Drexel University Revenue Refunding Bonds, Series of 2016
NEW ISSUE: Book Entry Only Standard & Poor’s: “A” Moody’s: “A3” (See “Ratings” herein) In the opinion of Bond Counsel, interest on the 2016 Bonds is not includable in gross income for purposes of federal income taxation under existing statutes, regulations, rulings and court decisions, subject to the conditions described in “TAX MATTERS” herein, and interest on the 2016 Bonds is not treated as an item of tax preference under Section 57 of the Internal Revenue Code of 1986, as amended (the “Code”) for purposes of the individual and corporate alternative minimum taxes. However, under the Code, such interest may be subject to certain other taxes affecting corporate holders of the 2016 Bonds. Under the laws of the Commonwealth of Pennsylvania, the 2016 Bonds are exempt from personal property taxes in Pennsylvania, and interest on the 2016 Bonds is exempt from Pennsylvania personal income tax and the Pennsylvania corporate net income tax. For a more complete discussion, see “TAX MATTERS” herein. $117,130,000 PENNSYLVANIA HIGHER EDUCATIONAL FACILITIES AUTHORITY (Commonwealth of Pennsylvania) Drexel University Revenue Refunding Bonds, Series of 2016 Dated: Date of Delivery Due: May 1, as shown on inside cover Interest on the Drexel University Revenue Refunding Bonds, Series of 2016 (the “2016 Bonds”) is payable on May 1 and November 1 in each year until maturity or earlier redemption, commencing November 1, 2016. The 2016 Bonds are payable by The Bank of New York Mellon Trust Company, N.A., as successor trustee (the “Trustee”) pursuant to a Trust Indenture dated as of March 1, 1985, as previously amended and supplemented and as further supplemented by a Twenty-First Supplemental Trust Indenture, dated as of August 1, 2016 between the Pennsylvania Higher Educational Facilities Authority (the “Authority”) and the Trustee.
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