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Limited Tax Revenue Bonds, 2001 Series a and B (OCC Completion Project)

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NEW ISSUE BOOK-ENTRY ONLY RATINGS: Moody’s Aa2* In the opinion of Bond Counsel, interest on the 2001 Bonds is excluded from gross income subject to federal income taxation under Section 103(a) of the Internal Revenue Code of 1986, subject to certain conditions and assumptions described herein under “TAX EXEMPTION.” The 2001 Bonds are not private activity bonds. Interest on the 2001 Bonds is included in the computation of certain federal taxes on corporations. In the opinion of Bond Counsel, interest on the 2001 Bonds is exempt from present personal income taxation by the State of Oregon. CITY OF PORTLAND, OREGON Limited Tax Revenue Bonds (Oregon Convention Center Completion Project) $81,940,000 $18,058,888.25 2001 Series A 2001 Series B (Current Interest Bonds) (Deferred Interest Bonds) DATED: Current Interest Bonds, February 1, 2001 DUE: June 1, as shown on the reverse hereof Deferred Interest Bonds, Date of Delivery The Limited Tax Revenue Bonds (Oregon Convention Center Completion Project), 2001 Series A (Current Interest Bonds) (“the 2001 Series A Bonds”) and 2001 Series B (Deferred Interest Bonds) (the “2001 Series B Bonds”), collectively, the “2001 Bonds,” will be issued in registered book-entry form only, in denominations of $5,000 or integral multiples thereof. The 2001 Bonds, when executed and delivered, will be registered in the name of Cede & Co., as the registered owner and nominee for The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the 2001 Bonds. While Cede & Co. is the registered owner of the 2001 Bonds (the “Owner”) as nominee of DTC, references herein to the Bondowners shall mean Cede & Co., as aforesaid, and shall not mean the Beneficial Owners of the 2001 Bonds. See “Book-Entry System” herein. MATURITIES, AMOUNTS AND INTEREST RATES AS SHOWN ON THE REVERSE HEREOF The 2001 Bonds will bear or accrue interest rates as set forth on the inside cover. The 2001 Series A Bonds maturing on June 1, 2004, through June 1, 2030, are being issued as current interest bonds. The 2001 Series A Bonds will be dated February 1, 2001. Interest on the 2001 Series A Bonds will be payable semiannually on June 1 and December 1 of each year, beginning June 1, 2001. The scheduled payment of the principal of and interest on the 2001 Series A Bonds maturing on June 1, 2030 (the “Series A 2030 Term Bonds”), when due will be guaranteed by an insurance policy to be issued concurrently with the delivery of the 2001 Series A Bonds by MBIA Insurance Corporation. The 2001 Series B Bonds maturing on June 1, 2010, through June 1, 2022, are being issued as deferred interest bonds. The 2001 Series B Bonds will be dated as of the date of delivery. The maturity amount of the 2001 Series B Bonds consists of the original principal amount, plus accrued, compounded interest to the maturity date. The 2000 Series B Bonds will mature in maturity amount denominations of $5000 or an integral multiple thereof and will represent the principal and interest accruing thereon from the date of delivery and compounded on June 1, 2001, and on each June 1 and December 1 thereafter. No payments are due to the owners of the 2001 Series B Bonds until the maturity dates of the respective 2001 Series B Bonds. Proceeds of the 2001 Bonds will be used to fund a grant to the Metropolitan Service District (“Metro”), a unit of local government, to complete the Oregon Convention Center (the “OCC”) as more fully described herein and to pay other costs related to the 2001 Bonds, including costs of issuance. The 2001 Bonds are payable from all legally available funds of the City. The City has pledged its full faith and credit to pay the 2001 Bonds. The 2001 Bonds also are secured by a pledge of the Convention Center Payments as defined in Ordinance 175276 adopted on January 24, 2001 (“the Ordinance”). See “Payment and Security” herein. The 2001 Series A Bonds are subject to mandatory redemption prior to maturity. See “Mandatory Redemption of the 2001 Series A Bonds” herein. The 2001 Series A Bonds are subject to optional redemption prior to maturity. The 2001 Series B Bonds are not subject to optional redemption prior to maturity. See “Optional Redemption of the 2001 Bonds” herein. The 2001 Bonds are offered when, as and if issued by the City and accepted by the