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594605000 Los Angeles Unified School District

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Ratings:

Fitch: "AAAꢁ
Moody's: "Aa2ꢁ

See "MISCELLANEOUS - Raꢀngsꢁ herein.

In the ꢁpiniꢁn ꢁf Hawkins Delafield & Wꢁꢁd LLP, Bꢁnd Cꢁunsel tꢁ the Distr i ct, unde r existing statutes and cꢁuꢃt decisiꢁns and assuming cꢁntinuing cꢁmpliance with ce r tain t a x cꢁve n ants descr i bed heꢃein, (i) inte r est ꢁn the Refunding Bꢁnds is excluded fꢃꢁm gꢃꢁss incꢁme fꢁꢃ Fede r al incꢁme t a x pu r p ꢁses puꢃsuant tꢁ Sectiꢁn 103 ꢁf the Intꢀal Reve n ue Cꢁde ꢁf 1986, as ame n ded (the "Cꢁde' ') , and (ii) inte r est ꢁn the Refunding Bꢁnds is nꢁt tꢃeated as a pꢃefe r ence ite m in calculating the altꢀative minimum t a x undeꢃ the Cꢁde. In additiꢁn, in the ꢁpiniꢁn ꢁf Bꢁnd Cꢁunsel tꢁ the Distr i ct, undeꢃ existing statutes, inte r est ꢁn the Refunding Bꢁnds is exe m pt fꢃꢁm pe r sꢁnal incꢁme t a xes impꢁsed by the State ꢁf Califꢁꢂia. See "TAXM ATT ERS " heꢃein.

$594,605,000

LOS ANGELES UNIFIED SCHOOL DISTRICT

(County of Los Angeles, Caliꢀꢁia)
2019 General Obligation Refunding Bonds, Series A
(Dedicated Unlimited Ad Valorem Property Tax Bonds)

  • Dated: Date of Delivery
  • Due: As shown on inside cover

The Los Angeles Unꢂfied School Dꢂstrꢂct (County of Los Angeles, Calꢂꢃrnꢂa) 2019 General Oblꢂgatꢂon Refundꢂng
Bonds, Serꢂes A (Dedꢂcated Unlꢂmꢂted A d Valꢁꢃem Property Tax Bonds) (the "Refundꢂng Bonds") are beꢂng ꢂssued by the Los Angeles Unꢂfied School Dꢂstꢄct (the "Dꢂstrꢂct"), located ꢂn the County of Los Angeles (the "County"), to refund and defease a portꢂon of the Prꢂor Bonds (defined hereꢂn) as more fully descrꢂbed hereꢂn. A portꢂon of the proceeds of the Refundꢂng Bonds wꢂll be used to pay the costs of ꢂssuance ꢂncurred ꢂn connectꢂon wꢂth the ꢂssuance of the Refundꢂng Bonds. See "ESTIMATED SOURCES AND USES OF FUNDS" and "PLAN OF REFUNDING" hereꢂn. The Refundꢂng Bonds are beꢂng ꢂssued under the laws of the State of Calꢂꢃrnꢂa (the "State") and the applꢂcable authorꢂzatꢂons receꢂved at electꢂons held by the Dꢂstrꢂct as descrꢂbed hereꢂn, and pursuant to a resolutꢂon of the Board of Educatꢂon.

The Refundꢂng Bonds are general oblꢂgatꢂon bonds of the Dꢂstrꢂct secured by and payable from ad valꢁꢃem property taxes to be levꢂed wꢂthꢂn the Dꢂstrꢂct pursuant to the Calꢂꢃrnꢂa Constꢂtutꢂon and other State law. The Board of Supervꢂsors of the County ꢂs empowered and ꢂs oblꢂgated to levy ad valꢁꢃem taxes upon all property subject to taxatꢂon by the Dꢂstrꢂct, wꢂthout lꢂmꢂtatꢂon as to rate or amount (except as to certaꢂn personal property whꢂch ꢂs taxable at lꢂmꢂted rates), fꢅr the payment of pꢄncꢂpal of and ꢂnterest on the Refundꢂng Bonds, all as more fully descrꢂbed hereꢂn. See "SECURITY AND SOURCE OF PAYMENT FOR THE REFUNDING BONDS" hereꢂn.

