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$38080000* Fresno County Financing

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$38080000* Fresno County Financing PRELIMINARY OFFICIAL STATEMENT DATED JUNE 9, 2016 NEW ISSUE — BOOK-ENTRY ONLY RATING: Standard & Poor’s: “AA-” (See “Rating” herein.) urisdiction. j In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the County, under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, interest on the Series 2016 Bonds is excluded from gross income for Federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”). Interest on the Series 2016 Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code; such interest, however, is included in the adjusted current earnings of certain corporations for purposes of calculating the alternative minimum tax imposed on such corporations. In addition, in the opinion of . Under no circumstances Bond Counsel, under existing statutes, interest on the Series 2016 Bonds is exempt from personal income taxes imposed by the State of California. See “Tax Matters” herein. $38,080,000* be any sale of these securities, in FRESNO COUNTY FINANCING AUTHORITY LEASE REVENUE REFUNDING BONDS, SERIES 2016 Dated: Date of Delivery Due: April 1, as shown on the inside cover page hereof The $38,080,000* Fresno County Financing Authority Lease Revenue Refunding Bonds, Series 2016 (the “Series 2016 Bonds”) are being issued pursuant to an Indenture, dated as of June 1, 2016 (the “Indenture”), by and between the Fresno County Financing Authority (the “Authority”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The proceeds of the Series 2016 Bonds will be used to (i) pay and redeem the Authority’s outstanding Lease Revenue Bonds, Series 2007 (Shared ualification ualification under the securities laws of such q Use Juvenile Court Project) (the “Prior Bonds”), (ii) fund a reserve fund and (iii) pay certain costs of issuing the Series 2016 Bonds. ion ion or amendment without notice The Series 2016 Bonds will mature on each April 1 in the principal amounts set forth on the inside cover page of this Official Statement. Interest on the Series 2016 Bonds will be payable on each April 1 and October 1, commencing on October 1, 2016. The Series 2016 Bonds will be issued as fully registered bonds in denominations of $5,000 or any integral multiple thereof and, when issued, will be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York istration or g (“DTC”). See Appendix D – “Book-Entry System” attached hereto. The Series 2016 Bonds are payable from and secured by a pledge of Revenues (as defined herein) under the Indenture, consisting primarily of certain rental payments (“Base Rental Payments”) to be made by the County to the Authority pursuant to the Lease, dated as of June 1, 2016 (the “Lease”), by and between the Authority and the County for the use and occupancy of the Leased rior rior to re p Property (as defined in the Lease). The County has covenanted under the Lease to take such action as may be necessary to include all Base Rental Payments and Additional Rental (as defined herein) in its budget for each fiscal year and to make all necessary appropriations therefore, subject to abatement of such payments). See “Security and Sources of Payment for the Series 2016 Bonds” herein. unlawful The Series 2016 Bonds are subject to optional redemption and extraordinary redemption prior to their stated date of maturity. See “The Series 2016 Bonds – Redemption” herein. o sell or the solicitation of an offer to buy, nor shall there THE OBLIGATION OF THE COUNTY TO PAY THE BASE RENTAL PAYMENTS AND ADDITIONAL RENTAL DOES NOT CONSTITUTE A DEBT OF THE COUNTY OR OF THE STATE OF CALIFORNIA OR OF ANY POLITICAL SUBDIVISION THEREOF IN CONTRAVENTION OF ANY CONSTITUTIONAL OR STATUTORY DEBT LIMIT OR RESTRICTION, AND DOES NOT CONSTITUTE AN OBLIGATION FOR WHICH THE COUNTY OR THE STATE OF CALIFORNIA IS OBLIGATED TO LEVY OR PLEDGE ANY FORM OF TAXATION OR FOR WHICH THE COUNTY OR THE STATE OF CALIFORNIA HAS LEVIED OR PLEDGED ANY FORM OF TAXATION. THE SERIES 2016 BONDS ARE LIMITED OBLIGATIONS OF THE AUTHORITY AND SHALL BE PAYABLE SOLELY FROM THE REVENUES AND AMOUNTS ON DEPOSIT IN THE FUNDS AND CERTAIN ACCOUNTS (OTHER THAN THE REBATE FUND) ESTABLISHED UNDER THE INDENTURE. THE SERIES 2016 BONDS DO NOT CONSTITUTE A DEBT OR LIABILITY OF THE COUNTY OR OF THE STATE AND NEITHER THE FAITH AND CREDIT OF THE solicitation, or COUNTYsale would be NOR OF THE STATE ARE PLEDGED TO THE PAYMENT OF THE PRINCIPAL OF OR INTEREST ON THE SERIES 2016 BONDS. THE AUTHORITY HAS NO TAXING POWER AND HAS NO OBLIGATION