DOCSLIB.ORG

$65000000 Taxable Public Improvement Bonds, Issue Of

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
$65000000 Taxable Public Improvement Bonds, Issue Of 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.
Load more

Recommended publications
  • Law Journal for Social Justice Sandra Day O’Connor College of Law Arizona State University
    LAW JOURNAL FOR SOCIAL JUSTICE SANDRA DAY O’CONNOR COLLEGE OF LAW ARIZONA STATE UNIVERSITY Volume 11 Spring 2019 CONTENTS Beyond Impressionistic Analysis: An Empirical Evaluation of 21st Century Non-lawyer Courts .................................................................................. Alisa Smith, PhD, JD 1 Evacuating the Incarcerated: The Intricacies of Keeping Prisoner’s Eighth Amendment Rights Intact During Natural Disasters .............................. Meghan Vumback, JD 57 Eternal Sins: The Case for Extending Statutes of Limitation Regarding Childhood Sexual Abuse Nationwide ................................................................ Katelyn Ringrose, JD 82 Cultural Resources in a Developing World ................................ Alysha Green, JD 95 Law Journal for Social Justice is supported by the Sandra Day O’Connor College of Law at Arizona State University. The Law Journal for Social Justice mailing address is: Law Journal for Social Justice, 111 E. Taylor Street, Phoenix, AZ 85004. The Law Journal for Social Justice Email address is: [email protected]. Subscription: Law Journal for Social Justice is an online journal. Editions are accessible through the URL: http://www.law.asu.edu/ljsj/, and http://www.ljsj.wordpress.com/journal Copyright: © Copyright 2019 by Law Journal for Social Justice. All rights reserved except as otherwise provided. Cite as 11 L. J. SOC. JUST. __ (2019). LAW JOURNAL FOR SOCIAL JUSTICE SANDRA DAY O’CONNOR COLLEGE OF LAW ARIZONA STATE UNIVERSITY Volume 11 Spring 2019 EXECUTIVE BOARD EDITOR-IN-CHIEF Katherine Nelson MANAGING EDITOR Corinne Merdegia SENIOR ARTICLES EDITOR Alysha Green ONLINE MEDIA EDITOR Austin Poe SYMPOSIUM EDITOR Shannon Brien EDITORIAL BOARD ARTICLES EDITORS Victoria Comeaux Ashley Fitzwilliams Verity Kang Kaitlin Secker Kristen Shortley ASSOCIATE EDITORS Nicholas Bustamante Jaren Martineau Pablo Castellanos Lila Mayson Jorge Coss Ortega Mackenzie Moore Brian Cuevas Lily Pederson Paul Davis Earvin Poon Francis Espiritu David Riahi Ashley Fitzgibbons Rachel Richman Brian Garcia Lea Shapiro J.
    [Show full text]
  • Prisons and Floods in the United States Interrogating Notions of Social and Spatial Control
    Prisons and Floods in the United States Interrogating Notions of Social and Spatial Control By Hannah Hauptman, Yale University On August 29, 2005, Hurricane Katrina ripped across the state dream of full social order, both inside and outside Southern Louisiana, rupturing New Orleans’ levees and of the prison. Strict protocols, concrete beds, steel-barred scouring a place for itself among the costliest and most poorly windows and pacing guards imply that this dream has, managed disasters in contemporary history. On that fateful in fact, been realized. Yet foods, amongst other natural August morning, an inmate at the Orleans Parish Prison disasters, provide an avenue for chaos to move through the recalled, “we awake to fnd water up to our knees and no seemingly indestructible barriers of the prison. Troughout security.”1 Te water would eventually rise to the inmates’ the twentieth century and into the twenty-frst, foods have necks. As another inmate recounted, “it was like we were left threatened or necessitated emergency evacuations of prisons, to die. No water, no air, no food.”2 As the wealthy and the free as well as the movement of inmates out of prisons to work fed the city, inmates in local prisons—whose impregnable on food protection and rescue. Only by examining both the walls held frm while the once-impregnable levees crumbled— theoretical parallels and the historical convergences between were left locked in their cells. Hurricane Katrina brutally these two systems of control can we uncover their surprisingly illustrated the confict between the apparent order of prisons intimate relationship. Recovered narratives from fooded and the chaos of foods, revealing the diferentiated value of prisons, wherein the uncontrollable met the impenetrable, life placed on incarcerated individuals and troubling notions thus provide a historical nexus for the critical deconstruction of maximum security or absolute protection.
    [Show full text]
  • A Gateway for Everyone to Believe: Identity, Disaster, and Football in New Orleans
    University of New Orleans ScholarWorks@UNO University of New Orleans Theses and Dissertations Dissertations and Theses Summer 8-6-2013 A Gateway for Everyone to Believe: Identity, Disaster, and Football in New Orleans Brandon D. Haynes University of New Orleans, [email protected] Follow this and additional works at: https://scholarworks.uno.edu/td Part of the Regional Sociology Commons, Sociology of Culture Commons, Sports Studies Commons, and the Urban Studies and Planning Commons Recommended Citation Haynes, Brandon D., "A Gateway for Everyone to Believe: Identity, Disaster, and Football in New Orleans" (2013). University of New Orleans Theses and Dissertations. 1712. https://scholarworks.uno.edu/td/1712 This Dissertation is protected by copyright and/or related rights. It has been brought to you by ScholarWorks@UNO with permission from the rights-holder(s). You are free to use this Dissertation in any way that is permitted by the copyright and related rights legislation that applies to your use. For other uses you need to obtain permission from the rights-holder(s) directly, unless additional rights are indicated by a Creative Commons license in the record and/ or on the work itself. This Dissertation has been accepted for inclusion in University of New Orleans Theses and Dissertations by an authorized administrator of ScholarWorks@UNO. For more information, please contact [email protected]. A Gateway for Everyone to Believe Identity, Disaster, and Football in New Orleans A Dissertation Submitted to the Graduate Faculty of the University of New Orleans in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Urban Studies by Brandon D.