Interest on the Refundꢂng Bonds ꢂs payable on each January 1 and July 1 to maturꢂty, commencꢂng July 1, 2019.
Prꢂncꢂpal of the Refundꢂng Bonds ꢂs payable on January 1 or July 1 ꢂn each of the years and ꢂn the amounts set fꢅrth on the ꢂnsꢂde front cover hereof.

The Refundꢂng Bonds wꢂll be ꢂssued ꢂn book-entry fꢅꢆ only, ꢂn denomꢂnatꢂons of $5,000 prꢂncꢂpal amount, or
ꢂntegral multꢂples thereof, and wꢂll be ꢂnꢂtꢂally ꢂssued and regꢂstered ꢂn the name of Cede & Co., as nomꢂnee ꢃr The Deposꢂtoꢇ Trust Company ("DTC"). DTC wꢂll act as secuꢄtꢂes deposꢂtory ꢃr the Refundꢂng Bonds. Owners wꢂll not receꢂve certꢂficates representꢂng theꢂr ꢂnterests ꢂn the Refundꢂng Bonds. Payments of prꢂncꢂpal of, premꢂum, ꢂf any, and ꢂnterest on the Refundꢂng Bonds wꢂll be made by U.S. Bank Natꢂonal Assocꢂatꢂon, as agent to the Treasurer and Tax Collector of the County, as the ꢂnꢂtꢂal payꢂng agent, to DTC, whꢂch ꢂs oblꢂgated to remꢂt such payments to ꢂts DTC Partꢂcꢂpants ꢃr subsequent dꢂsbursement to the beneficꢂal owners of the Refundꢂng Bonds. See APPENDIX C - "BOOK- ENTRY ONLY SYSTEM" attached hereto.

The Refundꢂng Bonds are subject to redemptꢂon prꢂor to theꢂr respectꢂve stated matuꢄty dates as descrꢂbed hereꢂn.
See "THE REFUNDING BONDS - Redemptꢂon" hereꢂn.

THIS COVER PAGE CONTAINS CERTAIN INFORMATION FOR GENERAL REFERENCE ONLY. IT IS NOT
INTENDED TO BE A SUMMARY OF THE SECURITY OR TERMS OF THIS ISSUE. INVESTORS ARE ADVISED TO READ THE ENTIRE OFFICIAL STATEMENT TO OBTAIN INFORMATION ESSENTIAL TO THE MAKING OF AN INFORMED INVESTMENT DECISION.

e Refunding Bꢁnds weꢃe awaꢃded t ꢁ Bꢁf A Secur it ies, Inc. puꢃsuan t t ꢁ cꢁmpe t i t ive bidding which was held
ꢁn May 7, 2019, as se t fꢁꢃ t h in t he Nꢁ t ice Invi t ing Bids, da t ed A pr i l 23, 2019.   e Refunding Bꢁnds will be ꢁffeꢃed when, as and if issued by t he Dis t r i c t , subjec t t ꢁ t he appꢃꢁval ꢁf legali t y by Hawkins Delafield & Wꢁꢁd LLP, Lꢁs A ngeles, Califꢁꢂia, Bꢁnd Cꢁunsel t ꢁ t he Dis t r i c t . Ceꢃ t ain legal ma tt eꢃs will be passed upꢁn fꢁꢃ t he Dis t r i c t by Oꢃꢄck, Heꢃ r ing t ꢁn & Su t cliffe LLP, I r v ine, Califꢁꢂia, as Disclꢁsuꢃe Cꢁunsel t ꢁ t he Dis t ꢃic t . I t is an t icipa t ed t ha t t he Refunding Bꢁnds, in de fi ni t ive fꢁr m , will be available fꢁꢃ delive r y t hꢃꢁugh t he facili t ies ꢁf D T C ꢁn ꢁꢃ abꢁu t May 29, 2019.

Dated: May 7, 2019, as amended on May 13, 2019.

