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JOBNAME: Morgan Stanley/Case PAGE: 1 SESS: 36 OUTPUT: Tue May 28 16:10:55 2002 − /joshuawanda 0/fin/nyork/51043/cov V NEW ISSUE — BOOK ENTRY ONLY In the opinion of Squire, Sanders & Dempsey L.L.P., Bond Counsel, under existing law, (i) assuming compliance with certain covenants and the accuracy of certain representations, interest on the Bonds is excluded from gross income for federal income tax purposes, and is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations and (ii) interest on, and any profit made on the sale, exchange or other disposition of, the Bonds are exempt from the Ohio personal income tax, the net income base of the Ohio corporate franchise tax, and municipal and school district income taxes in Ohio. Interest on the Bonds may be subject to certain federal taxes imposed only on certain corporations, including the corporate alternative minimum tax on a portion of that interest. For a more complete discussion of the tax aspects, see ‘‘Tax Matters’’ herein. $100,000,000 STATE OF OHIO HIGHER EDUCATIONAL FACILITY REVENUE BONDS (CASE WESTERN RESERVE UNIVERSITY 2002 PROJECT) $64,875,000 Series A $35,125,000 Series B (Variable Rate) (Fixed Rate) The Series A Bonds and Series B Bonds, when, as and if issued, will be special obligations of the State of Ohio issued by the Ohio Higher Educational Facility Commission (the ‘‘Commission’’) pursuant to two separate Trust Agreements, dated as of May 15, 2002 (the ‘‘Series A Trust Agreement’’ and ‘‘Series B Trust Agreement’’, respectively), between the Commission and J.P.
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