Clifton Higher Education Finance Corporation
PRELIMINARY OFFICIAL STATEMENT DATED AUGUST 25, 2016 NEW ISSUE — BOOK-ENTRY ONLY RATINGS: SEE “RATINGS” HEREIN The delivery of the Bonds (as defined below) is subject to the opinion of Bond Counsel to the effect that, assuming compliance with certain covenants and based on certain representations, interest on the Bonds is excludable from gross income for federal income tax purposes under existing law and is not includable in the alternative minimum taxable income of individuals. See “TAX MATTERS” herein for a discussion of the opinion of Bond Counsel, including the alternative minimum tax consequences for corporations. CLIFTON HIGHER EDUCATION FINANCE CORPORATION $18,170,000* EDUCATION REVENUE BONDS (IDEA PUBLIC SCHOOLS) SERIES 2016B Dated: October 1, 2016 – Interest accrues from date of delivery Due: as shown on inside cover The Clifton Higher Education Finance Corporation (the “Issuer”), a non-profit corporation created and existing under Chapter 53 and 53A of the Texas Education Code, as amended from time to time (the “Act”), is issuing its $18,170,000* Education Revenue Bonds (IDEA Public Schools) Series 2016B (the “Bonds”). The Bonds will be dated October 1, 2016, will be in authorized denominations of $5,000 and integral multiples thereof, and will mature on August 15 of the years as shown on the inside cover page. The Bonds will accrue interest from their date of delivery payable semi-annually on February 15 and August 15 of each year, commencing February 15, 2017, until maturity or earlier redemption. The Bonds are being issued pursuant to a Trust Indenture and Security Agreement dated as of October 1, 2016 (the “Bond Indenture”) between the Issuer and Regions Bank, as trustee (the “Bond Trustee”).
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