140010000 City of Oakland General Obligation Bonds (Measure KK

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140010000 City of Oakland General Obligation Bonds (Measure KK NEW ISSUE, BOOK-ENTRY ONLY RATINGS: Moody’s: Aa1 Standard & Poor’s: AA (See “RATINGS” herein.) In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the City, based upon an analysis of existing laws, regulations, rulings and court decisions, and assuming, among other matters, the accuracy of certain representations and compliance with certain covenants, interest on the Series 2020B-1 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and interest on the Bonds is exempt from State of California personal income taxes. In the further opinion of Bond Counsel, interest on the Series 2020B-1 Bonds is not a specific preference item for purposes of the federal alternative minimum tax. Interest on the Series 2020B-2 Bonds and the Refunding Bonds is not excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986. Bond Counsel expresses no opinion regarding any other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds. See “TAX MATTERS.” $140,010,000 $44,880,000 $64,260,000 City of Oakland City of Oakland City of Oakland General Obligation Bonds General Obligation Bonds General Obligation (Measure KK, Series 2020B-1) (Measure KK, Series 2020B-2) Refunding Bonds, (Tax-Exempt) (Taxable) Series 2020 (Taxable) Dated: Date of Delivery Due: January 15, as shown on the inside cover hereof The $140,010,000 aggregate principal amount of City of Oakland General Obligation Bonds (Measure KK, Series 2020B‑1) (Tax‑Exempt) (the “Series 2020B-1 Bonds”) and $44,880,000 aggregate principal amount of City of Oakland General Obligation Bonds (Measure KK, Series 2020B‑2) (Taxable) (the “Series 2020B-2 Bonds” and, together with the Series 2020B‑1 Bonds, the “2020 Measure KK Bonds”), are being issued under the Constitution of the State of California (the “State”), the Charter of the City, Measure KK (defined below) and the City’s Affordable Housing and Infrastructure Bond Law, Oakland Municipal Code, Chapter 4.54. The $64,260,000 aggregate principal amount of City of Oakland General Obligation Refunding Bonds, Series 2020 (Taxable) (the “Refunding Bonds” and together with the 2020 Measure KK Bonds, the “Bonds”) are being issued pursuant to Articles 9 and 11 of Chapter 3 of Part 1 of Division 2 of Title 5 of the California Government Code. The specific terms and conditions for issuance of the Bonds are contained in a resolution adopted by the City Council of the City on December 10, 2019. See “THE BONDS – Authority for Issuances.” The proceeds of the Series 2020B-1 Bonds will be used to finance the Series 2020B-1 Projects (as defined herein) and to pay for certain costs related to the issuance of the Series 2020B-1 Bonds. The proceeds of the Series 2020B-2 Bonds will be used to finance the Series 2020B-2 Projects (as defined herein) and to pay for certain costs related to the issuance of the Series 2020B-2 Bonds. The proceeds of the Refunding Bonds will be used to finance the refunding of all of the City’s outstanding General Obligation Refunding Bonds, Series 2012 and to pay certain costs related to the issuance of the Refunding Bonds. The Bonds will be issued only as fully registered bonds without coupons and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases of the Bonds will be made in book-entry form only, in denominations of $5,000 or any integral multiple thereof. Payments of principal of and interest on the Bonds will be made to DTC by U.S. Bank National Association, as fiscal agent. DTC in turn is required to remit such principal and interest to the DTC Participants for subsequent disbursement to the beneficial owners of the Bonds. See APPENDIX E – “BOOK-ENTRY ONLY SYSTEM.” The Bonds will be dated and bear interest from the date of original issuance. Interest on the Bonds will be payable semiannually on January 15 and July 15 of each year, commencing January 15, 2021. The Bonds will be subject to optional redemption prior to their respective stated maturities (as described herein). See “THE BONDS – Redemption.” The Bonds are payable from ad valorem taxes levied upon all taxable property in the City. The City Council of the City has the power and is obligated to levy ad valorem taxes for the payment of the Bonds and the interest thereon