Underwriters, subject to prior sale, withdrawal or modification of the offer without notice, to the final approving opinion of Preston Gates & Ellis LLP, Portland, Oregon, Bond Counsel, and to certain other conditions. The City expects that the 2001 Bonds will be available for delivery through the facilities of DTC in New York, New York on or about February 13, 2001. * 2001 Series A Bonds maturing on June 1, 2030, are insured by MBIA Insurance Corporation and are rated Aaa by Moody’s Investors Service. Official Statement Dated February 2, 2001 MATURITY SCHEDULES $99,998,888.25 Limited Tax Revenue Bonds (Oregon Convention Center Completion Project) $81,940,000 2001 Series A Bonds (Current Interest Bonds) Due Principal Interest Price or CUSIP Due Principal Interest Price or CUSIP June 1 Amount Rate Yield 736740 June 1 Amount Rate Yield 736740 2004 $310,000 5.50% 3.60% BS9 2014 280,000 5.00% 4.62%† CC3 2005 800,000 5.50 3.75 BT7 2015 340,000 5.00 4.72† CD1 2006 1,010,000 5.50 3.77 BU4 2016 260,000 5.00 4.82† CE9 2007 1,270,000 5.50 3.87 BV2 2017 470,000 5.00 4.87† CF6 2008 1,560,000 5.50 3.97 BW0 2018 550,000 5.00 4.97† CG4 2009 1,870,000 5.50 4.06 BX8 2019 900,000 5.00 5.00 CH2 2010 220,000 5.00 4.17 BY6 2020 1,290,000 5.00 5.05 CJ8 2011 260,000 5.00 4.27 BZ3 2021 2,710,000 5.00 5.10 CK5 2012 270,000 5.00 4.42† CA7 2022 3,480,000 5.00 5.12 CL3 2013 310,000 5.00 4.52† CB5 $13,610,000 5.00% 2001 Series A Term Bonds due June 1, 2024; Yield 5.15% CUSIP Number: 736740CM1 $50,170,000 5.125% 2001 Series A Term Bonds due June 1, 2030; Yield 5.16% * CUSIP Number: 736740CN9 † Priced to June 1, 2012 par call. * Insured by MBIA Insurance Corporation. $18,058,888.25 Original Principal Amount ($39,475,000 Maturity Amount) 2001 Series B Bonds (Deferred Interest Bonds) Original Price Per Approximate Due Principal Maturity $5,000 Yield CUSIP June 1 Amount Amount Maturity To Maturity 736740 2010 $1,319,780.00 $2,000,000 $3,299.45 4.52% CP4 2011 1,249,440.00 2,000,000 3,123.60 4.62 CQ2 2012 1,295,734.00 2,200,000 2,944.85 4.74 CR0 2013 1,388,250.00 2,500,000 2,776.50 4.84 CS8 2014 1,463,112.00 2,800,000 2,612.70 4.94 CT6 2015 1,480,530.00 3,000,000 2,467.55 5.00 CU3 2016 1,626,940.00 3,500,000 2,324.20 5.07 CV1 2017 1,749,000.00 4,000,000 2,186.25 5.14 CW9 2018 1,645,720.00 4,000,000 2,057.15 5.20 CX7 2019 1,549,480.00 4,000,000 1,936.85 5.25 CY5 2020 1,457,480.00 4,000,000 1,821.85 5.30 CZ2 2021 1,031,250.00 3,000,000 1,718.75 5.33 DA6 2022 802,172.25 2,475,000 1,620.55 5.36 DB4 OFFICIAL STATEMENT OF THE CITY OF PORTLAND, OREGON Limited Tax Revenue Bonds (Oregon Convention Center Completion Project) $81,940,000 $18,058,888.25 2001 Series A 2001 Series B (Current Interest Bonds) (Deferred Interest Bonds) CITY COUNCIL Vera Katz, Mayor and Commissioner of Management and Finance Jim Francesconi, Commissioner of Public Utilities Charlie Hales, Commissioner of Public Safety Dan Saltzman, Commissioner of Public Affairs Erik Sten, Commissioner of Public Works CITY OFFICIALS Gary Blackmer, City Auditor David E. Thurman, City Treasurer Jeffrey L. Rogers, City Attorney Timothy Grewe, Chief Administrative Officer, Office of Management and Finance Kenneth L. Rust, Director, Bureau of Financial Management DEBT MANAGEMENT Eric H. Johansen, Debt Manager City of Portland 1221 SW Fourth Avenue, Room 120 Portland, Oregon 97204 Phone: (503) 823-6851 Fax: (503) 823-4209 [email protected] BOND COUNSEL Preston Gates & Ellis LLP Portland, Oregon FINANCIAL ADVISOR Regional Financial Advisors, Inc. Portland, Oregon This Official Statement has been designed to conform, where applicable, to the guidelines presented in Disclosure Guidelines for State and Local Government Securities, published by the Government Finance Officers Association in 1976 and revised in 1979, 1988 and 1991. The Official Statement DOES NOT constitute a recommendation, express or implied, to purchase or not to purchase these Bonds or any other previous obligations of the City. No dealer, broker, salesperson or other person has been authorized by the City of Portland (the “City”) to give any information or to make any representations, 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. Bond Counsel’s review of this document is limited; see “Legal Matters” herein. This Official Statement does not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of, the 2001 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.
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