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State of Florida Division of Bond Finance Notice

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State of Florida Division of Bond Finance Notice State of Florida Division of Bond Finance Notice The following Official Statement is placed on the internet as a matter of convenience only and does not constitute an offer to sell or the solicitation of an offer to buy bonds. Although the information has been formatted in a manner which should exactly replicate the printed Official Statement, physical appearance may differ due to electronic communication difficulties or particular user equipment. In order to assure accuracy, users should obtain a copy of and refer to the printed Official Statement. The user of this Official Statement assumes the risk of any discrepancies between the printed Official Statement and the electronic version of this document. Copies of the printed Official Statement may be obtained from: Florida Division of Bond Finance 1801 Hermitage Boulevard Suite 200 Tallahassee, Florida 32308 E-Mail: [email protected] Phone: (850) 488-4782 Fax: (850) 413-1315 New and Refunding Issue - Book-Entry Only This Official Statement has been prepared by the Division of Bond Finance to provide information about the 2013A Bonds. Selected information is presented on this cover page for the convenience of the reader. To make an informed decision, a prospective investor should read this Official Statement in its entirety. Unless otherwise indicated, capitalized terms have the meanings given in Appendix A. $24,805,000 STATE OF FLORIDA Board of Governors University of Florida Dormitory Revenue Bonds, Series 2013A Dated: Date of Delivery Due: July 1, as shown on the inside front cover Bond Ratings AA Fitch Ratings Aa2 Moody’s Investors Service AA- Standard & Poor’s Ratings Services Tax Status In the opinion of Bond Counsel, interest on the 2013A Bonds will be excluded from gross income for federal income tax purposes and will not be an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. However, interest on the 2013A Bonds will be taken into account in determining adjusted current earnings for purposes of computing the alternative minimum tax on corporations. The 2013A Bonds and the income thereon are not subject to taxation under the laws of the State of Florida, except estate taxes and taxes under Chapter 220, Florida Statutes, as amended. See “TAX MATTERS” herein for a description of other tax consequences to holders of the 2013A Bonds. Redemption The 2013A Bonds maturing on and after July 1, 2024 are subject to optional redemption as provided herein. The 2013A Bonds maturing on July 1, 2033 are subject to mandatory redemption as provided herein. Security The 2013A Bonds will be secured by and payable from the Pledged Revenues, which consist of the revenues of the Housing System after deducting the Current Expenses and amounts required for the Prior Lien Obligations. The 2013A Bonds are not secured by the full faith and credit of the State of Florida or the University. Lien Priority The lien of the 2013A Bonds on the Pledged Revenues will be on a parity with the Outstanding Parity Bonds and any subsequently issued Additional Parity Bonds, of which $89,260,000, excluding the Refunded Bonds, which will be Outstanding subsequent to the issuance of the 2013A Bonds, and will be junior and subordinate to the Prior Lien Obligations, of which $180,000 is currently Outstanding. Additional Bonds Additional Parity Bonds payable on a parity with the 2013A Bonds and the Outstanding Parity Bonds may be issued if the average Pledged Revenues for the two immediately preceding fiscal years, as adjusted, are at least 125% of the Maximum Annual Debt Service. This description of the requirements for the issuance of the Additional Parity Bonds is only a summary of the complete requirements. See “SECURITY FOR THE 2013A BONDS - Additional Parity Bonds” herein for more complete information. Purpose Proceeds will be used to finance a portion of the cost of the 2013A Project, to advance refund a portion of the Series 2005A Bonds, and to pay costs of issuance. Interest Payment Dates January 1 and July 1, commencing July 1, 2014. Record Dates December 15 and June 15. Form/Denomination The 2013A Bonds will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases will be made in book-entry form only through Direct Participants (defined herein) in denominations of $1,000 and integral multiples thereof. Purchasers of the 2013A Bonds will not receive physical delivery of the 2013A Bonds. See “DESCRIPTION OF THE 2013A BONDS.” Closing/Settlement It is anticipated that