upon all property within the City subject to taxation by the City without limitation as to rate or amount (except certain property which is taxable at limited rates). The Bonds were sold by competitive sale on February 13, 2020 pursuant to the terms of an Official Notice of Sale dated February 6, 2020. See also “SALE OF BONDS” herein. The Bonds will be offered when, as and if issued by the City and received by the initial purchaser(s), subject to the approval of validity by Orrick, Herrington & Sutcliffellp , Bond Counsel. Certain legal matters will be passed upon for the City by Curls Bartling P.C., as Disclosure Counsel. It is anticipated that the Bonds, in definitive form, will be available for delivery through the facilities of DTC on or about February 27, 2020. This cover page contains certain information for general reference only. It is not a summary of this issue. Investors must read this entire Official Statement to obtain information essential to the making of an informed investment decision. Dated: February 13, 2020 MATURITY SCHEDULES $140,010,000 CITY OF OAKLAND GENERAL OBLIGATION BONDS (MEASURE KK, SERIES 2020B-1) (TAX-EXEMPT) $77,070,000 Serial Bonds CUSIP* Base: 672240 Maturity Date Principal Interest CUSIP* (January 15) Amount Rate Yield Price 6X൶[ 2030 $ 3,990,000 VG0 2031 4.000 C 9+ 2032 4.000 1.22 C VJ4 2033 4.000 1.30 C VK1 2034 2.000 99.397 9/ 2.000 98.097 VM7 2.24 91 2037 2.33 VP0 2038 2.37 VQ8 2039 2.40 97.731 95 2040 3.000 C VS4 2041 3.000 2.18 C VT2 2042 3.000 2.21 C VU9 7HUP%RQGGXH-DQXDU\<LHOG3ULFH&86,3*1R9: 7HUP%RQGGXH-DQXDU\<LHOG3ULFH&86,3*1R9= 7HUP%RQGGXH-DQXDU\<LHOG3ULFHC, CUSIP*1R:& __________________ * CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. Copyright © 2019 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP numbers are provided IRUFRQYHQLHQFHRQO\DQGWKH&LW\WDNHVQRUHVSRQVLELOLW\IRUWKHDFFXUDF\WKHUHRI7KH&86,3QXPEHUVDUHVXEMHFWWREHLQJFKDQJHGDIWHUWKHLVVXDQFHRIWKH %RQGVDVDUHVXOWRIYDULRXVVXEVHTXHQWDFWLRQVLQFOXGLQJEXWQRWOLPLWHGWRDUHIXQGLQJLQZKROHRULQSDUWRIWhe Bonds. C 3ULFHGWRSDUFDOORQRUDIWHU-DQXDU\ MATURITY SCHEDULES $44,880,000 CITY OF OAKLAND GENERAL OBLIGATION BONDS (MEASURE KK, SERIES 2020B-2) (TAXABLE) CUSIP* Base: 672240 Maturity Date Principal Interest CUSIP* (January 15) Amount Rate Yield Price Suffix 2021 $ 4,800,000 3.00% 1.48% 101.328 WD6 2022 7,010,000 3.00 1.53 102.717 WE4 2023 4,365,000 1.55 1.55 100.000 WF1 2024 4,435,000 1.58 1.58 100.000 WG9 2025 4,505,000 1.63 1.63 100.000 WH7 2026 4,580,000 1.73 1.73 100.000 WJ3 2027 4,660,000 1.83 1.83 100.000 WK0 2028 4,745,000 1.97 1.97 100.000 WL8 2029 4,835,000 2.07 2.07 100.000 WM6 2030 945,000 2.11 2.11 100.000 WN4 $64,260,000 CITY OF OAKLAND3 GENERAL OBLIGATION REFUNDING BONDS SERIES 2020 (TAXABLE) CUSIP* Base: 672240 Maturity Date Principal Interest CUSIP* (January 15) Amount Rate Yield Price Suffix 2021 $ 4,625,000 3.00% 1.48% 101.328 WP9 2022 4,605,000 3.00 1.53 102.717 WQ7 2023 4,740,000 1.55 1.55 100.000 WR5 2024 4,815,000 1.58 1.58 100.000 WS3 2025 4,890,000 1.63 1.63 100.000 WT1 2026 4,975,000 1.73 1.73 100.000 WU8 2027 5,060,000 1.83 1.83 100.000 WV6 2028 5,165,000 1.97 1.97 100.000 WW4 2029 5,260,000 2.07 2.07 100.000 WX2 2030 5,375,000 2.11 2.11 100.000 WY0 2031 5,490,000 2.17 2.17 100.000 WZ7 2032 5,605,000 2.22 2.22 100.000 XA1 2033 3,655,000 2.27 2.27 100.000 XB9 * CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services (CGS) is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. Copyright © 2019 CUSIP Global Services. All rights reserved. CUSIP® data herein is provided by CUSIP Global Services. This data is not intended to create a database and does not serve in any way as a substitute for the CGS database. CUSIP numbers are provided for convenience only and the City takes no responsibility for the accuracy thereof. The CUSIP numbers are subject to being changed after the issuance of the Bonds as a result of various subsequent actions, including, but not limited to, a refunding, in whole or in part of the Bonds. (THIS PAGE INTENTIONALLY LEFT BLANK) CITY OF OAKLAND County of Alameda, California CITY COUNCIL Rebecca Kaplan (At-Large) Lynette Gibson McElhaney (District 3) President of the City Council Councilmember Dan Kalb (District 1) Sheng Thao (District 4) Councilmember and President Pro Tem Councilmember Larry E.
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