POS – College of the Sequoias 2017 GO
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PRELIMINARY OFFICIAL STATEMENT DATED MAY 18, 2017 NEW ISSUE—FULL BOOK-ENTRY RATINGS: Series C Bonds and Series E Bonds: S&P: “A+”; Moody’s: “A1” Series D Bonds: S&P: “A+”; Moody’s: “Aa3” (See “MISCELLANEOUS – Ratings” herein) In the opinion of Stradling Yocca Carlson & Rauth, a Professional Corporation, San Francisco, California (“Bond Counsel”), under existing statutes, regulations, rulings and judicial decisions, and assuming the accuracy of certain representations and compliance with certain covenants and requirements described herein, interest (and original issue discount) on the Bonds is excluded from gross income for federal income tax purposes and is not an item of tax preference for purposes of calculating the federal alternative minimum tax imposed on individuals and corporations. In the further opinion of Bond Counsel, interest (and original issue discount) on the Bonds is exempt from State of California personal income tax. See “TAX MATTERS” with respect to tax consequences relating to the Bonds. * er to buy, nor shall there $12,935,000 COLLEGE OF THE SEQUOIAS COMMUNITY COLLEGE DISTRICT 2017 General Obligation Refunding Bonds, Series C (Hanford Campus Improvement District No. 1) (Tulare and Kings Counties, California) $19,435,000* $14,399,000* COLLEGE OF THE SEQUOIAS COLLEGE OF THE SEQUOIAS COMMUNITY COLLEGE DISTRICT COMMUNITY COLLEGE DISTRICT 2017 General Obligation Refunding Bonds, Series D 2017 General Obligation Refunding Bonds, Series E (Visalia Area Improvement District No. 2) (Tulare Area Improvement District No. 3) (Tulare County, California) (Tulare and Kings Counties, California) Dated: Date of Delivery Due: August 1, as shown on the inside cover pages This cover page contains certain 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. Capitalized terms used on this cover page not otherwise defined shall have the meanings set forth herein. The College of the Sequoias Community College District 2017 General Obligation Refunding Bonds, Series C (Hanford Campus Improvement District No. 1) (Tulare and Kings Counties, California) in the aggregate principal amount of $12,935,000* (the “Series C Bonds”), are being issued by the College of the Sequoias Community College District (the “District”) to (i) currently refund a portion of the District’s outstanding College of the Sequoias Hanford Campus Improvement District ities may not be sold, nor may offers to buy them be accepted, prior to to prior accepted, be them buy to offers may nor sold, be not may ities No. 1 of the College of the Sequoias Community College District (Tulare and Kings Counties, California) Election of 2006 General Obligation Bonds, Series A, and (ii) pay the costs of issuing the Series C Bonds. The Series C Bonds are general obligations of the District payable solely from ad valorem property taxes. The Boards of Supervisors of the Counties (as defined herein) are each empowered and obligated to levy such ad valorem taxes, without limitation as to rate or amount, upon all property within the Hanford Campus Improvement District No. 1 subject to taxation thereby (except certain personal property which is taxable at limited rates), for the payment of principal of and interest on the Series C Bonds when due. The College of the Sequoias Community College District 2017 General Obligation Refunding Bonds, Series D (Visalia Area Improvement District No. 2) * (Tulare County, California) in the aggregate principal amount of $19,435,000 (the “Series D Bonds”), are being issued by the District to (i) advance refund a portion of the District’s outstanding College of the Sequoias Visalia Area Improvement District No. 2 of the College of the Sequoias Community College District (Tulare County, California) Election of 2008 General Obligation Bonds, Series A, (ii) advance refund a portion of the District’s outstanding College of the Sequoias Visalia Area Improvement District No. 2 of the College of the Sequoias Community College District (Tulare County, California) Election of 2008 General Obligation Bonds, Series C, unlawful. and (iii) pay the costs of issuing the Series D Bonds. The Series D Bonds are general obligations of the District payable solely from ad valorem property taxes. The Board of Supervisors of the County (as defined herein) is empowered and obligated to levy such ad valorem taxes, without limitation as to rate or amount, upon all property within the Visalia Area Improvement District No. 2 subject to taxation thereby (except certain personal property which is taxable at limited rates), for the payment of principal of and interest on the Series D when due. The College of the Sequoias Community College District 2017 General Obligation Refunding Bonds, Series E (Tulare Area Improvement District No. 3) (Tulare and Kings