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CITY of LOS ANGELES, CALIFORNIA Sanitation Equipment Charge Revenue Bonds, Series 2005-A

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CITY of LOS ANGELES, CALIFORNIA Sanitation Equipment Charge Revenue Bonds, Series 2005-A NEW ISSUE FULL BOOK-ENTRY-ONLY Ratings: (See "Ratings" herein) In the opinion of Sidley Austin Brown & Wood LLP, Special Tax Counsel, based on existing statutes, regulations, rnlings and judicial decisions, and assuming compliC01ce with certain covenants in the documents pertaining to the Bonds C01d requirements ofthe Internal Revem1e Code of 1986, as cnnended, (the "Code") as described herein, interest on the Bonds is not inchidable in the gross income of the owners of the Bonds for federal income tax purposes. In the farther opinion of Special Tax CoW1sel, interest on the Bonds is not treated as C01 item of tax preference in calculating the federal alternative minimwn taxable income of individuals and corporations. Interest on the Bonds, however, is inchided as an acijustment in the calculation offederal corporate alternative mininmm taxable income C01d may therefore affect a corporation's alternative mininnun tax liability. Special Tax CoW1sel is farther ofthe opinion that the interest on the Bonds is exempt from personal income taxes imposed by the State of California. See "TAXlvlATTERS" herein. $45, 750,000 CITY OF LOS ANGELES, CALIFORNIA Sanitation Equipment Charge Revenue Bonds, Series 2005-A Dated: Date of Delivery Due: February 1, as shown on inside cover page This cover page contains certain information for quick reference only. It is not intended to be a summary of all factors relating to an investment in the Bonds. Investors should review the entire Official Statement before making C01Y investment decision. The $45,750,000 Sanitation Equipment Charge Revenue Bonds, Series 2005-A (the "Bonds'') are being issued by the City of Los Angeles (the "City'') to finance the acquisition of certain refuse collection containers, equipment and vehicles and the design, planning, improvement and/or construction of certain sanitation facilities (the "Project''), to fund a Reserve Fund for the Bonds and to pay costs of issuance of the Bonds. The Bonds are authorized under the Charter of the City and Ordinance No. 174129 adopted July 24, 2001, and are being issued under a Master Trust Agreement, dated as of September 1, 2001, as amended and supplemented, and a Fifth Supplemental Trust Agreement, dated as of July 1, 2005 (collectively, the "Trust Agreement''), by and behveen the City and U.S. Bank National Association, as successor trustee (the "Trustee''). Interest on the Bonds is payable semiannually on each February 1 and August 1, commencing February 1, 2006 until maturity or prior redemption thereof. The Bonds will be delivered in fully registered form only and, when issued, will be registered in the name of Cede & Co. as nominee of The Depository Trust Company, New York, New York ("DTC''). The Bonds will be in denominations of$5,000 each or any integral multiple thereof. Beneficial owners of Bonds will not receive physical certificates from the City or the Trustee representing the Bonds purchased, but will receive a credit balance on the books of the nominees of such purchasers. Principal of and interest on the Bonds will be paid by the Trustee solely from the Revenues described below to DTC, which in turn is obligated to remit such principal and interest to its participants for subsequent disbursement to the beneficial owners of the Bonds as described herein. See ''THE BONDS-Book Entry-Only System." The Bonds are subject to optional redemption prior to maturity as set forth herein. See ''THE BONDS-Redemption." The Bonds are special, limited obligations of the City and are secured solely by and payable from a pledge of the Revenues which include (i) the Sanitation Equipment Charge received by the Sanitation Equipment Charge Special Revenue Fund (together with any future similar fund serving substantially the same function into which the Sanitation Equipment Charge Special Revenue Fund may be incorporated or merged, the "SEC Fund''), including penalties and delinquencies, if any, after deduction of costs of administering the billing and collection process, (ii) any other legally available income, rates, fees, charges and other moneys which the City may hereafter designate by ordinance or resolution for deposit in the SEC Fund, including the Extra Capacity Fee (defined herein), and (iii) the earnings on and income derived from the investment of the amounts set forth in (i) and (ii) and from amounts on deposit in the Reserve Fund (as defined in the Trust Agreement). The City has previously obligated itself to make base rental payments and installment payments secured by the Revenues on a parity with the Bonds, which base rental payments and instalhnent payments secure certain indebtedness issued