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2020AB Official Statement

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NEW ISSUE RATINGS: (BOOK-ENTRY ONLY) Moody’s: Aaa S&P: AAA Fitch: AAA See “RATINGS” herein. In the opinion of Bond Counsel, based upon an analysis of existing laws, regulations, rulings and judicial decisions, and assuming, among other matters, the accuracy of certain representations and the continued compliance with certain covenants and tax law requirements, interest on the 2020A Bonds (the “Tax-Exempt Bonds”) is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended, and is not a specific preference item for purposes of the federal alternative minimum tax. INTEREST EARNED ON THE 2020B BONDS (THE “TAXABLE BONDS”) IS NOT EXCLUDABLE FROM GROSS INCOME OF THE HOLDERS OF THE TAXABLE BONDS FOR FEDERAL INCOME TAX PURPOSES. In the opinion of Bond Counsel, interest on the Tax-Exempt Bonds and the Taxable Bonds (collectively, the “Bonds”) is exempt from present State of Georgia income taxation. See APPENDIX E and APPENDIX F herein for the forms of the opinions Bond Counsel proposes to deliver in connection with the issuance of the Bonds. For a more complete discussion of the tax status of the Bonds and certain other tax consequences relating to the Bonds, see “LEGAL AND TAX STATUS” herein. $1,132,515,000 STATE OF GEORGIA $802,570,000 General Obligation Bonds 2020A $329,945,000 General Obligation Bonds 2020B (Federally Taxable) Dated: Date of Delivery Due: As shown on inside cover This Official Statement has been prepared by the Georgia State Financing and Investment Commission (the “Commission”) for and on behalf of the State of Georgia (the “State”) to provide information on the above- captioned bonds (respectively, the “2020A Bonds,” the “2020B Bonds,” and collectively, the “Bonds”). The summary information on this cover is for convenience only. To make an informed decision regarding the Bonds, a prospective investor should read this Official Statement in its entirety. Security The Bonds constitute general obligations of the State to which its full faith, credit, and taxing powers are pledged. Redemption Certain of the Bonds are not subject to optional redemption prior to their maturity and certain of the Bonds are subject to optional redemption prior to their maturity, as further described herein. Purpose The Bonds are being issued to provide funds for various capital outlay projects of the State, to make grants to various governmental entities for capital outlay projects, to purchase and retire certain outstanding general obligation bonds of the State, and to pay costs of issuance of the Bonds, as further described herein. Interest Payment Dates Semiannual, as described herein. Denomination $5,000 and integral multiples thereof. Registration Full book-entry only and registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York. Closing/Delivery Date On or about August 27, 2020. The Bonds are being offered when, as and if issued by the State and accepted by the Underwriters, subject to prior sale or withdrawal or modification of the offer without notice, validation by the Superior Court of Fulton County, Georgia and approval as to legality by Gray Pannell & Woodward LLP, Savannah and Atlanta, Georgia, Bond Counsel. Certain legal matters will be passed upon for the State by its Disclosure Counsel, Kutak Rock LLP, Atlanta, Georgia. Public Resources Advisory Group and Terminus Municipal Advisors, LLC are serving as Co-Financial Advisors to the State. The date of this Official Statement is August 20, 2020. $802,570,000 State of Georgia General Obligation Bonds 2020A Maturity Schedule (Base CUSIP Number 373385(a)) Maturing Principal Interest CUSIP(a) Maturing Principal Interest CUSIP(a) August 1, Amount Rate Yield Suffix August 1, Amount Rate Yield Suffix 2021 $41,185,000 5.00% 0.13% GG2 2031 $34,190,000 5.00% 0.83*% GS6 2022 43,300,000 5.00 0.14 GH0 2032 35,945,000 5.00 0.91* GT4 2023 45,515,000 5.00 0.15 GJ6 2033 37,790,000 5.00 1.00* GU1 2024 47,850,000 5.00 0.16 GK3 2034 39,525,000 4.00 1.12* GV9 2025 50,310,000 5.00 0.21 GL1 2035 41,135,000 4.00 1.20* GW7 2026 28,780,000 5.00 0.31 GM9 2036 42,600,000 3.00 1.39* GX5 2027 30,260,000 5.00 0.41 GN7 2037 43,895,000 3.00 1.45* GY3 2028 31,815,000 5.00 0.56 GP2 2038 45,235,000 3.00 1.50* GZ0 2029 33,440,000 5.00 0.65 GQ0 2039 46,610,000 3.00 1.56* HA4 2030 35,160,000 5.00 0.74 GR8 2040 48,030,000 3.00 1.60* HB2 * Priced to August 1, 2030 optional redemption date. $329,945,000 State of Georgia General Obligation Bonds 2020B (Federally Taxable) Maturity Schedule (Base CUSIP Number 373385(a)) Maturing Principal Interest CUSIP(a) Maturing Principal Interest CUSIP(a) August 1, Amount Rate Yield Suffix August 1, Amount Rate Yield Suffix 2021 $20,555,000 1.25% 0.19% HC0 2031 $14,365,000 1.25% 1.16*% FW8 2022 20,860,000 1.25 0.22 HD8 2032 14,595,000 1.35 1.26* FX6 2023 20,950,000 0.26 0.25 FN8 2033 14,855,000 1.40 1.36* FY4 2024 21,070,000 0.42 0.42 FP3 2034 15,135,000 1.45 1.43* FZ1 2025 21,215,000 0.52 0.52 FQ1 2035 15,430,000 1.55 1.51* GA5 2026 13,345,000 0.70 0.70 FR9 2036 15,745,000 1.70 1.70 GB3 2027 13,550,000 0.80 0.80 FS7 2037 16,080,000 1.80 1.80 GC1 2028 13,775,000 0.99 0.99 FT5 2038 16,420,000 1.85 1.84* GD9 2029 13,955,000 1.06 1.06 FU2 2039 16,770,000 1.90 1.89* GE7 2030 14,150,000 1.11 1.11 FV0 2040 17,125,000 1.94 1.94 GF4 * Priced to August 1, 2030 optional redemption date. (a) CUSIP® is a registered trademark of the American Bankers Association (“ABA”). CUSIP data herein are provided by CUSIP Global Services (CGS), operated on behalf of the ABA by S&P Global Market Intelligence, a division of S&P Global Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. The CUSIP numbers shown above have been assigned by an independent company not affiliated with the State and are being provided solely for the convenience of bondholders only at the time of issuance of the Bonds, and neither the State nor the Commission makes any representation with respect to such numbers or undertakes any responsibility for their accuracy now or at any time in the future. 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 that are applicable to all or a portion of certain maturities of the Bonds. STATE OF GEORGIA Governor BRIAN P. KEMP Lieutenant Governor GEOFF DUNCAN Georgia State Financing and Investment Commission 270 Washington Street Suite 2140 Atlanta, Georgia 30334 Telephone (404) 463-5700 Members BRIAN P. KEMP - Governor, Chair GEOFF DUNCAN - President of the Senate, Vice-Chair DAVID RALSTON - Speaker of the House of Representatives CHRISTOPHER M. CARR - Attorney General GARY W. BLACK - Commissioner of Agriculture STEVE McCOY - State Treasurer GREG S. GRIFFIN - State Auditor, Secretary and Treasurer Financing and Investment Division DIANA POPE - Director Construction Division MARTY W. SMITH - Director and Executive Secretary to the Commission State Law Department (State’s Counsel) CHRISTOPHER M. CARR - Attorney General Bond Counsel GRAY PANNELL & WOODWARD LLP Savannah and Atlanta, Georgia Disclosure Counsel KUTAK ROCK LLP Atlanta, Georgia Co-Financial Advisors PUBLIC RESOURCES ADVISORY GROUP New York, New York TERMINUS MUNICIPAL ADVISORS, LLC Atlanta, Georgia i (This page has been left blank intentionally.) No dealer, broker, salesperson or other person has been authorized by the Commission or the State to give any information or to make any representations, other than as contained in this Official Statement in connection with the issuance of the Bonds described herein and, if given or made, such information or representations must not be relied upon as having been authorized by the Commission or the State. This Official Statement does not constitute a contract between the Commission or the State and any one or more owners of the Bonds, nor does this Official Statement constitute an offer to sell the Bonds or a 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 an offer, solicitation or sale. The information set forth herein has been furnished by the Commission or the State and by other sources which are believed to be reliable. The information and expressions of opinion 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 implications that there has been no change in the affairs of the State or any other parties described herein since the date hereof. This Official Statement (including the Appendices attached hereto) contains forecasts, projections, and estimates that are based on current expectations but are not intended as representations of fact or guarantees of results. If and when included in this Official Statement (including the Appendices attached hereto), the words “expects,” “forecasts,” “projects,” “intends,” “anticipates,” “estimates,” and analogous expressions are intended to identify forward looking statements as defined in the Securities Act of 1933, as amended, and any such statements inherently are subject to a variety of risks and uncertainties, which could cause actual results to differ materially from those contemplated in such forward looking statements.
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