TO PAY tatement constitute an offer t BASE RENTAL PAYMENTS AND ADDITIONAL RENTAL. ement and the information contained herein are subject to complet This cover page is not intended to be a summary of the Series 2016 Bonds or the security thereof. Investors are advised to read the Official Statement in its entirety to obtain information essential to the making of an informed investment decision. The Series 2016 Bonds are offered when, as and if issued, subject to the approving opinion of Hawkins Delafield & Wood LLP, Los Angeles, California, Bond Counsel to the County. Certain legal matters will be passed upon for the County by its Disclosure Counsel, Hawkins Delafield & Wood LLP, Los Angeles, California, and for the County and the Authority by the County Counsel of the County. It is anticipated that the Series 2016 Bonds will be available for delivery through the facilities of DTC on or about June 30, 2016. urisdiction urisdiction in which such offer, j Dated: June __, 2016 y shall this Preliminary Official S This Preliminary Official Stat an * Preliminary, subject to change. $38,080,000∗ FRESNO COUNTY FINANCING AUTHORITY LEASE REVENUE REFUNDING BONDS, SERIES 2016 MATURITY DATES, PRINCIPAL AMOUNTS, INTEREST RATES, YIELDS AND CUSIP NUMBERS ________________________________ Base CUSIP† Number: 35824N Priced Maturity Date Principal Interest to CUSIP† (April 1) Amount Rate Yield Suffix 2017 $ % % 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ∗ Preliminary, subject to change. † CUSIP is a registered trademark of American Bankers Association. CUSIP data in this Official Statement is provided by Standard & Poor’s CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. CUSIP data herein is set forth for convenience of reference only. The County, the Authority and the Municipal Advisor assume no responsibility for the selection or uses of the CUSIP data or for the accuracy or correctness of such data. The CUSIP number for the Series 2016 Bonds is subject to being changed after the delivery of the Series 2016 Bonds as a result of various subsequent actions. FRESNO COUNTY FINANCING AUTHORITY BOARD MEMBERS AND OFFICERS Ernest “Buddy” Mendes Chairperson Brian Pacheco Vice Chairperson Andreas Borgeas Member Henry Perea Member Deborah A. Poochigian Member Vicki Crow, C.P.A. Treasurer Bernice E. Seidel Secretary COUNTY OF FRESNO, STATE OF CALIFORNIA BOARD OF SUPERVISORS Ernest “Buddy” Mendes, Chairman Fourth District Brian Pacheco, Vice Chairman First District Andreas Borgeas Second District Henry Perea Third District Deborah A. Poochigian Fifth District COUNTY OFFICIALS Vicki Crow, C.P.A., Auditor-Controller/Treasurer-Tax Collector Jean M. Rousseau, County Administrative Officer Daniel C. Cederborg, County Counsel Bernice E. Seidel, Clerk to the Board of Supervisors BOND COUNSEL AND DISCLOSURE COUNSEL Hawkins Delafield & Wood LLP Los Angeles, California MUNICIPAL ADVISOR KNN Public Finance, LLC Oakland, California VERIFICATION AGENT Grant Thornton,LLP Minneapolis, Minnesota No dealer, broker, salesperson or other person has been authorized by the County or the Authority to give any information or to make any representations in connection with the offer or sale of the Series 2016 Bonds 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 County or the Authority. 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 2016 Bonds by a person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. This Official Statement is not to be construed as a contract with the purchasers or owners of the Series 2016 Bonds. Statements contained in this Official Statement which involve estimates, forecasts or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of fact. The information set forth in this Official Statement has been obtained from the County and the Authority, and other sources which are believed by the County and the Authority to be reliable. 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 County or the Authority since the date hereof. All summaries of the Series 2016 Bonds, the Indenture and the Lease (each as defined herein) and other documents summarized herein, are made subject to the provisions of such documents respectively and do not purport to be complete statements of any or all of such provisions. The County maintains a website at www.co.fresno.ca.us. However, the information presented there is not part of this Official Statement, is not incorporated by reference herein and should not be relied upon in making an investment decision with respect to the Series 2016 Bonds.
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