MATURITY DATES, PRINCIPAL AMOUNTS, INTEREST RATES, INITIAL PUBLIC
OFFERING YIELDS, PRICES AND CUSIP NUMBERS

$594,605,000
LOS ANGELES UNIFIED SCHOOL DISTRICT
(County of Los Angeles, Caliꢀrnia)
2019 General Obligation Refunding Bonds, Series A
(Dedicated Unlimited Ad Valorem Property Tax Bonds)

Base CUSIPt Number: 544647

Principal Amount
Interest Rate
Initial Public Offering Yield

cusIPt

  • Suffix
  • Maturity
  • Price

July 1, 2019 July 1, 2020 July 1, 2021 July 1, 2022 July 1, 2023 July 1, 2024 July 1, 2025 July 1, 2026 July 1, 2027 July 1, 2028 July 1, 2029 July 1, 2030 July 1, 2031 July 1, 2032 July 1, 2033
January 1, 2034
$12,240,000
37,070,000 29,250,000 30,705,000 32,240,000 33,860,000 35,540,000 37,320,000 39,190,000 41,140,000 43,205,000 45,360,000 47,635,000 50,015,000 52,520,000 27,315,000
5.000% 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 5.000 4.000 3.000
1.350% 1.350 1.370 1.420 1.500 1.630 1.670 1.680 1.700 1.790 1.900 2.030 2.100 2.150 2.400 2.930
100.321% 103.930 107.448 110.780 113.829 116.392 119.201 122.098 124.839 126.813 128.337 126.969c 126.240c 125.723c 114.259c 100.605c
AL4 AM2 ANO AP5 AQ3 ARI AS9 AT7 AU4 AV2 AWO AX8 AY6 AZ3 BA7

BBS

t CUSIP® is a registered trademark of The American Bꢀkers Association. CUSꢁ Global Services (CGS) is managed on behalf of The American Bankers Association by S&P Capital IQ. Copyright(c) 2019 CUSIP Global Services. All rights reserved. CUSꢁ® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP® numbers are provided for convenience of reference only. None ofthe District, the Underwriter or their respective agents or counsel assume responsibility for the accuracy ofsuch numbers. c Priced to call at par on July I, 2029.

LOS ANGELES UNIFIED SCHOOL DISTRICT
BOARD OF EDUCATION

  • District
  • Member
  • Term Ending

2

413567
Monica Garcia, President Nick Melvoin, Vice President George McKenna Scott Schmerelson (Vacant)t
December 11, 2022 December 11, 2022 December 13, 2020 December 13, 2020 December 13, 2020 December 11, 2022 December 13, 2020
Kelly Gonez Richard Vladovic

DISTRICT OFFICIALS

Austin Beutner, Superintendent David Holmquist, General Counsel Dr. Scott Price, ChiefFinancial Officer
V. Luis Buendia, Controller
Timothy S. Rosnick, Deputy Controller

BOND COUNSEL

Hawkins Delafield & Wood LLP
Los Angeles, Caliꢀꢁia

DISCLOSURE COUNSEL

Orrick, Herrington & Sutcliffe LLP
Los Angeles, Caliꢀꢁia

MUNICIPAL ADVISOR

Fieldman, Rolapp & Associates, Inc.
Irvine, Caliꢀꢁia

PAYING AGENT

U.S. Bank National Association, as agent of the Treasurer and Tax Collector ofthe County ofLos Angeles, Los Angeles, Caliꢀꢁia

ESCROW AGENT

U.S. Bank National Association
Los Angeles, Caliꢀꢁia

VERIFICATION AGENT

Causey Demgen & Moore P.C.
Denver, Colorado

t On March 5, 2019, the District conducted a special election for a board member to represent District 5. Since no candidate received a majority of the vote at such special election, a runoff election will be held on May 14, 2019 between Jackie Goldberg and Heather Repenning, the two candidates who received the most votes at such special election. See APPENDIX A- "DISTRICT FINANCIAL INFORMATION AND REGIONAL ECONOMIC AND DEMOGRAPHIC INFORMATION- DISTRICT GENERAL INFORMATION - District Goveꢀance; Senior Management."

No dealer, broker, salesperson or other person has been authorized by the District to give any inꢀrmation or to make any representations, other than those contained in this Official Statement, and if given or made, such other inꢀrmation or representation must not be relied upon as having been authorized by any of the ꢀregoing.

The inꢀrmation contained herein has been obtained ꢁom sources that are believed to be reliable. The inꢀrmation and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, give rise to any implication that there has been no change in the affairs of the District since the date hereof.

IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER OF THE REFUNDING
BONDS (THE "UNDERWRITER") MAY OVERALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICES OF THE REFUNDING BONDS AT LEVELS ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. THE UNDERWRITER MAY OFFER AND SELL THE REFUNDING BONDS TO CERTAIN SECURITIES DEALERS AND DEALER BANKS AND BANKS ACTING AS AGENT AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE INSIDE FRONT COVER PAGE HEREOF AND SAID PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITER.

