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21568290.70 Corona-Norco Unified School District

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21568290.70 Corona-Norco Unified School District NEW ISSUE — FULL BOOK-ENTRY RATINGS: Moody’s: “Aa2” Standard & Poor’s: “AA-” (See “MISCELLANEOUS—Ratings” herein.) In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California (“Bond Counsel”), under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Series E Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, interest (and original issue discount) on the Series E Bonds is exempt from State of California personal income tax. See “LEGAL MATTERS—Tax Exemption” herein. STATE OF CALIFORNIA COUNTY OF RIVERSIDE $21,568,290.70 CORONA-NORCO UNIFIED SCHOOL DISTRICT (RIVERSIDE COUNTY, CALIFORNIA) ELECTION OF 2006 GENERAL OBLIGATION BONDS SERIES E Dated: Date of Delivery Due: August 1, as shown on the inside cover This Official Statement describes the $21,568,290.70 Corona-Norco Unified School District, Riverside County, California, Election of 2006 General Obligation Bonds Series E (the “Series E Bonds”). The Series E Bonds are being issued by the Board of Supervisors of the County of Riverside on behalf of the Corona-Norco Unified School District (the “District”). The Series E Bonds were authorized at an election of the registered voters of the District held on November 7, 2006, at which more than fifty-five percent of the persons voting on the proposition voted to authorize the issuance and sale of $250,000,000 principal amount of general obligation bonds of the District (the “2006 Authorization”). The District has issued $228,427,121.65 of general obligation bonds pursuant to the 2006 Authorization. The Series E Bonds represent the fifth and final series of bonds issued under the 2006 Authorization and are being issued to finance various school facilities for the District. The Series E Bonds are general obligation bonds of the District payable solely from ad valorem property taxes levied on taxable property within the District. The Board of Supervisors of Riverside County is empowered and is obligated to levy ad valorem taxes, without limitation of rate or amount, upon all property within the District subject to taxation by the District (except certain personal property which is taxable at limited rates), for the payment of interest on and principal of the Series E Bonds when due. The District has $252,504,278.90 of other general obligation bonds outstanding (the “Prior General Obligation Bonds”) which also are secured by and payable on a parity with the Series E Bonds from ad valorem taxes levied on taxable property within the District. See “TAX BASE FOR REPAYMENT OF SERIES E BONDS—Ad Valorem Property Taxation” herein. The Series E Bonds will be issued in book-entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee for The Depository Trust Company, New York, New York (collectively referred to herein as “DTC”). Purchasers will not receive certificates representing their interest in the Series E Bonds. Payments of principal of and interest on the Series E Bonds will be paid by U.S. Bank National Association, as the Paying Agent, Registrar and Transfer Agent (the “Paying Agent”), to DTC for subsequent disbursement to DTC Participants (defined herein) who will remit such payments to the beneficial owners of the Series E Bonds. See “THE SERIES E BONDS—Book-Entry Only System” herein. The Series E Bonds will be issued as both current interest bonds (the “Series E Current Interest Bonds”) and convertible capital appreciation bonds (the “Series E Convertible Bonds”). See “THE SERIES E BONDS—Description of Series E Bonds.” Interest on the Series E Current Interest Bonds accrues from their date of delivery and is payable semiannually on February 1 and August 1 of each year, commencing February 1, 2012. The Series E Current Interest Bonds are issuable in denominations of $5,000 or any integral multiple thereof. The Series E Convertible Bonds are dated the date of delivery of the Bonds and each maturity thereof will accrete interest from such date to the Conversion Date (defined herein) and will bear interest payable on the Conversion Value (defined herein) semiannually on each February 1 and August 1 following the Conversion Date. The Series E Convertible Bonds are not subject to redemption prior to maturity. The Series E Current Interest Bonds maturing on and after August 1, 2022 are subject to optional redemption prior to maturity as described herein. See “THE SERIES E BONDS—Redemption Provisions” herein. THE SERIES E BONDS ARE GENERAL OBLIGATION BONDS OF THE DISTRICT AND DO NOT CONSTITUTE A DEBT, LIABILITY OR OBLIGATION OF THE COUNTY. NO PART OF ANY FUND OF THE COUNTY IS PLEDGED OR OBLIGATED TO THE PAYMENT OF THE SERIES E BONDS. MATURITY SCHEDULE (See Inside Front Cover) This cover page contains certain information for reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. The Series E Bonds will be offered when, as and if issued and received by the Underwriter, subject to the approval of legality by Stradling Yocca Carlson & Rauth, a Professional Corporation, Newport Beach, California, Bond Counsel and Disclosure Counsel to the District. Certain matters will be passed on for the County by County Counsel and for the District by its counsel Parker & Covert LLP, Tustin, California. The Series E Bonds, in book-entry form, will be available for delivery through The Depository Trust Company in New York, New York on or about October 26, 2011. Dated: October 12, 2011 MATURITY SCHEDULE ELECTION OF 2006 GENERAL OBLIGATION BONDS SERIES E $10,505,000.00 Series E Current Interest Serial Bonds Maturity Date Principal (August 1) Amount Rate Yield CUSIP† 2012 $ 755,000 2.00% 0.45% 219764 LPO 2013 710,000 4.00 0.83 219764 LQ8 2014 225,000 3.00 1.17 219764 LR6 2014 755,000 4.00 1.17 219764 MH7 2015 635,000 2.00 1.53 219764 MJ3 2015 600,000 3.00 1.53 219764 LS4 2016 405,000 3.00 1.91 219764 LT2 2016 920,000 5.00 1.91 219764 MK0 2018 90,000 3.00 2.48 219764 LU9 2019 150,000 3.00 2.79 219764 LV7 2020 220,000 3.00 3.03 219764 LW5 2021 535,000 3.00 3.15 219764 LX3 2027 3,305,000 4.00 4.40 219764 MD6 2027 1,200,000 5.00 4.35 219764 MG9 $11,063,290.70 Series E Convertible Capital Appreciation Bonds Approximate Maturity Original Conversion Yield to Interest Date Principal Date Accretion Conversion Conversion Rate Upon (August 1) Amount (August 1) Rate Date Value Conversion CUSIP† 2022 $ 401,323.00 2021 5.000% 5.000% $ 650,000 5.000% 219764 LYI 2023 1,018,900.40 2021 5.125 5.125 1,670,000 5.125 219764 LZ8 2024 1,865,975.50 2021 5.250 5.250 3,095,000 5.250 219764 MA2 2025 2,787,185.80 2021 5.300 5.300 4,645,000 5.300 219764 MB0 2026 3,771,214.20 2021 5.400 5.400 6,345,000 5.400 219764 MC8 2027 1,218,691.80 2021 5.500 5.500 2,070,000 5.500 219764 ME4 † Copyright 2011, American Bankers Association. CUSIP® data herein in provided by Standard & Poor’s, CUSIP® Service Bureau, a division of The McGraw-Hill Companies, Inc. The District takes no responsibility for the accuracy of such data. No dealer, broker, salesperson or other person has been authorized by the District, the County or the Underwriter to give any information or to make any representations other than those contained herein. If given or made, such other information or representations must not be relied upon as having been authorized by the District, the County or the Underwriter. 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 Series E Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers of the Series E Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. The Underwriter has provided the following sentence for inclusion in this Official Statement: “The Underwriter has reviewed the information in this Official Statement in accordance with, and as a part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy of completeness of such information.” The information and expression of opinion herein are subject to change without notice and neither 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 District or any other parties described herein since the date hereof. This Official Statement is being submitted in connection with the sale of the Series E Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose, unless authorized in writing by the District.
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