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$65000000 Taxable Public Improvement Bonds, Issue Of

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NEW MONEY ISSUE OFFICIAL STATEMENT RATINGS: BOOK-ENTRY ONLY Moody’s Insured: “A2” Moody’s Underlying: “A3" S&P Insured: “AA” S&P Underlying: “A-“ Fitch (Underlying Only): “A-” (See “BOND RATINGS” herein.) In the opinion of Co-Bond Counsel, under existing law, interest on the Bonds is not excluded from gross income for Federal income tax purposes. Bondholders should consult their tax advisors with respect to the inclusion of interest on the Bonds in gross income for federal income tax purposes. See “TAX MATTERS” herein. Under Louisiana law, the Bonds are exempt from all taxation for state, parish, municipal, or other purposes. $65,000,000 TAXABLE PUBLIC IMPROVEMENT BONDS, ISSUE OF 2015A CITY OF NEW ORLEANS, LOUISIANA Dated: Date of Delivery Due: December 1, 2016 to December 1, 2044 The referenced Taxable Public Improvement Bonds, Issue of 2015A (the “Bonds”) of the City of New Orleans, Louisiana (the “City” or “Issuer”) are being initially issued as fully registered bonds without coupons in denominations of $5,000 each, or any integral multiple thereof within a single maturity, and when 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 Bonds. Purchasers of the Bonds will not receive certificates representing their interest in the Bonds purchased. Purchases of the Bonds may be made only in book-entry form in authorized denominations by credit to participating broker-dealers and other institutions on the books of DTC as described herein. Principal of and interest on the Bonds will be payable by U.S. Bank National Association, in the City of Nashville, Tennessee, or any successor paying agent (the “Paying Agent”), to DTC, which will remit such payments in accordance with its normal procedures, as described herein. Interest on the Bonds is payable on June 1, 2015, and semiannually thereafter on December 1 and June 1 of each year. See Appendix “J” - Book-Entry Only System. The Bonds maturing on December 1, 2025, and thereafter, shall be subject to redemption at the option of the Issuer, acting through the Board of Liquidation, City Debt, prior to their stated maturities, on and after December 1, 2024, in whole or in part at any time, and if less than a full maturity, then by lot within such maturity at a redemption price equal to the principal net amount of the Bonds to be redeemed plus accrued interest to the redemption date. Any Bonds made the subject of such call or calls shall be redeemed at the principal amount thereof plus accrued interest to the date fixed for redemption. The Bonds are not required to be redeemed in inverse order of maturity. The Bonds are subject to mandatory sinking fund redemption as set forth herein. The Bonds are general obligations of the City, for which the full faith and credit of the City is pledged, and are secured by and payable from ad valorem taxes upon all the property subject to such taxation within the City in an amount sufficient to pay the principal of and the interest on the Bonds. The Bonds are the fifth and final emission of the bonds authorized in a proposition approved by the voters of the City in a special election held on November 2, 2004, and are being issued for the purposes set forth in said proposition, all as more particularly described herein. The scheduled payment of principal of and interest on the Bonds when due will be guaranteed under an insurance policy to be issued concurrently with the delivery of the Bonds by ASSURED GUARANTY MUNICIPAL CORP. The Maturity Schedule for the Bonds appears on the inside cover hereof. The Bonds are offered subject to the joint approving opinion of Foley & Judell, L.L.P., New Orleans, Louisiana; McKee Law Firm, L.L.C., New Orleans, Louisiana; and Haley Law Firm, L.L.C., New Orleans, Louisiana, Co-Bond Counsel. Public Financial Management, Inc., Memphis, Tennessee, and C. Lyle Barney & Company, New Orleans, Louisiana, serve as independent Co-Municipal Advisors to the Issuer. Certain matters will be passed upon for the Issuer by Beirne, Maynard and