by the Municipal Improvement Corporation of Los Angeles (the "Corporation'') on behalf of the City, currently outstanding in an aggregate principal amount of $33,565,000. The City has also obligated itself to pay principal and interest from Revenues on four series of Bonds issued under the Trust Agreement and currently outstanding in the aggregate principal amount of$250,615,000. The City may issue additional debt or incur additional obligations on a parity with the Bonds prior to payment of debt service on the Bonds but only in accordance with the provisions contained in the Trust Agreement. See "SECURITY AND SOURCES OF PAYMENT FOR THE BONDS." Concurrently with the issuance of the Bonds, Financial Guaranty Insurance Company, doing business in California as FGIC Insurance Company (the "Bond Insurer'') will issue its Municipal Bond New Issue Insurance Policy for the Bonds (the "Policy''). The Policy unconditionally guarantees the payment of that portion of the principal of and interest on the Bonds which has become due for payment, but shall be paid by reason of nonpayment by the City. RIWld.lll The General Fund of the City is not liable for the payment of the Bonds and neither the full faith and credit nor the taxing power of the City is pledged to pay the Bonds. The pledge of Revenues contained in the Trust Agreement does not create a legal or equitable pledge, charge, lien or encumbrance upon any of the City's property, or upon its income, receipts or revenue, except the Revenues. The Bonds do not constitute a debt of the City within the meaning of any constitutional or statutory debt limitation or restriction. The Bonds are offered when, as and if received by the purchaser, subject to the approval of legality by Fulbright & Jaworski L.L.P., Los Angeles, California, Bond Counsel, and certain other conditions. Certain legal matters will be passed on for the City by Rockard J. Delgadillo, City Attorney, and by Sidley Austin Brown & Wood LLP, Los Angeles, California as Disclosure Counsel and Special Tax Counsel. It is anticipated that the Bonds will be available for delivery to DTC in book-entry form on or about July 7, 2005. Date of Official Statement: June 22, 2005 Maturities, Principal Amounts, Interest Rates, Yields and CUSI pt Numbers (BaseCUSI pt Number: 54462P) Maturity (February 1) Principal Amount I nterest Rate Yield CUSI pt Number 2009 $4,000,000 5.000!6 2.780!6 DDl 2010 4,300,000 5.000!6 3.000!6 DE9 2011 2,765,000 5.000!6 3.080!6 DF6 2012 2,905,000 5.000!6 3.230!6 DG4 2013 3,055,000 5.000!6 3.330)6 DH2 2014 3,205,000 5.000!6 3.450)6 DJS 2015 3,365,000 5.000!6 3.540!6 DK5 2016 3,530,000 5.000!6 3.630)6 C DL3 2017 3,710,000 5.000!6 3.700!6 C DMl 2018 8,165,000 5.000!6 3.780!6 C DN9 2019 6,750,000 5.000!6 3.840!6 C DP4 C Priced to first cal I date of February 1, 201 5 at par. t Cop,rright 2005, American Bankers Association. CUSI P data herein is pr0.tided b,r Standard & Poor's CUSIP Service Bureau, a division of the McGraw-Hill Companies, Inc. CITY OF LOSANGELES,CALIFORNIA Mayor J arres K. Hahna City Council Ed P. Reyes (District 1) Tony Cardenas (District 6) Cindy MiscikONski (District 1l)b Wendy Greuel (District 2) Alex Padilla (District 7) Greig Snith (District 12) Dennis P. Zine (District 3) Bernard C. Parks (District 8) Eric Garcetti (District 13) Tom LaBonge (District 4) Jan Perry (District 9) Antonio Villaraigosa (District 14)' Jack Weiss (District 5) Martin LudlON (District 10) Janice Hahn (District 15) City Officials RockardJ. Delgadillo, City Attorney Laura N. Chick, City Controller WilliarnT Fujioka, City Adninistrative Officer J o,ra C. DeFoor, City Treasurer Frank T. Martinez, City Clerk City Agency I ssuer Office of the City Adninistrative Officer, Debt M anagerrent Group PROFESSIONAL SERVICES Bond Counsel Fulbright& Jaworski L.L.P. Los Angeles, California Special Tax Counsel and Disclosure Counsel Sidley Austin BrONn & Wood LLP Los Angeles, California Co--F inancial Ad.tisors Fieldman, Rolapp& Associates Irvine, California Acacia Financial Managerrent Los Angeles, California Trustee U.S. Bank National Association Los Angeles, California aTerrn endsJ une 30, 2005. Mayor-elect Antonio Villaraigosa to be sworn in onJ uly 1, 2005. bTerrn endsJ une 30, 2005. Councilrrernber--elect Bill Rosendahl to be sworn in onJ uly 1, 2005. ' Vacant as ofJ uly 1, 2005. No dealer, broker, salesperson, or other person has been authorized by the City to give any information or to make any representations other than those contained herein and, if given or made, such other information or representations must not be relied upon as having been authorized by the City. This Official Statement does not constitute an offer to sel I or the solicitation of an offer to buy nor shal I there be any sale of the Bonds by a person in any jurisdiction in which it is unlawful for such person to make an offer, solicitation or sale.
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