University of South Carolina
PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 8, 2017 NEW ISSUE RATING: Moody’s: “Aa3” BOOK-ENTRY-ONLY (See “Rating” herein) In the opinion of McNair Law Firm, P.A., Bond Counsel, assuming continuing compliance by the University with certain covenants, interest on the Series 2017A Bonds is excludable from gross income for federal income tax purposes under existing statutes, regulations and judicial decisions. Interest on the Series 2017A Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals or corporations. However, interest on the Series 2017A Bonds is included in the computation of adjusted current earnings for purposes of the alternative minimum tax for corporations. See “FEDERAL TAX EXEMPTION AND OTHER TAX MATTERS” for a brief description of certain other federal income tax consequences to certain recipients of interest on the Series 2017A Bonds. The Series 2017A Bonds and the interest thereon will also be exempt from all State, county, municipal and school district and other taxes or assessments imposed within the State of South Carolina, except estate, transfer and certain franchise taxes. See “FEDERAL TAX EXEMPTION AND OTHER TAX MATTERS.” $40,000,000* UNIVERSITY OF SOUTH CAROLINA ATHLETIC FACILITIES REVENUE BONDS SERIES 2017A Dated: March 1, 2017 Due: May 1, As Shown On Inside Cover The $40,000,000* Athletic Facilities Revenue Bonds, Series 2017A (the “Series 2017A Bonds”), of the University of South Carolina (the “University”) are being issued (i) to acquire, construct and equip the Football Operations Facility (as defined herein), and (ii) to pay the costs of issuance of the Series 2017A Bonds.
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