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$16,275,000 Rio Elementary School District Community Facilities District No. 1 2016 Special Tax Bonds

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$16,275,000 Rio Elementary School District Community Facilities District No. 1 2016 Special Tax Bonds 2016-1820 NEW ISSUE INSURED RATING ON INSURED BONDS: Standard & Poor’s: “AA” NO UNDERLYING RATING See “RATING.” In the opinion of Parker & Covert LLP, Sacramento, California, Bond Counsel, based upon an analysis of existing statutes, regulations and court decisions, and assuming, among other things, the accuracy of certain representations and compliance with certain covenants, interest on the Series 2016 Bonds is excludable from gross income for federal income tax purposes and is exempt from State of California personal income taxes. In the further opinion of Bond Counsel, interest on the Series 2016 Bonds is not an item of tax preference for purpose of the alternative minimum tax imposed on individuals and corporations; however, such interest is taken into account in determining adjusted current earnings for the purpose of computing the alternative minimum tax imposed on certain corporations. Bond Counsel expresses no opinion regarding any other tax consequences relating to the ownership or disposition of, or the accrual or receipt of interest on, the Series 2016 Bonds. See “LEGAL MATTERS - Tax Exemption.” $16,275,000 RIO ELEMENTARY SCHOOL DISTRICT COMMUNITY FACILITIES DISTRICT NO. 1 2016 SPECIAL TAX BONDS Dated: Date of Delivery Due: September 1, as shown below Authority for Issuance. The bonds captioned above (the “Series 2016 Bonds”) are being issued under the Mello-Roos Community Facilities Act of 1982 (the “Act”) and a Fiscal Agent Agreement dated as of November 1, 2005, as supplemented by a First Supplemental Fiscal Agent Agreement dated as of November 1, 2013, a Second Supplemental Fiscal Agent Agreement dated as of December 1, 2014, and a Third Supplemental Fiscal Agent Agreement dated as of June 1, 2016 (collectively, the “Fiscal Agent Agreement”), between the Rio Elementary School District (the “School District”), on behalf of the Rio Elementary School District Community Facilities District No. 1 (the “Community Facilities District”) and Zions Bank, a division of ZB, National Association, as fiscal agent (the “Fiscal Agent”). See “THE SERIES 2016 BONDS – Authority for Issuance.” Security and Sources of Payment. The Series 2016 Bonds are payable from the net proceeds of Special Taxes (as defined herein) levied on property within the Community Facilities District according to the rate and method of apportionment of special tax approved by the qualified electors of the Community Facilities District and by the Board of the School District. The Series 2016 Bonds are secured by a pledge of the proceeds of the Special Taxes, together with certain funds and accounts established under the Fiscal Agent Agreement, on a parity with the Series 2013 Bonds and the Series 2014 Bonds (defined below). See “SECURITY FOR THE BONDS.” Parity Bonds. Pursuant to the proceedings under which the Community Facilities District was formed, the School District is authorized to issue bonds for the Community Facilities District in an aggregate principal amount not to exceed $75,000,000. The School District currently has two series of bonds outstanding under this authorization: its bonds captioned “$28,000,000 Rio Elementary School District Community Facilities District No. 1 Special Tax Bonds, Series 2013” (the “Series 2013 Bonds”) and its bonds captioned $27,345,000 Rio Elementary School District Community Facilities District No. 1 2014 Special Tax Refunding Bonds (the Series 2014 Bonds"). The School District may in the future issue additional bonds, for the purpose of refunding outstanding Bonds, on a parity with the Series 2013 Bonds, the Series 2014 Bonds, and the Series 2016 Bonds provided that the conditions set forth in the Fiscal Agent Agreement are met. See “SECURITY FOR THE BONDS – Bonding Capacity” and “SECURITY FOR THE BONDS – Issuance of Additional Bonds for Refunding Purposes Only.” Use of Proceeds. The Series 2016 Bonds are being issued to (i) finance the acquisition and construction of certain public school facilities and improvements owned or to be owned and operated by the School District, (ii) provide a debt service reserve for the Series 2016 Bonds through the purchase of a debt service reserve insurance policy, and (iii) pay the costs of issuing the Series 2016 Bonds. See “ESTIMATED SOURCES AND USES OF FUNDS” and “FACILITIES TO BE FINANCED WITH PROCEEDS OF THE SERIES 2016 BONDS.” Series 2016 Bond Terms. Interest on the Series 2016 Bonds is payable on September 1, 2016, and semiannually thereafter on each September 1 and March 1. The Series 2016 Bonds will be issued in denominations of $5,000 or integral multiples of $5,000. The Series 2016 Bonds, when delivered, will be initially registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York. DTC will act as securities depository for the Series 2016 Bonds. See “THE SERIES 2016 BONDS – General Provisions” and “APPENDIX D – DTC and the