MAYOR and CITY COUNCIL of BALTIMORE (City of Baltimore, Maryland) $23,595,000 TAXABLE REFUNDING REVENUE BONDS (BALTIMORE CITY PARKING SYSTEM FACILITIES) SERIES 2018
Total Page:16
File Type:pdf, Size:1020Kb
NEW ISSUE - BOOK-ENTRY ONLY RATINGS - Moody’s: A1 S&P: AA- See “Ratings” herein In the opinion of McKennon Shelton & Henn LLP, Bond Counsel, under existing law of the State of Maryland, the interest on the Series 2018 Bonds and profit realized from the sale or exchange of the Series 2018 Bonds is exempt from income taxation by the State of Maryland or by any of its political subdivisions; however, the law of the State of Maryland does not expressly refer to, and no opinion is expressed concerning, estate or inheritance taxes or any other taxes not levied directly on the Series 2018 Bonds or the interest thereon. See “TAX MATTERS” herein. MAYOR AND CITY COUNCIL OF BALTIMORE (City of Baltimore, Maryland) $23,595,000 TAXABLE REFUNDING REVENUE BONDS (BALTIMORE CITY PARKING SYSTEM FACILITIES) SERIES 2018 Dated: Date of Delivery Due: July 1, as shown on inside cover page The $23,595,000 Mayor and City Council of Baltimore (City of Baltimore, Maryland) Taxable Refunding Revenue Bonds (Baltimore City Parking System Facilities) Series 2018 (the “Series 2018 Bonds”) are limited obligations of the Mayor and City Council of Baltimore (the “City”) and are issued and secured under the provisions of an Amended and Restated Trust Indenture dated as of December 1, 2005, as amended and supplemented by a First Supplemental Trust Indenture dated as of November 1, 2008, a Second Supplemental Trust Indenture dated as of November 1, 2010, and a Third Supplemental Trust Indenture dated as of August 1, 2018 (collectively, the “Indenture”), each by and between the City and Manufacturers and Traders Trust Company, as trustee (the “Trustee”), as described herein. The proceeds of the Series 2018 Bonds, together with other amounts available to the City, will be used to (1) currently refund all of the City’s outstanding Taxable Project and Refunding Revenue Bonds (Baltimore City Parking System Facilities) Series 2005, (2) advance refund a portion of the City’s Taxable Revenue Bonds (Baltimore City Parking System Facilities) Series 2010, and (3) pay the costs of issuance related to the Series 2018 Bonds. See “PLAN OF FINANCE” and “ESTIMATED SOURCES AND USES OF FUNDS” herein. The Series 2018 Bonds are issuable only as fully registered bonds in denominations of $5,000 and any integral multiple thereof. All of the Series 2018 Bonds initially will be maintained under a book-entry system under which The Depository Trust Company, New York, New York (“DTC”), will act as securities depository. Purchases of the Series 2018 Bonds will be in book-entry form only. Interest from the date of initial delivery of the Series 2018 Bonds will be payable semiannually on each January 1 and July 1, commencing January 1, 2019. So long as the Series 2018 Bonds are maintained under a book-entry system, payments of the principal of and premium, if any, and interest on the Series 2018 Bonds will be made when due by the Trustee to DTC in accordance with the Indenture, and the Trustee will have no obligation to make any payments to any beneficial owner of any Series 2018 Bonds. See “THE SERIES 2018 BONDS – Book-Entry Only System.” FOR MATURITY SCHEDULE, INTEREST RATES AND PRICES OR YIELDS, SEE THE INSIDE FRONT COVER TO THIS OFFICIAL STATEMENT The Series 2018 Bonds are limited obligations of the City, and the City is not obligated to pay debt service on the Series 2018 Bonds except from the revenues described herein, which consist generally of certain parking taxes, parking fees and charges, parking fines, proceeds from the sale of certain parking facilities and other revenues derived by the City from the parking of motor vehicles in Baltimore City. Neither the faith and credit nor the taxing power of the State of Maryland or of any political subdivision thereof, including the City, is pledged as security for the Series 2018 Bonds. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2018 BONDS” herein. The Series 2018 Bonds are subject to redemption prior to maturity as described herein. See “THE SERIES 2018 BONDS –Redemption Provisions” herein. This cover page contains certain information for quick reference only. It is not intended to be a summary of the security or terms of this issue. Investors are instructed to read the entire Official Statement to obtain information essential to the making of an informed investment decision. The Series 2018 Bonds are offered when, as and if issued by the City and received by Siebert Cisneros Shank & Co., L.L.C. (the “Underwriter”) and subject to receipt of an approving legal opinion of McKennon Shelton & Henn LLP, Baltimore, Maryland, Bond Counsel to the City. Certain legal matters will be passed upon for the Underwriter by McGuireWoods LLP, Baltimore, Maryland, and for the Trustee by Miles & Stockbridge P.C. It is expected that the Series 2018 Bonds in book-entry form will be available for delivery through the facilities of DTC on or about August 14, 2018. SIEBERT CISNEROS SHANK & CO., L.L.C. July 31, 2018 MAYOR AND CITY COUNCIL OF BALTIMORE (City of Baltimore, Maryland) $23,595,000 Taxable Refunding Revenue Bonds (Baltimore City Parking System Facilities) Series 2018 Maturing Principal Interest July 1 Amount Rate Price CUSIP† 2019 $ 1,000,000 2.884% 100.000 059231 M64 2020 1,020,000 2.989 100.000 059231 M72 2021 1,050,000 3.183 100.000 059231 M80 2022 1,855,000 3.347 100.000 059231 M98 2023 1,925,000 3.417 100.000 059231 N22 2024 1,980,000 3.497 100.000 059231 N30 2025 2,055,000 3.577 100.000 059231 N48 2026 2,125,000 3.711 100.000 059231 N55 2027 2,200,000 3.761 100.000 059231 N63 2028 900,000 3.861 100.000 059231 N71 2029 1,000,000 3.961 100.000 059231 N89 2030 1,000,000 4.061 100.000 059231 N97 2031 1,000,000 4.111 100.000 059231 P20 2032 1,050,000 4.161 100.000 059231 P38 2033 1,095,000 4.211 100.000 059231 P46 $2,340,000 4.261% Term Bond due July 1, 2035 Price 100.000 CUSIP† 059231 P53 † CUSIP® is a registered trademark of the American Bankers Association. CUSIP Global Services is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. Copyright © 2018 CUSIP Global Services. All rights reserved. The CUSIP data herein is provided solely for the convenience of reference only, and neither the City nor the Underwriter makes any representation as to the correctness of the CUSIP numbers either as printed on the Series 2018 Bonds or as contained herein. CUSIP numbers assigned to securities may be changed during the term of such securities based on a number of factors including, but not limited to, the refunding or defeasance of such securities or the use of secondary market financial products. The City has not agreed to, and there is no duty or obligation to, update this Official Statement to reflect any change or correction in the assigned CUSIP numbers set forth above. No dealer, broker, sales representative or other person has been authorized by the Mayor and City Council of Baltimore (the “City”) or Siebert Cisneros Shank & Co., L.L.C. (the “Underwriter”) to give any information or to make any representation other than as contained in this Official Statement and, if given or made, such other information or representation must not be relied upon as having been authorized by any of the foregoing. 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 Series 2018 Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information set forth herein has been obtained from the City and other sources that are deemed to be reliable but is not guaranteed as to accuracy or completeness by the Underwriter, and is not to be construed as a representation either by the Underwriter or, as to information from sources other than the City, by the City. This Official Statement is not to be construed as a contract or agreement between the City and the purchasers or holders of any of the Series 2018 Bonds. The Underwriter has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. The information set forth herein has been obtained from public documents, records, and other sources that are believed by the Underwriter to be reliable. While the Underwriter does not guarantee the accuracy of this information, to the best of the Underwriter’s knowledge, this Official Statement does not contain any untrue statement of a material fact and does not omit to state any material fact required to be stated herein or necessary to make the statements herein in the light of the circumstances under which they have been made not misleading. The information and expressions of opinion herein contained 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 or the City of Baltimore Parking Facilities Fund (the “Parking Facilities Fund”) since the date hereof. NO REGISTRATION STATEMENT RELATING TO THE SERIES 2018 BONDS HAS BEEN FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR WITH ANY STATE SECURITIES AGENCY, NOR HAS THE INDENTURE BEEN QUALIFIED UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED, IN RELIANCE UPON CERTAIN EXEMPTIONS CONTAINED THEREIN.