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City of New Orleans, Louisiana

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City of New Orleans, Louisiana SUPPLEMENT TO OFFICIAL STATEMENT DATED JULY 25, 2012 relating to $167,840,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012 CITY OF NEW ORLEANS, LOUISIANA PLEASE BE ADVISED that the above-referenced Official Statement has been supplemented to add the following: Page 4: The paragraph under the caption “DESCRIPTION OF THE BONDS – Amount of Bonds Being Issued” is hereby amended as follows: One Hundred Sixty-Seven Million Eight Hundred Forty Thousand Dollars ($167,840,000) of Bonds of the Issuer are being issued. CITY OF NEW ORLEANS, LOUISIANA The date of this Supplement is August 6, 2012. REFUNDING ISSUE OFFICIAL STATEMENT RATINGS: BOOK-ENTRY ONLY Moody’s: “Aa3” (Insured), “A3” (Underlying) S&P: “AA-” (Insured), “BBB” (Underlying) Fitch:“ A-” (Underlying) (See “BOND RATINGS” herein.) In the opinion of Co-Bond Counsel, under existing law, interest on the Bonds is excluded from gross income for Federal income tax purposes, and interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals or corporations, except that interest on the Bonds will be included in a corporate taxpayer’s “adjusted current earnings” for purposes of computing its federal alternative minimum tax. See “TAX EXEMPTION” herein. Under Louisiana law, the Bonds are exempt from all taxation for state, parish, municipal, or other purposes. $167,840,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2012 CITY OF NEW ORLEANS, LOUISIANA Dated: Date of Delivery Due: December 1, 2012 to December 1, 2033 The referenced General Obligation Refunding Bonds, Series 2012 (the “Bonds”) of the City of New Orleans, Louisiana (the “Issuer” or the “City”) are being initially issued as fully registered bonds without coupons in denominations of $5,000 each, or any integral multiple thereof within a single maturity, and when issued will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). DTC will act as securities depository for the Bonds. Purchasers of the Bonds will not receive certificates representing their interest in the Bonds purchased. Purchases of the Bonds may be made only in book-entry form in authorized denominations by credit to participating broker-dealers and other institutions on the books of DTC as described herein. Principal of and interest on the Bonds is payable by The Bank of New York Mellon Trust Company, N.A., in the City of Dallas, Texas, or any successor paying agent (the “Paying Agent”) to DTC, which will remit such payments in accordance with its normal procedures, as described herein. Interest on the Bonds is payable on December 1, 2012, and semiannually thereafter on June 1 and December 1 of each year. See Appendix “J”- Book-Entry Only System. The Bonds maturing December 1, 2023, and thereafter, are callable for redemption at the option of the Issuer, prior to their stated maturities, on or after December 1, 2022, in whole or in part at any time, and if less than a full maturity, then by lot within such maturity, at a redemption price equal to the principal net amount of the Bonds to be redeemed plus accrued interest to the redemption date. The Bonds are general obligations of the City and are secured by and payable from a special ad valorem tax, unlimited as to amount, levied by the City on all property subject to taxation within the City, as described herein. The Bonds are being issued for the purpose of defeasing and refunding certain previously issued general obligation bonds of the Issuer as more specifically set forth in “PURPOSE OF ISSUE” herein and Appendix “A”-Bonds to be Refunded, and paying the costs of issuance of the Bonds. The scheduled payment of the principal and interest on the Bonds maturing December 1, 2026 to December 1, 2029, inclusive (the “Insured Bonds”), when due will be guaranteed under a municipal bond insurance policy to be issued concurrently with the delivery of the Insured Bonds by ASSURED GUARANTY MUNICIPAL CORP. MATURITY SCHEDULE (Base CUSIP No. 64763F) Due Interest Due Interest Dec. 1 Amount Rate Yield CUSIP Dec. 1 Amount Rate Yield CUSIP 2012 $ 750,000 2.00% 0.65% PQ6 2024 $9,455,000 5.00% 3.11%c PE3 2013 1,950,000 2.00 0.85 NT2 2025 9,935,000 5.00 3.20c PF0 2014 2,995,000 3.00 1.01 NU9 2026 8,770,000 5.00 3.10c PG8 2015 3,355,000 4.00 1.21 NV7 2027 6,010,000 5.00 3.18c PH6 2016 4,395,000 4.00 1.46 NW5 2028 6,310,000 