City of Austin
OFFICIAL STATEMENT DATED JULY 23, 2019 New Issues: Book-Entry-Only System Ratings: Moody’s: “A1” (stable outlook) S&P: “A” (positive outlook) Kroll: “AA-” (stable outlook) (See “OTHER RELEVANT INFORMATION – Ratings”) In the opinion of Bracewell LLP, Bond Counsel, under existing law, (i) interest on the 2019A Bonds is excludable from gross income for federal income tax purposes, and (ii) the 2019A Bonds are not “private activity bonds.” Further, in the opinion of Bond Counsel, under existing law, (i) interest on the 2019B Bonds is excludable from gross income for federal income tax purposes, except for any period during which a 2019B Bond is held by a person who is a “substantial user” of the facilities financed with the proceeds of the 2019B Bonds or a “related person” to such a “substantial user,” each within the meaning of section 147(a) of the Code and (ii) interest on the 2019B Bonds is an item of tax preference that is includable in alternative minimum taxable income for purposes of determining a taxpayer’s alternative minimum tax liability. See “TAX MATTERS” for a discussion of the opinions of Bond Counsel. CITY OF AUSTIN, TEXAS $16,975,000 $248,170,000 Airport System Revenue Bonds, Airport System Revenue Bonds, Series 2019A Series 2019B (AMT) Dated: August 1, 2019; Interest to accrue from Date of Initial Delivery Due: As shown on the inside cover page The $16,975,000 City of Austin, Texas Airport System Revenue Bonds, Series 2019A (the “2019A Bonds”) and the $248,170,000 City of Austin, Texas Airport System Revenue Bonds, Series 2019B (AMT) (the “2019B Bonds” and, collectively with the 2019A Bonds, the “Bonds”), are limited special obligations of the City of Austin, Texas (the “City”), issued pursuant to the ordinances adopted by the City on June 19, 2019 (the “Ordinances”).
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