SCI-ARC - Student Financial Aid." Financial Assistance Is a Significant Factor in the Decision of Many Students to Attend a Particular Institution
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NEW ISSUE - BOOK-ENTRY ONLY RATING: S&P: "BBB+" (See "RATING OF THE BONDS" herein) In the opinion of Kutak Rock LLP, Bond Counsel, under existing laws, regulations, rulings and judicial decisions and assuming the accuracy of certain representations and continuing compliance with certain covenants, interest on the Bands is excludahle fram gross income for federal income tax purposes and is not a specific preference item for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that interest on the Bonds is exempt from State of California (the ''State'') personal income taxes. For a more complete description of such opinions of Bond Counsel, see "TAX MATTERS" herein. $14,205,000 CALIFORNIA MUNICIPAL FINANCE AUTHORITY REFUNDING REVENUE BONDS (SOUTHERN CALIFORNIA INSTITUTE OF ARCHITECTURE PROJECT) SERIES 2017 Dated: Date of Delivery Due: December 1, as shown below The California Mwticipal Finance Authority (the "Authority") vVill issue its Refunding Revenue Bonds (Southern California Institute of Architecture Project), Series 2017 (the "Bonds") to (i) current refund the Authority's Educational Facility Revenue Bonds (Southern California Institute of Architecture Project) Series 2011 (the "Prior Bonds"), which vVill be outstanding in the aggregate principal amount of $16,030,000 as of the date of delivery of the Bonds, and (ii) pay costs of issuance relating to the Bonds. The Bonds vVill be issued pursuant to the terms of an Indenture of Trust, dated as of December 1, 2017 (the "Indenture"), by and between the Authority and U.S. Bank National Association, as trustee (the "Trustee"). Proceeds of the Bonds will be loaned to the Southern California Institute of Architecture ( the "Corporation"), pursuant to a Loan Agreement, dated as of December 1, 2017 (the "Loan Agreement"), by and between the Authority and the Corporation. The Bonds vVill bear interest from the date of issuance and delivery thereof, payable semiannually on each June 1 and December 1, commencing June 1, 2018. The Bonds will mature in accordance with the schedule shown on the inside cover hereof. The Bonds will be issuable as fully registered bonds -without coupons in the denominations of $5,000 and any integral multiple thereof. The Bonds will be registered in the name of a nominee of The Depository Trust Company ("DTC"), which will act as securities depository for the Bonds. Purchases of the Bonds may be made in book-entry form only, through brokers and dealers who are, or who act through, DTC Participants. Beneficial Owners of the Bonds will not receive physical delivery of bond certificates. Payments of the principal of, premium, if any, and interest on the Bonds vVill be made to DTC by the Trustee. Disbursement of payments to DTC Participants is the responsibility of DTC and disbursement of payments to the Beneficial Owners is the responsibility of DTC Participants. See APPENDIX E - "BOOK-ENTRY SYSTEM." The Bonds and the interest thereon are payable from Revenues (as defined herein) and amounts held in the funds and accounts established pursuant to the Indenture ( other than the Rebate Fund), subject only to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth in the Indenture. Revenues consist primarily of loan payments to be made by the Corporation. The Bonds are subject to redemption prior to maturity, as described herein. See ''THE BONDS - Redemption of Bonds." This cover page contains certain information for general reference only. It is not intended to be a summary of this issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. Capitalized terms used in this cover page shall have the meanings given such terms herein. NONE OF THE AUTHORITY, ANY AUTHORITY MEMBER, OR ANY PERSON EXECUTING THE BONDS IS LIABLE PERSONALLY ON THE BONDS OR SUBJECT TO ANY PERSONAL LIABILITY OR ACCOUNTABILITY BY REASON OF THEIR ISSUANCE. THE BONDS ARE LIMITED OBLIGATIONS OF THE AUTHORITY, PAYABLE SOLELY FROM AND SECURED BY THE PLEDGE OF CERTAIN REVENUES UNDER THE INDENTURE. NEITHER THE AUTHORITY, ITS MEMBERS, THE STATE OF CALIFORNIA, NOR ANY OF ITS POLITICAL SUBDIVISIONS SHALL BE DIRECTLY, INDIRECTLY, CONTINGENTLY, OR MORALLY OBLIGATED TO USE ANY OTHER MONEYS OR ASSETS TO PAY ALL OR ANY PORTION OF THE DEBT SERVICE DUE ON THE BONDS, TO LEVY OR TO PLEDGE ANY FORM OF TAXATION WHATEVER THEREFOR OR TO MAKE ANY APPROPRIATION FOR THEIR PAYMENT. THE BONDS ARE NOT A PLEDGE OF THE FAITII AND CREDIT OF THE AUTHORITY, ITS MEMBERS, THE STATE