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12-1681 Glendale OS.Xps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,510,000 CITY OF GLENDALE, CALIFORNIA ELECTRIC REVENUE BONDS, 2013 REFUNDING SERIES MATURITY SCHEDULE Maturity Date Principal Interest CUSIP (February 1) Amount Rate Yield Number 2017 $ 900,000 4.00% 0.68% 378406LD2 2018 935,000 4.00 0.91 378406LE0 2019 975,000 4.00 1.23 378406LF7 2020 1,010,000 4.00 1.56 378406LG5 2021 1,055,000 4.00 1.80 378406LH3 2022 1,095,000 5.00 2.02 378406LJ9 2023 1,145,000 5.00 2.22 378406LK6 2024 1,210,000 5.00 2.37* 378406LL4 2025 1,265,000 5.00 2.50* 378406LM2 2026 1,330,000 5.00 2.63* 378406LN0 2027 1,395,000 5.00 2.72* 378406LP5 2028 1,485,000 5.00 2.82* 378406LQ3 2029 1,555,000 5.00 2.88* 378406LR1 2030 1,635,000 5.00 2.93* 378406LS9 2031 1,715,000 5.00 2.98* 378406LT7 2032 1,805,000 5.00 3.03 378406LU4 Priced to the first optional redemption date of February 1, 2023. CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, managed by Standard & Poors Financial Services LLC on behalf of The American Bankers Association. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services. The City is not responsible for the selection or correctness of the CUSIP numbers set forth herein. No dealer, broker, salesperson or other person has been authorized by the City to give any information or to make any representations, other than those contained herein, and if given or made, such other information or representations must not be relied upon as having been authorized by the City. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the 2013 Bonds in any jurisdiction in which (i) it is unlawful to make such offer, solicitation or sale or (ii) pursuant to the state securities laws or regulations of such jurisdiction, a fee must be paid prior to such offer, solicitation or sale and such fee has not been paid. This Official Statement is not to be construed as a contract with the purchasers of the 2013 Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly described herein, are intended solely as such and are not to be construed as representations of fact. The information set forth herein has been furnished by the City and other sources which are believed to be reliable. The information and expressions of opinions 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 implication that there has been no change in the affairs of the City since the date hereof. IN CONNECTION WITH THE OFFERING OF THE 2013 BONDS, THE UNDERWRITER MAY OVERALLOT OR EFFECT TRANSACTIONS THAT MAY STABILIZE OR MAINTAIN THE MARKET PRICE OF SUCH 2013 BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. Certain statements included or incorporated by reference in this Official Statement constitute forward-looking statements. Such statements are generally identifiable by the terminology used, such as plan, project, expect, anticipate, intend, believe, estimate, budget or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The City does not plan to issue any updates or revisions to those forward-looking statements if or when its expectations or events, conditions or circumstances on which such statements are based occur. This Official Statement, including any supplement or amendment hereto, is intended to be deposited with the Municipal Securities Rulemaking Board through the Electronic Municipal Marketplace Access (EMMA) website. The City maintains a website. However, the information presented therein is not part of this Official Statement and should not be relied upon in making investment decisions with respect to the 2013 Bonds. CITY OF GLENDALE, CALIFORNIA CITY COUNCIL Frank Quintero, Mayor, Councilmember Laura Friedman, Councilmember Rafi Manoukian, Councilmember Ara Najarian, Councilmember Dave Weaver, Councilmember CITY OFFICIALS AND STAFF Scott Ochoa, City Manager Ronald Borucki, City Treasurer Michael J. Garcia, City Attorney Robert P. Elliot, Director of Finance GLENDALE WATER AND POWER COMMISSION Zanku Armenian, President Armen Adjemian, Member Terry Chan, Member Deborah Dentler, Member Hugh C. Yao, Member UTILITY STAFF Stephen M. Zurn, General Manager, Glendale Water and Power Steven G. Lins, Chief Assistant General Manager, Glendale Water and Power Ramon Z. Abueg, Chief Assistant General Manager, Glendale Water and Power Eric C. Campbell, Finance Administrator Tamara Vallier, Customer Services Administrator BOND COUNSEL AND DISCLOSURE COUNSEL Fulbright & Jaworski L.L.P. Los Angeles, California FINANCIAL ADVISOR Public Financial Management, Inc. Los Angeles, California TRUSTEE VERIFICATION AGENT The Bank of New York Mellon Trust Company, N.A. The Arbitrage Group, Inc. Los Angeles, California Houston, Texas TABLE OF CONTENTS Page INTRODUCTION ....................................................................................................................................... 1 Purpose ........................................................................................................................................... 1 Authority for Issuance ..................................................................................................................... 1 The City .......................................................................................................................................... 1 Security and Sources of Payment for the Bonds ............................................................................. 2 Parity Bonds .................................................................................................................................... 2 Parity Reserve Fund ........................................................................................................................ 2 Rate Covenant ................................................................................................................................. 3 Changes Affecting the Electric Utility Industry ............................................................................. 3 Continuing Disclosure .................................................................................................................... 3 Other Matters .................................................................................................................................. 3 PLAN OF REFUNDING ............................................................................................................................. 4 ESTIMATED SOURCES AND USES OF FUNDS ................................................................................... 4 ELECTRIC SYSTEM DEBT SERVICE REQUIREMENTS ..................................................................... 4 THE 2013 BONDS ...................................................................................................................................... 5 General ........................................................................................................................................... 5 Redemption ..................................................................................................................................... 5 SECURITY AND SOURCES OF PAYMENT FOR THE BONDS ........................................................... 6 General ........................................................................................................................................... 6 Rate Covenant ................................................................................................................................. 7 Funds and Accounts; Electric Works Revenue Fund ...................................................................... 7 Parity Reserve Fund ........................................................................................................................ 8 Additional Bonds ............................................................................................................................ 9 Investment of Funds ...................................................................................................................... 10 Limitations on Remedies; Legislative and Other Changes ..........................................................
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