Counties, California) in the aggregate principal amount of $14,399,000* (the “Series E Bonds” and, collectively with the Series C Bonds and the Series D Bonds, the “Bonds”), are being issued by the District to (i) advance refund a portion of the District’s outstanding College of the Sequoias Tulare Area Improvement District No. 3 of the College of the Sequoias Community College District (Tulare and Kings Counties, California) Election of 2008 General Obligation Bonds, Series A, and (ii) pay the costs of issuing the Series E Bonds. The Series E Bonds are general obligations of the District payable solely from ad valorem property taxes. The Boards of Supervisors of the Counties are each empowered and obligated to levy such ad valorem taxes, without limitation as to rate or amount, upon all property within the Tulare Area Improvement District No. 3 subject to taxation thereby (except certain personal property which is taxable at limited rates), for the payment of principal of and interest on the Series E Bonds when due. The Bonds will be issued in book-entry form only, and will be initially issued and registered in the name of Cede & Co. as nominee for The Depository Trust Company, New York, New York (collectively referred to herein as “DTC”). Purchasers of interests in the Bonds (the “Beneficial Owners”) will not receive physical certificates representing their interest in the Bonds, but will instead receive credit balances on the books of their respective Nominees. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an off The Bonds will be issued as current interest bonds such that interest accrues from the date of delivery, such interest to be payable on February 1 and August 1 of each year, commencing August 1, 2017. Payments of principal of and interest on the Bonds will be made by U.S. Bank National Association, the designated Paying Agent, to DTC for subsequent disbursement to DTC Participants who will remit such payments to the Beneficial Owners of the Bonds. The District has applied for municipal bond insurance for the scheduled payment of principal of and interest on the Bonds when due, which, if purchased, would be issued concurrently with the delivery of the Bonds. The Bonds are subject to optional and mandatory sinking fund redemption as further described herein.* _________________________ Maturity Schedule* (See inside front cover pages) __________________________ Pursuant to the terms of a public sale on __________, 2017, the Bonds were awarded to ________________, as underwriter therefor, at a True-Interest Cost of _________%. The Bonds are being offered when, as and if issued and received by the Underwriter, subject to the approval of legality by Stradling Yocca Carlson & Rauth, a Professional Corporation, San Francisco, California, Bond Counsel and Disclosure Counsel. The Bonds, in book-entry form, will be available through the facilities of the Depository Trust Company in New York, New York, on or about ____________________, 2017. Dated: ________________, 2017 __________________________ *Preliminary, subject to change This Preliminary Official Statement and the information contained herein are subject to completion or amendment. These secur These amendment. or completion to subject are herein contained information the and Statement Official Preliminary This the time the Official Statementbe would sale or is deliveredsolicitation offer, in final such which formin jurisdiction any in securities these of, sale any be MATURITY SCHEDULE* Base CUSIP†: 19428R $________________* COLLEGE OF THE SEQUOIAS COMMUNITY COLLEGE DISTRICT 2017 General Obligation Refunding Bonds, Series C (Hanford Campus Improvement District No. 1) (Tulare and Kings Counties, California) $__________ Serial Bonds Maturity Principal Interest CUSIP (August 1) Amount Rate Yield Suffix(1) *Preliminary, subject to change. (1) CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services (“CGS”), managed by S&P Capital IQ, on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. None of the original purchaser(s) of the Bonds, the Financial Advisor or the District are responsible for the selection or correctness of the CUSIP numbers set forth herein and no representation is made as to their correctness on the applicable Bonds or as included herein. CUSIP numbers have been assigned by an independent company unaffiliated with the District, the Financial Advisor or the original purchaser(s) of the Bonds, and are included solely for the convenience of the registered owners of the Bonds. The CUSIP number for a specific maturity is subject to change after the issuance thereof, 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 Bonds. MATURITY SCHEDULE * Base CUSIP†: 19428T $________________* COLLEGE OF THE SEQUOIAS COMMUNITY COLLEGE DISTRICT 2017 General Obligation Refunding Bonds, Series D (Visalia Area Improvement District No.