Siebert Brandford Shank & Co., L.L.C
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NEW ISSUE — BOOK-ENTRY ONLY RATINGS: Moody’s: “Aa3” S&P: “AA-” Fitch: “AAA” (See “MISCELLANEOUS – Ratings” herein.) In the opinion of Orrick, Herrington & Sutcliffe LLP, Bond Counsel to the District, 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 Bonds is excluded from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986 and is exempt from State of California personal income taxes. In the further opinion of Bond Counsel, interest on the Bonds is not a specific preference item for purposes of the federal individual or corporate alternative minimum taxes, although Bond Counsel observes that such interest is included in adjusted current earnings when calculating corporate alternative minimum taxable income. 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.” $65,000,000 $155,780,000 OAKLAND UNIFIED SCHOOL DISTRICT OAKLAND UNIFIED SCHOOL DISTRICT (County of Alameda, California) (County of Alameda, California) General Obligation Bonds (Election of 2006), 2016 General Obligation Refunding Bonds Series 2016A Dated: Date of Delivery Due: As shown on the inside cover page This cover page is not a summary of this issue; it is only a reference to the information contained in this Official Statement. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. The Oakland Unified School District (the “District”) General Obligation Bonds (Election of 2006), Series 2016A (the “Series 2016A Bonds”) were authorized at an election of the registered voters of the District held on June 6, 2006 (the “2006 Election”) at which the requisite 55% or more of persons voting on the bond measure (“Measure B”) voted to authorize the issuance and sale of $435,000,000 principal amount of general obligation bonds of the District. The Series 2016A Bonds are the sixth and last issuance of general obligation bonds of the District authorized at the 2006 Election. The Series 2016A Bonds are being issued and sold by the District (i) to finance specific construction and modernization projects approved by the voters of the District, and (ii) to pay costs of issuance of the Series 2016A Bonds. The Series 2016A Bonds are being issued pursuant to the laws of the State of California (the “State”), a resolution adopted by the Board of Education of the District on June 22, 2016 (the “Series 2016A District Resolution”), and a paying agent agreement, dated as of August 1, 2016 (the “Series 2016A Paying Agent Agreement”), by and among the District, the County of Alameda (the “County”) and U.S. Bank National Association, as paying agent (the “Paying Agent”). See “THE BONDS” herein. The Oakland Unified School District 2016 General Obligation Refunding Bonds (the “Refunding Bonds” and, together with the Series 2016A Bonds, the “Bonds”) are being issued and sold by the District (i) to refund, on a current basis, all of the District’s outstanding General Obligation Bonds Election of 2006, Series 2006 (the “Series 2006 Bonds”), (ii) to refund, on an advance basis, a portion of the District’s outstanding General Obligation Bonds (Election of 2006, Series 2009A) (the “Series 2009A Bonds” and, together with the Series 2006 Bonds, the “Outstanding Bonds”), and (iii) to pay costs of issuance on the Refunding Bonds. The outstanding Series 2006 Bonds and the outstanding Series 2009A Bonds to be refunded and defeased are collectively referred to herein as the “Refunded Bonds.” The Refunding Bonds are being issued pursuant to State laws, a resolution adopted by the Board of Education of the District on June 22, 2016 (the “Refunding District Resolution”), and a paying agent agreement, dated as of August 1, 2016 (the “Refunding Paying Agent Agreement” and, together with the Series 2016A Paying Agent Agreement, the “Paying Agent Agreements”), by and among the District, the County, and the Paying Agent. See “THE BONDS” herein. The Bonds are payable from ad valorem taxes to be levied within the District pursuant to the State Constitution and other State law. The Board of Supervisors is empowered and is obligated to levy ad valorem taxes upon all property subject to taxation by the District, without limitation as to rate or amount (except as to certain personal property which is taxable at limited rates), for the payment of principal of and interest on the Bonds, all as more fully described herein. See “SECURITY AND SOURCES OF PAYMENT FOR THE BONDS” and “RISK FACTORS” herein. The Bonds will be issued as current interest bonds in denominations of $5,000 principal amount and integral multiples thereof as shown on the inside cover page of this Official Statement. Interest on the Bonds is payable on February 1 and August 1 of each year, commencing on February 1, 2017. 