5.00 3.25c PJ2 2017 4,580,000 4.00 1.67 NX3 2029 6,615,000 5.00 3.31c PK9 2018 4,315,000 5.00 2.01 NY1 2030 6,940,000 5.00 3.52c PL7 2019 19,080,000 5.00 2.23 NZ8 2031 5,810,000 5.00 3.58c PM5 2020 19,745,000 5.00 2.49 PA1 2032 4,115,000 5.00 3.63c PN3 2021 20,700,000 5.00 2.73 PB9 2033 1,000,000 4.00 3.70c PP8 2022 8,645,000 5.00 2.93 PC7 2033 3,280,000 5.00 3.70c PS2 2023 1,500,000 4.00 3.03c PD5 2023 7,590,000 5.00 3.03c PR4 c Priced to the first par call date of December 1, 2022. The Bonds are offered when, as and if issued by the Issuer and accepted by the Underwriters, subject to prior sale, withdrawal or modification of such offer without notice, subject to the joint approving opinions of Foley & Judell, L.L.P., New Orleans, Louisiana, and The Cantrell Law Firm, New Orleans, Louisiana, Co-Bond Counsel. Certain legal matters will be passed upon for the Underwriters by their Co-Counsel, Breazeale, Sachse & Wilson, L.L.P., Baton Rouge, Louisiana, and Davillier Law Group, LLC, New Orleans, Louisiana. Public Financial Management, Inc., Memphis, Tennessee, and CLB Porter, LLC, New Orleans, Louisiana, serve as independent Co-Financial Advisors to the Issuer. It is expected that the Bonds in definitive form will be available for delivery to DTC in New York, New York, on or about August 28, 2012, against payment therefor. Citigroup Bank of America/Merrill Lynch Dorsey & Company, Inc. Loop Capital Markets Morgan Stanley Raymond James | Morgan Keegan Stephens Inc. The date of this Official Statement is July 25, 2012. This cover page contains information for quick reference only. It is not a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. CUSIP Numbers © Copyright 2012, American Bankers Association. CUSIP data herein is provided by Standard & Poor’s, CUSIP Service Bureau, a division of The McGraw Hill Companies, Inc. The Issuer takes no responsibility for the accuracy of the CUSIP numbers, which are included solely for the convenience of the owners of the Bonds. No dealer, broker, salesperson or other person has been authorized by the City, the Board of Liquidation or the Underwriters to give any information or to make any representations in connection with the Bonds or the matters described herein, other than those contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized by the City, the Board of Liquidation or the Underwriters. 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 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 concerning The Depository Trust Company (“DTC”) has been furnished by DTC, and no representation is made by the City, the Board of Liquidation or the Underwriters as to the completeness or accuracy of such information. All other information set forth herein has been obtained from the City and other sources which are believed to be reliable but is not guaranteed as to accuracy or completeness by, and is not to be construed as representation by, the Underwriters. The information and expressions of opinion contained 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 matters described herein since the date hereof. This Official Statement is submitted in connection with the sale of the Bonds referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. This Official Statement does not constitute a contract between the City, the Board of Liquidation or the Underwriters and any one or more of the purchasers or registered owners of the Bonds. THE UNDERWRITERS HAVE REVIEWED THE INFORMATION IN THIS OFFICIAL STATEMENT IN ACCORDANCE WITH, AND AS PART OF THEIR RESPONSIBILITY TO INVESTORS UNDER THE FEDERAL SECURITIES LAWS AS APPLIED TO THE FACTS AND CIRCUMSTANCES OF THIS TRANSACTION, BUT THE UNDERWRITERS DO NOT GUARANTEE THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. BY ITS PURCHASE OF THE BONDS, AN INVESTOR IS ACKNOWLEDGING THAT IT HAS REVIEWED ALL THE INFORMATION IT DEEMS NECESSARY TO MAKE AN INFORMED DECISION, AND THAT IT IS NOT RELYING ON ANY REPRESENTATION OF THE UNDERWRITERS OR ANY OF ITS OFFICERS, REPRESENTATIVES, AGENTS OR DIRECTORS IN REACHING ITS DECISION TO PURCHASE BONDS. THE INVESTOR, BY ITS PURCHASE OF THE BONDS, ACKNOWLEDGES ITS CONSENT FOR THE UNDERWRITERS TO RELY UPON THE INVESTOR’S UNDERSTANDING OF AND AGREEMENT TO THE PRECEDING PARAGRAPH AS SUCH RELATES TO THE DISCLOSURE AND FAIR DEALING OBLIGATIONS THAT MAY BE APPLICABLE TO THE UNDERWRITERS UNDER APPLICABLE SECURITIES LAWS AND REGULATIONS.
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