Oklahoma State University 0421
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PRELIMINARY OFFICIAL STATEMENT DATED APRIL 6, 2021 NEW ISSUE—BOOK-ENTRY ONLY RATINGS: See “RATINGS” herein In the opinion of Bond Counsel, under existing statutes, regulations, published rulings and judicial decisions, interest on the Series 2021A Bonds is excludable from the gross income of the recipients thereof for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and such interest will not be treated as an item of tax preference for purposes of the federal alternative minimum tax. In the opinion of Bond Counsel, under existing statutes, regulations, published rulings and judicial decisions, interest on the Series 2021B Bonds will be subject to federal income taxation. In the opinion of Bond Counsel, the Series 2021A Bonds and the Series 2021B Bonds, the transfer thereof and the interest earned thereon, including any profit derived from the sale thereof, are not subject to taxation of any kind by the State of Oklahoma or by any county, municipality or political subdivision therein. See “CERTAIN TAX MATTERS RESPECTING THE SERIES 2021A BONDS” and “CERTAIN TAX MATTERS RESPECTING THE SERIES 2021B BONDS” herein. THE BOARD OF REGENTS FOR THE OKLAHOMA AGRICULTURAL AND MECHANICAL COLLEGES ble its final Official Statement with respect be any sale the of Series 2021 Bonds in any OKLAHOMA STATE UNIVERSITY $76,100,000* $104,370,000* GENERAL REVENUE AND REFUNDING BONDS GENERAL REVENUE REFUNDING BONDS TAX-EXEMPT SERIES 2021A FEDERALLY TAXABLE SERIES 2021B Dated: Date of Delivery Due: September 1, as shown on the inside cover The above-captioned bonds (individually, the “Series 2021A Bonds” and the “Series 2021B Bonds,” and collectively, the “Series 2021 Bonds”) are being issued by The Board of Regents for the Oklahoma Agricultural and Mechanical Colleges (the “Board of Regents” or the “Issuer”) for the benefit of Oklahoma State University (the “University”) to provide the funds to (i) pay the purchase price under certain lease agreements with The Oklahoma Development Finance Authority (“ODFA”) to acquire certain equipment and existing academic and related facilities on the Stillwater Campus of the University, (ii) make certain capital improvements to the University and (iii) pay costs of issuance of the Series 2021 Bonds. The Series 2021 Bonds are being issued pursuant to a Master Resolution Establishing the Oklahoma State University General notice. The Board of Regents will make availa olicitation of an offer to buy, nor shall there shall there toolicitation of nor an offer buy, Revenue Financing System, as previously supplemented, and as further supplemented by a Seventeenth Supplemental Resolution and an Eighteenth Supplemental Resolution as described herein. BOKF, NA, Oklahoma City, Oklahoma, will serve as Registrar, Transfer Agent ities laws of any such jurisdiction. and Paying Agent for the Series 2021 Bonds. The Series 2021 Bonds are issuable in fully registered form and when initially issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Series 2021 Bonds. Purchases of beneficial ownership interests in the Series 2021 Bonds will be made in book-entry form only, in $5,000 principal amounts or integral multiples thereof. Beneficial Owners of the Series 2021 Bonds will not receive physical delivery of certificates evidencing their ownership interest in the Series 2021 Bonds so long as DTC or a successor securities depository acts as the securities depository with respect to the Series 2021 Bonds. Interest on the Series 2021 Bonds is payable each March 1 and September 1, commencing September 1, 2021, as more fully described herein. So long as DTC or its nominee is the registered owner of the Series 2021 Bonds, payments of the principal of and interest on the Series 2021 Bonds will be made directly to DTC. Disbursement of such payments to DTC Participants is the responsibility of DTC and disbursement of such payments to the Beneficial Owners is the responsibility of DTC Participants. See “THE SERIES 2021 BONDS—Book-Entry-Only System” herein. Maturity Schedules on Inside Cover Pages The Series 2021 Bonds are subject to redemption prior to maturity. See “THE SERIES 2021 BONDS—Redemption Provisions” herein. THE SERIES 2021 BONDS AND THE INTEREST THEREON ARE LIMITED AND SPECIAL REVENUE OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM THE PLEDGED REVENUES. THE SERIES 2021 BONDS SHALL NOT CONSTITUTE AN INDEBTEDNESS OF THE STATE OF OKLAHOMA (THE “STATE”) AND SHALL NEVER CONSTITUTE inary Official Statement constitute an offer to sell