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 (“DTC”). DTC will act as securities depository for the Bonds. Individual purchases of the Bonds will be made in book-entry form only. Purchasers will not receive physical delivery of the Bonds purchased by them. Payments of the principal of and interest on the Bonds will be made by U.S. Bank National Association, as paying agent, registrar and transfer agent with respect to the Bonds, to DTC for subsequent disbursement through DTC Participants to the beneficial owners of the Bonds. See “THE BONDS – Payment of Principal and Interest” herein. The Bonds are subject to redemption prior to maturity as described herein. See “THE BONDS – Redemption” herein. The Bonds will be offered when, as and if issued by the District and received by the Underwriter, subject to the approval of legality by Orrick, Herrington & Sutcliffe LLP, San Francisco, California, Bond Counsel to the District. Certain legal matters will be passed upon for the District by Orrick, Herrington & Sutcliffe LLP, San Francisco, California, as Disclosure Counsel to the District. Certain legal matters will be passed upon for the Underwriter by Curls Bartling P.C., Oakland, California. KNN Public Finance, LLC, Oakland, California, serves as Municipal Advisor to the District in connection with the issuance of the Bonds. It is anticipated that the Bonds, in book-entry form, will be available for delivery through the facilities of DTC on or about August 17, 2016. Siebert Brandford Shank & Co., L.L.C. Dated: August 4, 2016. MATURITY SCHEDULES $65,000,000 OAKLAND UNIFIED SCHOOL DISTRICT (County of Alameda, California) General Obligation Bonds (Election of 2006), Series 2016A Maturity Maturity Date Principal CUSIP† Date Principal CUSIP† (August 1) Amount Interest Rate Yield* (672325) (August 1) Amount Interest Rate Yield* (672325) 2020 $1,940,000 4.00% 0.78% YP6 2029 $2,740,000 5.00% 1.94%‡ YY7 2021 1,980,000 4.00 0.93 YQ4 2030 2,115,000 5.00 2.00‡ YZ4 2022 2,060,000 4.00 1.11 YR2 2031 2,850,000 5.00 2.05‡ ZA8 2023 2,145,000 4.00 1.25 YS0 2032 3,125,000 4.00 2.33‡ ZB6 2024 2,230,000 4.00 1.37 YT8 2033 3,250,000 4.00 2.38‡ ZC4 2025 2,320,000 4.00 1.48 YU5 2034 3,380,000 4.00 2.43‡ ZD2 2026 2,410,000 4.00 1.61 YV3 2035 3,515,000 4.00 2.48‡ ZE0 2027 2,505,000 4.00 1.76‡ YW1 2036 3,655,000 4.00 2.53‡ ZF7 2028 2,610,000 5.00 1.86‡ YX9 $20,170,000 3.00% Term Bond due August 1, 2041; Yield 3.07%*; CUSIP† 672325 ZG5 $155,780,000 OAKLAND UNIFIED SCHOOL DISTRICT (County of Alameda, California) 2016 General Obligation Refunding Bonds Maturity Maturity Date Principal Interest CUSIP† Date Principal CUSIP† (August 1) Amount Rate Yield* (672325) (August 1) Amount Interest Rate Yield* (672325) 2017 $1,455,000 2.00% 0.49% ZH3 2025 $14,495,000 5.00% 1.48% ZR1 2018 1,550,000 4.00 0.54 ZJ9 2026 16,060,000 5.00 1.61 ZS9 2019 2,020,000 5.00 0.64 ZK6 2027 17,510,000 5.00 1.76‡ ZT7 2020 6,150,000 5.00 0.78 ZL4 2028 19,055,000 5.00 1.86‡ ZU4 2021 7,105,000 5.00 0.93 ZM2 2029 20,720,000 5.00 1.94‡ ZV2 2022 8,125,000 5.00 1.11 ZN0 2030 10,930,000 5.00 2.00‡ ZW0 2023 9,300,000 5.00 1.25 ZP5 2031 11,570,000 5.00 2.05‡ ZX8 2024 9,735,000 5.00 1.37 ZQ3 * Yields certified by the Underwriter. The District takes no responsibility therefor. † 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 Capital IQ. Copyright© 2016 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 of reference only. None of the District, the Underwriter or their agents or counsel assumes responsibility for the accuracy of such numbers. ‡ Priced to par call on August 1, 2026.