority - Councilman Fred Hunter, Director of the Financing Authority - Councilman CITY PUBLIC UTILITIES BOARD Bob Kazarian, Chairman Richard J. McMillan, Member Joseph R. White, Member Maggie Carillo Mejia, Member S. Dale Stanton, Member Robert 0. Schmahl, Member Ward Wiseman, Member FINANCING AUTHORITY OFFICIALS AND CITY OFFICIALS James D. Ruth, City Manager David Morgan, Assistant City Manager Tom Wood, Deputy City Manager George P. Ferrone, City Finance Director and Financing Authority Financial Advisor Jack L. White, City Attorney and Financing Authority Counsel Leonora N. Sohl, City Clerk Charlene Jung, City Treasurer and Financing Authority Treasurer CITY PUBLIC UTILITIES DEPARTMENT 201 South Anaheim Boulevard Anaheim, California 92805 Edward K. Aghjayan, General Manager Edward G. Alario, Assistant General Manager - Water Services Brian J. Brady, Assistant General Manager - Electric Services and Operations Michael A. Bell, Financial Services Manager Darrell L. Ament, Consumer Services Manager Stephen E. Albright, Electric Field and Systems Operations Manager Antoinette D. Christovale, Financial Planning Manager John J. Hills, Environmental Services Manager Renee H. Hoffman, Financial Requirements Manager David X. Kolk, Integrated Resource Planning Manager Mariann S. Long, Efficiency Programs Manager Steven F. McKinney, Operations Analysis Manager Robert M. Mullen, Financial Accounting Manager Jafar T. Taghavi, Electrical Engineering Manager Steven H. Takahashi, Water Field and Operations Manager Felipe Tobilla, Information Services Manager Diem X. Vuong, Water Engineering Manager Bonnie A. Woodson, Customer Services Manager CO-BOND COUNSEL Mudge Rose Guthrie Alexander & Ferdon Los Angeles, California Rourke, Woodruff & Spradlin, a Professional Corporation Orange, California FINANCIAL ADVISOR O'Brien Partners Inc. Los Angeles, California and New York, New York TRUSTEE The Bank of New York Trust Company of California Los Angeles, California No dealer, broker, salesman or other person has been authorized by the Anaheim Public Financing Authority, the City of Anaheim or the Public Utilities Department to give any information or to make any representations other than as contained in this Official Statement, and if given or made such other information or representations must not be relied upon as having been authorized by the Anaheim Public Financing Authority, the City of Anaheim or the Public Utilities Department. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the 1993 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been furnished by the Anaheim Public Financing Authority, the City of Anaheim and the Public Utilities Department and includes information obtained from sources which are believed to be reliable, but is not guaranteed as to accuracy or completeness. The information and expressions of opinion contained 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 any implication that there has been no change in the affairs of the Anaheim Public Financing Authority, the City of Anaheim or the Public Utilities Department since the date hereof. IN CONNECTION WITH THE OFFERING OF THE 1993 BONDS, THE UNDERWRITERS MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH 1993 BONDS AT LEVELS ABOVE THAT WHICH MIGHT OTHER­ WISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. TABLE OF CONTENTS Page INTRODUCTION .............................
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