or the s NOR GIVE RISE TO A PECUNIARY LIABILITY OF THE STATE OR A CHARGE AGAINST THE GENERAL CREDIT OF d herein are subject to change, completion or amendment subject to change, are or without completion amendment d herein THE STATE OR TAXING POWERS OF THE STATE. THE ISSUER AND THE UNIVERSITY HAVE NO POWER OF unlawful prior to registration or the secur under or qualification to registration prior unlawful TAXATION. The Series 2021 Bonds are offered when, as and if issued and received by the Underwriters, subject to prior sale, to withdrawal or modification of the offer without notice, and to the approval of legality by the Attorney General of the State of Oklahoma and by The Public Finance Law Group PLLC, Bond Counsel, Oklahoma City, Oklahoma. Certain legal matters will be passed upon for the University by the General Counsel to the University and for the Underwriters by their counsel, Katten Muchin Rosenman LLP, New York, New York. It is expected that the Series 2021 Bonds will be available for delivery through the facilities of DTC, on or about May __, 2021. RBC Capital Markets Stifel BOK Financial Securities BofA Securities The date of this Official Statement is April __, 2021 * Preliminary, subject to change. to the Series Bonds. Under no 2021 circumstances shall this Prelim sale would solicitation or be in which such offer, jurisdiction This Preliminary Official Statement Statement containe and the information Official Preliminary This THE BOARD OF REGENTS FOR THE OKLAHOMA AGRICULTURAL AND MECHANICAL COLLEGES OKLAHOMA STATE UNIVERSITY GENERAL REVENUE AND REFUNDING BONDS Maturities, Amounts, Interest Rates and Yields $76,100,000* TAX-EXEMPT SERIES 2021A $60,965,000* Series 2021A Serial Bonds Maturity Principal Interest CUSIP September 1* Amount* Rate Yield Base: 679191 2021 $1,750,000 2022 1,500,000 2023 2,465,000 2024 2,535,000 2025 2,605,000 2026 2,685,000 2027 2,765,000 2028 2,850,000 2029 3,000,000 2030 3,105,000 2031 3,215,000 2032 3,325,000 2033 3,035,000 2034 3,145,000 2035 2,945,000 2036 3,045,000 2037 3,170,000 2038 3,285,000 2039 3,410,000 2040 3,530,000 2041 3,600,000 $11,855,000* ___% Series 2021A Term Bond due September 1, 2046* – Yield _____ (CUSIP 679191-___) $3,280,000* ___% Series 2021A Term Bond due September 1, 2051* – Yield _____ (CUSIP 679191-___) CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein provided by CUSIP Global Services (“CGS”), managed on behalf of the American Bankers Association by S&P Capital IQ. This information is not intended to create a database and does not serve in any way as a substitute for services provided by CGS. CUSIP numbers have been assigned by an independent company not affiliated with the Issuer or the Underwriters and are included solely for the convenience of the registered and beneficial owners of the Series 2021A Bonds. None of the Issuer or the Underwriters is responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Series 2021A Bonds or as included herein. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Series 2021A Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Series 2021A Bonds. * Preliminary, subject to change. THE BOARD OF REGENTS FOR THE OKLAHOMA AGRICULTURAL AND MECHANICAL COLLEGES OKLAHOMA STATE UNIVERSITY GENERAL REVENUE REFUNDING BONDS Maturities, Amounts, Interest Rates and Yields $104,370,000* FEDERALLY TAXABLE SERIES 2021B $65,330,000* Series 2021B Serial Bonds Maturity Principal Interest CUSIP September 1* Amount* Rate Yield Base: 679191 2021 $2,450,000 2022 2,195,000 2023 3,780,000 2024 3,875,000 2025 3,965,000 2026 4,080,000 2027 4,195,000 2028 4,320,000 2029 4,405,000 2030 4,550,000 2031 4,710,000 2032 4,870,000 2033 4,510,000 2034 4,665,000 2035 4,305,000 2036 4,455,000 $24,160,000* ___% Series 2021B Term Bond due September 1, 2041* – Yield ____ (CUSIP 679191-___) $14,880,000* ___% Series 2021B Term Bond due September 1, 2045* – Yield ____ (CUSIP 679191-___) CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein provided by CUSIP Global Services (“CGS”), managed on behalf of the American Bankers Association by S&P Capital IQ. This information is not intended to create a database and does not serve in any way as a substitute for services provided by CGS. CUSIP numbers have been assigned by an independent company not affiliated with the Issuer or the Underwriters and are included solely for the convenience of the registered and beneficial owners of the Series 2021B Bonds. None of the Issuer or the Underwriters is responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the Series 2021B Bonds or as included herein.