the 2013A Bonds will be available for delivery through the facilities of DTC in New York, New York on December 19, 2013. Bond Registrar/ Paying Agent U.S. Bank Trust National Association, New York, New York. Bond Counsel Bryant Miller Olive P.A., Tallahassee, Florida. Issuer Contact Division of Bond Finance, (850) 488-4782, [email protected] Maturity Structure The 2013A Bonds will mature on the dates and bear interest at the rates set forth on the inside front cover. November 20, 2013 MATURITY STRUCTURE Initial Principal Interest First Optional Redemption CUSIP© Due Date Amount Rate Yield* Date and Price Serial Bonds 3 4 1 5 7 T B N 5 July 1, 2014 $360,000 3.00% 0.20% - 34157TBP0 July 1, 2015 685,000 3.00 0.34 - 3 4 1 5 7 T B Q 8 July 1, 2016 1,245,000 4.00 0.53 - 34157TBR6 July 1, 2017 1,285,000 4.00 0.84 - 34157TBS4 July 1, 2018 1,370,000 5.00 1.16 - 34157TBT2 July 1, 2019 1,415,000 5.00 1.75 - 3 4 1 5 7 T B U 9 July 1, 2020 1,490,000 5.00 2.15 - 3 4 1 5 7 T B V 7 July 1, 2021 1,580,000 5.00 2.44 - 34157TBW5 July 1, 2022 1,655,000 5.00 2.66 - 3 4 1 5 7 T B X 3 July 1, 2023 1,745,000 5.00 2.86 - 3 4 1 5 7 T B Y 1 July 1, 2024 1,015,000 3.00 3.05 July 1, 2023 @ 100% 34157TBZ8 July 1, 2025 1,045,000 3.00 3.20 July 1, 2023 @ 100 3 4 1 5 7 T C A 2 July 1, 2026 1,080,000 3.25 3.40 July 1, 2023 @ 100 34157TCB0 July 1, 2027 1,115,000 3.50 3.60 July 1, 2023 @ 100 34157TCC8 July 1, 2028** 1,150,000 4.00 3.75 July 1, 2023 @ 100 3 4 1 5 7 T C D 6 July 1, 2029** 1,200,000 4.00 3.95 July 1, 2023 @ 100 34157TCE4 July 1, 2030 1,245,000 4.00 4.03 July 1, 2023 @ 100 34157TCF1 July 1, 2031 1,295,000 4.00 4.13 July 1, 2023 @ 100 Term Bonds 3 4 1 5 7 T C H 7 July 1, 2033 $2,830,000 4.125% 4.20% July 1, 2023 @ 100% ___________________________ * Yield information provided by the underwriter. ** The yield on these maturities are calculated to a 100% call on July 1, 2023. © Copyright 2013, American Bankers Association. CUSIP data herein is provided by Standard & Poor’s, CUSIP Service Bureau, a division of McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services. The State of Florida has not authorized any dealer, broker, salesman or other person 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 on. Certain information herein has been obtained from sources other than records of the State of Florida which are believed to be reliable, but is not guaranteed as to accuracy or completeness by, and is not to be construed as a representation by the State of Florida. The information and expressions of opinion herein are subject to change without notice, and neither the delivery of this Official Statement nor any sale made hereunder will, under any circumstances, create any implication that there has been no change in the affairs of the State of Florida since the date hereof. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the 2013A Bonds by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. STATE OFFICIALS BOARD OF GOVERNORS CHAIR VICE CHAIR DEAN COLSON MORTEZA HOSSEINI ______________________________________________________ GOVERNING BOARD OF THE DIVISION OF BOND FINANCE GOVERNOR RICK SCOTT Chairman ATTORNEY GENERAL CHIEF FINANCIAL OFFICER PAM BONDI JEFF ATWATER Secretary Treasurer COMMISSIONER OF AGRICULTURE ADAM H. PUTNAM ______________________________________________________ J. BEN WATKINS III Director Division of Bond Finance ASHBEL C. WILLIAMS Executive Director and CIO State Board of Administration of Florida BOND COUNSEL Bryant Miller Olive P.A. Tallahassee, Florida [This page intentionally left blank] TABLE OF CONTENTS Page INTRODUCTION ............................................................................... 1 AUTHORITY FOR THE ISSUANCE OF THE 2013A BONDS ........................................... 2 General Legal Authority ................................................................... 2 Division of Bond Finance .................................................................. 2 State Board of Administration of Florida....................................................... 2 Board of Governors....................................................................... 2 University Board of Trustees................................................................ 3 Administrative Approval................................................................... 3 DESCRIPTION OF THE 2013A BONDS ............................................................. 4 REDEMPTION PROVISIONS ..................................................................... 4 Optional Redemption...................................................................... 4 Mandatory
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