Piper Jaffray &
NEW ISSUE - BOOK ENTRY MOODY'S INVESTOR SERVICES RATING: "Aaa"/"VMIG 1" In the opinion of Kutak Rock LLP, Bond Counsel, based on existing laws, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and continuing compliance with certain covenants, interest on the Bonds is excluded from gross income for federal income tax purposes and 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 Bonds is exempt from current State of California personal income taxes. Bond Counsel expresses no opinion regarding other tax consequences related to the ownership or disposition of or the accrual or receipt ofinterest on, the Bonds. For a more complete description, see "TAX MATTERS" herein. $7,000,000 California Infrastructure and Economic Development Bank Variable Rate Demand Revenue Bonds (Southern California Public Radio Project), Series 2005 (DTC Book-Entry Only) Dated: Date of Issue Maturity Date: September 1, 2025 The California Infrastructure and Economic Development Bank (the "Issuer") is offering $7,000,000 of its Variable Rate Demand Revenue Bonds (Southern California Public Radio Project), Series 2005 (the "Bonds"). The Bonds are issuable in fully registered form in denominations of $100,000 or in any greater multiple of $5,000 prior to the commencement of the Fixed Letter of Credit Rate Period. It is expected that the Bonds, when issued, will be registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company, New York, New York ("OTC"). Purchasers of the Bonds will not receive physical delivery of bond certificates.
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