Book-Entry Only System.” Redemption. The Series 2016 Bonds are subject to optional redemption, mandatory redemption from Special Tax prepayments, and mandatory sinking fund redemption before maturity. See “THE SERIES 2016 BONDS - Redemption.” THE SERIES 2016 BONDS, THE INTEREST THEREON, AND ANY PREMIUMS PAYABLE ON THE REDEMPTION OF ANY OF THE SERIES 2016 BONDS, ARE NOT AN INDEBTEDNESS OF THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICT, THE STATE OF CALIFORNIA (THE “STATE”) OR ANY OF ITS POLITICAL SUBDIVISIONS, AND NEITHER THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICT (EXCEPT TO THE LIMITED EXTENT DESCRIBED HEREIN), THE STATE NOR ANY OF ITS POLITICAL SUBDIVISIONS IS LIABLE ON THE SERIES 2016 BONDS. NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE SCHOOL DISTRICT, THE COMMUNITY FACILITIES DISTRICT (EXCEPT TO THE LIMITED EXTENT DESCRIBED HEREIN) OR THE STATE OR ANY POLITICAL SUBDIVISION THEREOF IS PLEDGED TO THE PAYMENT OF THE SERIES 2016 BONDS. OTHER THAN THE SPECIAL TAXES, NO TAXES ARE PLEDGED TO THE PAYMENT OF THE SERIES 2016 BONDS. THE SERIES 2016 BONDS ARE NOT A GENERAL OBLIGATION OF THE COMMUNITY FACILITIES DISTRICT, BUT ARE LIMITED OBLIGATIONS OF THE COMMUNITY FACILITIES DISTRICT PAYABLE SOLELY FROM THE SPECIAL TAXES AS MORE FULLY DESCRIBED IN THIS OFFICIAL STATEMENT. Bond Insurance. The scheduled payment of principal of and interest represented by the Series 2016 Bonds maturing on September 1, 2029, through September 1, 2035 (the “Insured Bonds”) when due will be guaranteed under a municipal bond insurance policy to be issued concurrently with the delivery of the Series 2016 Bonds by BUILD AMERICA MUTUAL ASSURANCE COMPANY. MATURITY SCHEDULE (see inside cover) This cover page contains certain information for quick reference only. It is not a summary of the issue. Potential investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Investment in the Series 2016 Bonds involves risks which may not be appropriate for some investors. See “BOND OWNERS' RISKS” for a discussion of special risk factors that should be considered in evaluating the investment quality of the Series 2016 Bonds. The Series 2016 Bonds are offered when, as and if issued and accepted by the Underwriter, subject to approval as to their legality by Parker & Covert LLP, Sacramento, California, Bond Counsel, and subject to certain other conditions. Jones Hall, A Professional Law Corporation, San Francisco, California, has served as disclosure counsel to the School District. Nossaman LLP, Irvine, California, has acted as counsel to the Underwriter. It is anticipated that the Series 2016 Bonds, in book-entry form, will be available for delivery through the facilities of DTC on or about June 15, 2016. The date of this Official Statement is: May 24, 2016. MATURITY SCHEDULE (Base CUSIP†: 767027) $16,275,000 Serial Bonds Maturity Principal Interest CUSIP† (September 1) Amount Rate Yield No. 2017 $910,000 2.000% 0.750% CL7 2018 385,000 3.000 0.960 CM5 2019 420,000 4.000 1.130 CN3 2020 460,000 4.000 1.350 CP8 2021 505,000 4.000 1.570 CQ6 2022 550,000 4.000 1.780 CR4 2023 595,000 5.000 1.990 CS2 2024 650,000 5.000 2.150 CT0 2025 710,000 5.000 2.280 CU7 2026 765,000 5.000 2.460 CV5 2027 835,000 5.000 2.620 C CW3 2028 905,000 5.000 2.680 C CX1 2029* 975,000 5.000 2.580 C CY9 2030* 1,045,000 5.000 2.590 C CZ6 2031* 1,130,000 5.000 2.640 C DA0 2032* 1,220,000 5.000 2.690 C DB8 2033* 1,310,000 5.000 2.740 C DC6 2034* 1,400,000 5.000 2.790 C DD4 2035* 1,505,000 5.000 2.840 C DE2 † Copyright 2016, American Bankers Association. CUSIP data herein are provided by Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc., and are provided for convenience of reference only. None of the School District, the Community Facilities District or the Underwriter assumes any responsibility for the accuracy of these CUSIP data. C: Priced to optional call on September 1, 2026, at par. * Insured Bonds. RIO ELEMENTARY SCHOOL DISTRICT BOARD OF TRUSTEES Eleanor Torres, President Joe Esquivel, Clerk Cassandra Bautista, Trustee Edith Martinez-Cortes, Trustee Ramon Rodriguez, Trustee DISTRICT ADMINISTRATION John D. Puglisi, Ph.D., Superintendent Kristen Pifko, Assistant Superintendent, Business Services ___________________________________ PROFESSIONAL SERVICES BOND COUNSEL Parker & Covert LLP Sacramento, California DISCLOSURE COUNSEL Jones Hall, A Professional Law Corporation San Francisco, California FINANCIAL ADVISOR Isom Advisors, a Division of Urban Futures, Inc. Walnut Creek, California SPECIAL TAX CONSULTANT David Taussig & Associates, Inc. Newport Beach, California FISCAL AGENT Zions Bank, a division of ZB, National Association Los Angeles, California GENERAL INFORMATION ABOUT THIS OFFICIAL STATEMENT No Offering May Be Made Except by this Official Statement. No dealer, broker, salesperson or other person has been authorized to give any information or to make any representations with respect to the Series 2016 Bonds other than as contained in this Official Statement, and if given or made, such other information or representation must not be relied upon as having been authorized.
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