    [Show full text]
  • Orleans Parish Prison Report
    COVER PHOTOGRAPH: A/P WIDE WORLD PHOTOS 1 Joyce Gilson AUTHORS National Prison Project of the American Civil Liberties Union ACLU National Prison Project Founded in 1972 by the American Civil Liberties Union (ACLU), the National 915 15th Street NW, 7th Floor Prison Project (NPP) seeks to ensure constitutional conditions of confinement Washington, DC 20005 and strengthen prisoners’ rights through class action litigation and public educa- Tel: (202) 393-4930 tion. Our policy priorities include reducing prison overcrowding, improving pris- Fax: (212) 393-4931 oner medical care, eliminating violence and maltreatment in prisons and jails, and www.aclu.org minimizing the reliance on incarceration as a criminal justice sanction. The Pro- ject also publishes a semi-annual Journal, coordinates a nationwide network of liti- gators, conducts training and public education conferences, and provides expert advice and technical assistance to local community groups and lawyers through- out the country. CO-AUTHORS & CONTRIBUTORS American Civil Liberties Union of Louisiana ACLU of Louisiana The ACLU of Louisiana has protected traditional American values as a P.O. Box 56157 guardian of liberty since its founding in 1956. Our mission is to conserve Amer- New Orleans, LA 70156-6157 ica’s original civic values embodied in the U.S. Constitution and the Louisiana Tel: (504) 522-0617 Constitution by working daily in the courts, legislature, and communities. We Toll Free: (866) 522-0617 defend the rights of every man, woman, and child residing in this state against Fax: (504) 522-0618 attempts by the government to take away or limit civil liberties and personal free- www.laaclu.org doms guaranteed by the Bill of Rights, as well as federal and state laws.
    [Show full text]
  • City of New Orleans, Louisiana
    SUPPLEMENT TO OFFICIAL STATEMENT DATED JULY 25, 2012 relating to $167,840,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012 CITY OF NEW ORLEANS, LOUISIANA PLEASE BE ADVISED that the above-referenced Official Statement has been supplemented to add the following: Page 4: The paragraph under the caption “DESCRIPTION OF THE BONDS – Amount of Bonds Being Issued” is hereby amended as follows: One Hundred Sixty-Seven Million Eight Hundred Forty Thousand Dollars ($167,840,000) of Bonds of the Issuer are being issued. CITY OF NEW ORLEANS, LOUISIANA The date of this Supplement is August 6, 2012. REFUNDING ISSUE OFFICIAL STATEMENT RATINGS: BOOK-ENTRY ONLY Moody’s: “Aa3” (Insured), “A3” (Underlying) S&P: “AA-” (Insured), “BBB” (Underlying) Fitch:“ A-” (Underlying) (See “BOND RATINGS” herein.) In the opinion of Co-Bond Counsel, under existing law, interest on the Bonds is excluded from gross income for Federal income tax purposes, and interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals or corporations, except that interest on the Bonds will be included in a corporate taxpayer’s “adjusted current earnings” for purposes of computing its federal alternative minimum tax. See “TAX EXEMPTION” herein. Under Louisiana law, the Bonds are exempt from all taxation for state, parish, municipal, or other purposes. $167,840,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012 CITY OF NEW ORLEANS, LOUISIANA Dated: Date of Delivery Due: December 1, 2012 to December 1, 2033 The referenced General Obligation Refunding Bonds, Series 2012 (the “Bonds”) of the City of New Orleans, Louisiana (the “Issuer” or the “City”) 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”).
    [Show full text]
  • City of New Orleans
    ^/f/ CITY OF NEW ORLEANS. LOUISIANA BASIC FINANCIAL STATEMENTS DECEMBER 3L 2012 (WITH INDEPENDENT AUDITORS^ REPORT THEREON) Under provisions of state law. this report is a public document Acopy of the report has been submitted to the entity and other appropriate public officials The report is available for public inspection at the Baton Rouge office of the LegislativeAuditor and, where appropnate, at the office of the parish clerk of court. Release Date AUG 0 7 2013 Postlethwaite & Netterville A Prot«u)onal Accx)URting Corporation \v,vA pncpa.com CITY OF NEW ORLEANS> LOUISIANA Basic Financial Statements December 31,2012 (With Independent Auditors* Report Thereon^ CITY OF NEW ORLEANS, LOUISIANA Table of Contents Page Independent Auditors' Report 1 Management's Discussion and Analysis 4 Basic Financial Statements: Statement of Net Position 16 Statement of Activities 17 Balance Sheet - Govemmental Funds 18 Reconciliation of Balance Sheet - Govemmental Funds to the Statement of Net Position 19 Statement ofRevenues, Expenditures, and Changes in Fund Balances - Govemmental Funds 20 Reconciliation ofthe Statement ofRevenues, Expenditures, and Changes in Fund Balances of Govemmental Funds to the Statement of Activities 21 Statement of Fiduciaiy Net Position 22 Statement of Changes in Fiduciary Net Position 23 Component Units - Combining Statement of Net Position 24 Component Units - Combining Statement of Activities 26 Notes to Basic Financial Statements 27 Required Supplementary Information Notes to Required Supplementary Information 76 Schedule
    [Show full text]