Parsons, L.L.P., New Orleans, Louisiana, legal counsel to the Board. It is expected that the Bonds in definitive form will be available for delivery to DTC in New York, New York, on or about April 29, 2015, against payment therefor. The date of this Official Statement is March 25, 2015. This cover page contains information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. $65,000,000 TAXABLE PUBLIC IMPROVEMENT BONDS, ISSUE OF 2015A CITY OF NEW ORLEANS, LOUISIANA MATURITY SCHEDULE (Base CUSIP No. 64763F) Due Interest Price Due Interest Price Dec. 1 Amount Rate or Yield CUSIPs Dec. 1 Amount Rate or Yield CUSIPs 2016 $ 1,205,000 4.000% 1.000% TR0 2027 $1,900,000 3.625% 3.700% UC1 2017 1,255,000 4.000 1.400 TS8 2028 1,970,000 3.750 3.800 UD9 2018 1,305,000 4.000 2.000 TT6 2031 2,210,000 4.000 4.050 UG2 2019 1,355,000 4.000 2.400 TU3 2032 2,295,000 4.000 4.080 UH0 2020 1,410,000 4.000 2.600 TV1 2033 2,390,000 4.000 4.120 UJ6 2021 1,465,000 4.000 2.700 TW9 2034 2,485,000 4.000 4.160 UK3 2022 1,525,000 5.000 2.900 TX7 2035 2,585,000 4.000 4.200 UL1 2023 1,600,000 5.000 3.150 TY5 2036 2,685,000 4.000 4.230 UM9 2024 1,680,000 5.000 3.250 TZ2 2037 2,795,000 4.125 4.250 UN7 2025 1,765,000 4.000 3.350* UA5 2038 2,910,000 4.125 4.280 UP2 2026 1,835,000 3.500 100 UB3 2039 3,030,000 4.200 4.300 UQ0 $4,165,000 4.00% Term Bonds due December 1, 2030, Price 100, CUSIP UF4 $17,180,000 4.25% Term Bonds due December 1, 2044, Yield 4.371%, CUSIP UV9 * Priced to December 1, 2024 par call. CUSIP Numbers © Copyright 2015, American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, which is managed on behalf of the American Bankers Association by S&P Capital IQ., a part of the McGraw-Hill Companies, Inc. The Issuer takes no responsibility for the accuracy of the CUSIP numbers, which are included solely for the convenience of the owners of the Bonds. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions. No dealer, broker, salesperson or other person has been authorized by the City or the Board of Liquidation to give any information or to make any representations in connection with the Bonds or the matters described herein, other than those contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by the City or the Board of Liquidation. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds, by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein concerning The Depository Trust Company (“DTC”) has been furnished by DTC, and no representation is made by the City or the Board of Liquidation as to the completeness or accuracy of such information. All other information set forth herein has been obtained from the City and other sources which are believed to be reliable but is not guaranteed as to accuracy or completeness. The information and expressions of opinion contained herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the matters described herein since the date hereof. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. This Official Statement does not constitute a contract between the City or the Board of Liquidation and any one or more of the purchasers or registered owners of the Bonds. THE BONDS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR HAS THE BOND RESOLUTION BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON EXEMPTIONS CONTAINED IN SUCH ACTS. THE REGISTRATION OR QUALIFICATION OF THE BONDS IN ACCORDANCE WITH APPLICABLE PROVISIONS OF SECURITIES LAWS OF THE STATES IN WHICH THE BONDS HAVE BEEN REGISTERED OR QUALIFIED AND THE EXEMPTION FROM REGISTRATION OR QUALIFICATION IN OTHER STATES CANNOT BE REGARDED AS A RECOMMENDATION THEREOF. NEITHER THESE STATES NOR ANY OF THEIR AGENCIES HAVE PASSED UPON THE MERITS OF THE BONDS OR THE ACCURACY OR COMPLETENESS OF THIS OFFICIAL STATEMENT. ANY REPRESENTATION TO THE CONTRARY MAY BE A CRIMINAL OFFENSE. IN MAKING AN INVESTMENT DECISION, INVESTORS MUST RELY ON THEIR OWN EXAMINATIONS OF THE CITY AND THE TERMS OF THE OFFERING, INCLUDING THE MERITS AND RISKS INVOLVED. ASSURED GUARANTY MUNICIPAL CORP. (“AGM”) MAKES NO REPRESENTATION REGARDING THE BONDS OR THE ADVISABILITY OF INVESTING IN THE BONDS.
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