When used in this Official Statement or in any continuing disclosure by the District, in any press release by the District or in any oral statement made with the approval of an authorized officer of the District, the words or phrases "will likely result,ꢂ "are expected to,ꢂ "will continue,ꢂ "is anticipated,ꢂ "estimate,ꢂ "project,ꢂ "ꢀrecast,ꢂ "expect,ꢂ "intendꢂ and similar expressions identify "ꢀrward-looking statements.ꢂ Such statements are subject to risks and uncertainties that could cause actual results to differ materially ꢁom those contemplated in such ꢀrward-looking statements. Any ꢀrecast is subject to such uncertainties. Inevitably, some assumptions used to develop the ꢀrecasts will not be realized and unanticipated events and circumstances may occur. Thereꢀre, there are likely to be differences between ꢀrecasts and actual results, and those differences may be material.

The District maintains a website at www.lausd.net. However, reꢃrence to such website address is ꢀr inꢀrmational purposes only. Unless specified otherwise, such website and the inꢀrmation or links contained therein are not incorporated by reꢃrence herein, should not be relied upon in making an investment decision with respect to the Reꢄnding Bonds, and are not part of this Official Statement ꢀr purposes of and as that term is defined in Rule 15c2-12 adopted by the Securities and Exchange Commission under the Securities Exchange Act of 1934.

CUSIP is a registered trademark of The American Bankers Association. CUSIP data in this Official
Statement is provided by CUSIP Global Services, managed by Standard & Poor's Financial Services LLC on behalf of The American Bankers Association. CUSIP data herein is set ꢀrth ꢀr convenience of reꢃrence only. The District and the Underwriter assume no responsibility ꢀr the selection or uses of the CUSIP data or ꢀr the accuracy or correctness of such data. The CUSIP numbers ꢀr the Reꢄnding Bonds are subject to being changed aſter the delivery of the Reꢄnding Bonds as a result of various subsequent actions.

TABLE OF CONTENTS
Page

INTRODUCTION ......................................................................................................................... 1
General............................................................................................................................... 1 Changes from the Preliminary Official Statement............................................................. 1 The District........................................................................................................................ 2 The District's General Obligation Bond Program............................................................. 2 Authority and Purpose fꢁr Issuance of the Refunding Bonds............................................ 4 Security and Source of Payment fꢁr the Reꢀnding Bonds ............................................... 4 Other Information.............................................................................................................. 5

PLAN OF REFUNDING............................................................................................................... 6

ESTIMATED SOURCES AND USES OF FUNDS..................................................................... 8 THE REFUNDING BONDS......................................................................................................... 8
General Provisions............................................................................................................. 8 Redemption........................................................................................................................ 9 Defeasance and Unclaimed Moneys................................................................................ 10

SECURITY AND SOURCE OF PAYMENT FOR THE REFUNDING BONDS..................... 12
General Description......................................................................................................... 12 Statꢄtory Lien on Taxes (Senate Bill 222)....................................................................... 12 Pledge of Tax Revenues................................................................................................... 13 Califꢁꢂia Constitutional and Statutory Provisions Relating to Ad Valorem
Property Taxes............................................................................................................. 14
Assessed Valuation of Property Within the District........................................................ 15 Tax Rates, Levies and Collections................................................................................... 21 Debt Service..................................................................................................................... 25 Aggregate Fiscal Year Debt Service................................................................................ 25 The District's General Obligation Bond Program and Bonding Capacity ...................... 27 Overlapping Debt Obligations......................................................................................... 27

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    California Public Employees’ Retirement System Schools Cost-Sharing Multiple-Employer Defined Benefit Pension Plan Schedules of Employer Allocations and Collective Pension Amounts As of and for the Fiscal Year Ended June 30, 2016 California Public Employees’ Retirement System Schools Cost-Sharing Multiple-Employer Defined Benefit Pension Plan Schedules of Employer Allocations and Collective Pension Amounts As of and for the Fiscal Year Ended June 30, 2016 Table of Contents Page (s) Independent Auditor’s Report .................................................................................................................... 1-2 Schedule of Employer Allocations .......................................................................................................... 3-26 Schedule of Collective Pension Amounts ................................................................................................... 27 Notes to the Schedules of Employer Allocations and Collective Pension Amounts ………………….28-31 Century City Los Angeles Newport Beach Oakland Sacramento Independent Auditor’s Report San Diego San Francisco To the Board of Administration Walnut Creek California Public Employees’ Retirement System Woodland Hills We have audited the accompanying schedule of employer allocations of the California Public Employees’ Retirement System (the System) Schools Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (the Plan) as of and for the fiscal year ended June 30, 2016, and the related notes. We have also audited the columns titled net
  • AB 1316 O'donnell