OF CALIFORNIA, OR ANY OF ITS POLITICAL SUBDIVISIONS, NOR DO THEY CONSTITUTE INDEBTEDNESS WITHIN THE MEANING OF ANY CONSTITUTIONAL OR STATUTORY DEBT LIMITATION. THE AUTHORITY HAS NO TAXING POWER. The Bonds are offered when, as and if issued by the Authority and accepted by the Underwriter subject to receipt of the approving legal opinion of Kutak Rock LLP, Bond CoW1Sel. Certain legal matters vVill be passed upon for the Authority by its special counsel, Jones Hall, A Professional Law Corporation; for the Corporation by its counsel, Allen Matkins Leck Gamble Mallory & Natsis LLP; and for the Underwriter by its counsel, Hawkins Delafield & Wood LLP. It is expected that the Bonds in definitive form will be delivered through the facilities of DTC in New York, New York, on or about December 19, 2017. US Bancorp December 6, 2017 MATURITY SCHEDULE $14,205,000 Series 2017 Bonds Maturity Principal Interest December 1 Amount Rate Yield CUSIP1 2018 $315,000 4.000% 1.600% 13048VAA6 2019 345,000 4.000 1.870 13048VAB4 2020 360,000 4.000 1.920 13048VAC2 2021 375,000 4.000 2.000 13048VAD0 2022 390,000 5.000 2.070 13048VAE8 2023 405,000 5.000 2.170 13048VAF5 2024 425,000 5.000 2.280 13048VAG3 2025 450,000 5.000 2.380 13048VAH1 2026 470,000 5.000 2.500 13048VAJ7 2027 495,000 5.000 2.620 13048VAK4 2028 520,000 5.000 2.700'"' 13048VAL2 2029 545,000 5.000 2.760'"' 13048VAM0 2030 575,000 5.000 2.810'"' 13048VAN8 2031 600,000 5.000 2.860'"' 13048VAP3 2032 630,000 5.000 2.910'"' 13048VAQI 2033 665,000 5.000 2.960'"' 13048VAR9 2034 695,000 5.000 3.010'"' 13048VAS7 2035 730,000 5.000 3.060'"' 13048VAT5 2036 765,000 5.000 3.090'"' 13048VAU2 2037 805,000 5.000 3.120'"' 13048VAV0 2038 845,000 5.000 3.140'"' 13048VAW8 2039 890,000 5.000 3.150'"' 13048VAX6 2040 930,000 5.000 3.160'"' 13048VAY4 2041 980,000 5.000 3.170'"' 13048VAZ1 t CUSIP is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, managed by Standard and Po or's Financial Services LLC on behalf of the American Bankers Association. CUSIP numbers are provided for convenience of reference only. Neither the Corporation nor the Underwriter take any responsibility for the accuracy of such numbers. (cl Yield calculated to the first optional redemption date of December 1, 2027 at par. This Official Statement does not constitute an offer to sell the Bonds in any jurisdiction in which or to any person to whom it is unlawful to make such an offer. No dealer, salesman or any other person has been authorized by the Authority, the Corporation or the Underwriter to give any information or to make any representation other than those contained herein in connection with the offering of the Bonds and, if given or made, such information or representation must not be relied upon. The information relating to the Authority set forth herein under the captions "THE AUTHORITY" and "ABSENCE OF MATERIAL LITIGATION - The Authority" has been furnished by the Authority. The Authority does not warrant the accuracy of the statements contained herein relating to the Corporation, nor does it directly or indirectly guarantee, endorse or warrant (I) the creditworthiness or credit standing of the Corporation, (2) the sufficiency of the security for the Bonds or (3) the value or investment quality of the Bonds. The Authority makes no representations or warranties whatsoever with respect to any information contained herein except for the information under the captions "THE AUTHORITY" and "ABSENCE OF MATERIAL LITIGATION - The Authority." IN CONNECTION WITH THIS OFFERING, THE UNDERWRITER MAY OVER-ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE BONDS AT A LEVEL ABOVE THAT WHICH MIGHT OTHERWISE PREVAIL IN THE OPEN MARKET. SUCH STABILIZING, IF COMMENCED, MAY BE DISCONTINUED AT ANY TIME. The Underwriter has provided the following sentence for inclusion in this Official Statement. 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. For purposes of compliance with Rule 15c2-12 of the United States Securities and Exchange Commission, as amended, and in effect on the date hereof, this Official Statement constitutes an official statement of the Corporation that has been deemed final by the Corporation as of its date except for the omission of no more than the information permitted by Rule 15c2-12. References to website addresses presented herein are for informational purposes only and may be in the form of a hyperlink solely for the reader's convenience. Unless specified otherwise, such websites and the information or links contained therein are not incorporated into, and are not part of, this Official Statement for purposes of, and as that term is defined in, Rule l 5c2-l 2.