    AB 1316 O'donnell

    AB 1316 Page 1 Date of Hearing: April 28, 2021 ASSEMBLY COMMITTEE ON EDUCATION Patrick O'Donnell, Chair AB 1316 (O'Donnell) – As Amended April 14, 2021 SUBJECT: School accountability: financial and performance audits: charter schools: contracts SUMMARY: Establishes new requirements for nonclassroom based (NCB) charter schools in the areas of auditing and accounting standards, the funding determination process, adding requirements to the contracting process, Independent Study (IS) program requirements, required teacher to pupil ratios, limiting authorization of NCB charters by small districts, and adding specificity to the authorizer oversight process, as specified. Specifically, this bill: Audit and Accounting Standards 1) Requires charter schools to follow the same audit procedures and audit schedules, and use the same Standardized Account Code Structure, as school districts. 2) Requires training for school district and charter school auditors as a condition of their licensure, and requires school district and charter school audits to be peer reviewed. 3) Creates the Office of Inspector General at the California Department of Education (CDE), to be appointed by the Governor. 4) Requires the K-12 audit guide to include sampling guidance, and audit requirements for minimum school day, time value of pupil work, pupil to teacher ratios, the 25 largest monetary transfers, and pupil attendance. NCB Charter School Funding Determination 5) Establishes, beginning July 1, 2022, a funding formula for NCB charter schools based on the amount of in-classroom instruction provided to pupils as follows: a) Pupils engaged in classroom-based instruction for at least 80% of their attendance, generate 100% attendance for state apportionment. b) Pupils engaged in classroom-based instruction for between 60% and 79% of their attendance, generate 92.5% attendance for state apportionment.
  • 2013 Regional Snapshot Report for Physical District-Los Angeles

    2013 Regional Snapshot Report for Physical District-Los Angeles

    2013 Regional Snapshot Report for Physical District-Los Angeles Charter Enrollment (2012-13): 119,100 Total Number of Charter Schools (2013-14): 250 Non-Charter Enrollment (2012-13): 534,589 % of Region Enrollment: 18.22 % Charter School Growth in Physical District-Los Angeles Unified 2012-13 Mean API Scores by Subgroup Charters N= 136 212 199 218 204 Non-Charters N= 389 659 652 662 648 2012-2013 Student Ethnicity Mean API Scores By Year N=119,100 N=534,589 Charters N= 141 171 185 220 Non-Charters N= 568 577 610 628 Charter School Growth Data, Source: CDE data, California Charter Schools Association analysis. Ethnicity Data, Source: California Department of Education. **Other includes Indian, Pacific Islander, Filipino and Multi-Racial groups and nonresponses. Mean API Data, Source: 2013 API Growth Scores (most recently published 2013 API Growth file), Association analysis. Schools participating in the Alternative Schools Accountability Model excluded from charter and non-charter mean API. State API includes all schools. Generated by Illuminate EducationTM, Inc. 2013 Regional Snapshot Report for Physical District-Los Angeles CCSA's Similar Students Measure (SSM) and Accountability Criteria I. Statewide Distribution on Percent Predicted API: Physical District: Los Angeles Unified School District (LAUSD) charter schools compared to all schools statewide on Percent Predicted API. Percent predicted API shows whether schools out-performed or under-performed their Annual School Performance Prediction, a prediction of a school's API performance
  • School Reporting Status (PDF)

    School Reporting Status (PDF)

    MyVote California School Mock General Election, October 30, 2008 Reporting Status Number of Schools Registered: 916 As of Tuesday, December 02, 2008 11:30 AM Number of Schools Reported: 644 County School City Reported? Alameda Alameda Community Learning Center Alameda No Albany High School Albany Yes Amador Valley High School Pleasanton No Anthony Ochoa Middle School Hayward Yes ASCEND Oakland Yes Bancroft Middle School San Leandro Yes Bay Area School of Enterprise Alameda No Berkeley High School Berkeley Yes Berkely Maynard Academy Oakland Yes Canyon Middle School Castro Valley Yes Centerville Junior High Fremont Yes Cesar Chavez Middle School Union City Yes César Chávez Middle School Hayward Yes College Prep and Architecture Academy Oakland Yes Emma C. Smith Elementary Livermore Yes Encinal High School Alameda Yes Fallon Middle School Dublin No Foothill High School Pleasanton Yes Harvey Green Elementary School Fremont Yes Hayward High School Hayward Yes Hopkins Junior High Fremont No Impact Academy Hayward Yes Irvington High School Fremont Yes James Madison Elementary School San Leandro Yes John F. Kennedy High School Fremont Yes John M. Horner Junior High Fremont No John Muir Middle School San Leandro Yes Tuesday, December 02, 2008 Page 1 of 30 County School City Reported? Alameda Leadership Public Schools Hayward Hayward No Lighthouse Community Charter High Oakland Yes Mission San Jose High School Fremont Yes Mt. Eden High School Hayward Yes North Oakland Community Charter School Oakland No Oakland Military Institute-College Preparatory
  • Report on Student Housing

    Report on Student Housing

    REAL ESTATE ADVISORY SERVICES - STUDENT HOUSING (PHASE 1A) PREPARED FOR LOS ANGELES COMMUNITY COLLEGE DISTRICT FEBRUARY 2017 DRAFT REPORT INSPIRE. EMPOWER. ADVANCE. INSPIRE. EMPOWER. ADVANCE. [email protected] PROGRAMMANAGERS.COM REAL ESTATE ADVISORY S E R V I C E S – STUDENT HOUSING | L O S ANGELES COMMUNITY CO LLEGE DISTRICT PREFACE WORK PLAN In October 2016, the Los Angeles Community College District (“LACCD” or B&D’s approach to completing Phase 1A of the Plan required active the “District”) engaged Brailsford & Dunlavey (“B&D”) to complete the first coordination with district staff and Presidents from each of the four phase of Real Estate Advisory Services for Student Housing (Phase 1A). colleges. Additional coordination with various Vice Presidents of Student A detailed Student Housing Demand Analysis (the “Analysis” or the “Plan”) Services at each college was also utilized in order to adequately schedule was performed during the Fall (2016) and Winter (2017). The purpose of focus groups during the months of December (2016) and January (2017). the Plan was to understand overall housing demand from students for living in a student housing development on their campus. The following LACCD The complete work plan includes the following tasks: campuses were identified by the Board of Trustees for evaluations: A visioning session with campus presidents to understand Los Angeles City College (“City”), opportunities and challenges of adding student housing on Los Angeles Pierce College (“Pierce”), 1 campus; Los Angeles Harbor College (“Harbor”), and . West Los Angeles College (“West”). Focus group and stakeholder interviews to qualitatively understand student preferences for housing, rental rate VANCE sensitivities, and general off-campus living experiences; The findings contained herein represent the professional opinions of B&D’s personnel based on assumptions and conditions detailed in this report.
  • Los Angeles Unified School District

    Los Angeles Unified School District

    PRELIMINARY OFFICIAL STATEMENT DATED FEBRUARY 13, 2018 NEW ISSUE – BOOK-ENTRY ONLY ® Ratings: Fitch: “AAA” (Tax-Exempt Bonds) “F1+” (Taxable Bonds) Moody’s: “Aa2” See “MISCELLANEOUS – Ratings” herein. In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the District, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Tax-Exempt Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. In the further opinion of Bond Counsel, interest on the Tax-Exempt Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that interest on the 2018 Bonds is exempt from State of California personal income taxes. Bond Counsel further observes that interest on the Taxable Bonds is not excluded from gross income for federal income tax purposes. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the 2018 Bonds. See “TAX MATTERS.” LOS ANGELES UNIFIED SCHOOL DISTRICT (County of Los Angeles, California) $130,000,000* $1,220,000,000* General Obligation Bonds, General Obligation Bonds, Election of 2005, Series M (2018) Election of 2008, Series B (2018) (Dedicated Unlimited Ad Valorem (Dedicated Unlimited Ad Valorem Property Tax Bonds) Property