Tualatin Valley Fire and Rescue, a Rural Fire Protection District
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Competitive Sale. The Bonds will be sold pursuant to a competitive sale as described in the Official Notice of Bond Sale included herein. PRELIMINARY OFFICIAL STATEMENT DATED SEPTEMBER 7, 2017 NEW ISSUE – COMPETITIVE SALE RATING: MOODY’S Aaa BOOK ENTRY ONLY (See “RATING” herein) In the opinion of Hawkins Delafield & Wood LLP, Bond Counsel to the District (“Bond Counsel”), under existing statutes and court decisions and assuming continuing compliance with certain tax covenants described herein, (i) interest on the 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”), and (ii) interest on the Bonds is not treated as a preference item in calculating the alternative minimum tax imposed on individuals and corporations under the Code and is not included in the adjusted current earnings of corporations for purposes of calculating the alternative minimum tax. In the opinion of Bond Counsel, interest on the Bonds is exempt from State of Oregon personal income tax under existing law. See “TAX MATTERS” herein for a discussion of the opinion of Bond Counsel. $12,990,000* TUALATIN VALLEY FIRE AND RESCUE, A Rural Fire Protection District (Washington, Clackamas and Multnomah Counties, Oregon) General Obligation Refunding Bonds, Series 2017 DATED: DATE OF DELIVERY DUE: MARCH 1, AS SHOWN BELOW The General Obligation Refunding Bonds, Series 2017 (the “Bonds”), will be issued by Tualatin Valley Fire and Rescue, A Rural Fire Protection District (the “District”), in book-entry only form in denominations of $5,000 or integral multiples thereof. The Bonds are registered bonds issued in the name of CEDE & Co., as nominee of The Depository Trust Company (“DTC”), New York, New York (see “BOOK-ENTRY SYSTEM ONLY” herein). Interest is payable semiannually on March 1 and September 1 of each year, commencing March 1, 2018 to the registered owner at the address appearing on the Bond register as of the close of business on the 15th day of the month (the “Record Date”) preceding each interest payment date. Interest will be paid through the principal corporate trust offices of the registrar and paying agent of the District, currently U.S. Bank National Association, Portland, Oregon (the “Paying Agent”). So long as the Bonds remain subject to the book-entry-only system, principal and interest payments are to be remitted by the Paying Agent directly to DTC who, in turn, will be required to distribute such payments to DTC Participants for ultimate distribution to the Beneficial Owners. The Bonds are general obligations of the District. The full faith and credit of the District are pledged to the successive owners of each of the Bonds for the punctual payment of such obligations, when due. The District covenants with the Bondowners to levy annually a direct ad valorem tax upon all of the taxable property within the District in an amount without limitation as to rate or amount, and outside of the limitations of Sections 11 and 11b, Article XI of the Oregon Constitution, after taking into consideration discounts taken and delinquencies that may occur in the payment of such taxes and other monies available for the payment of debt service on the Bonds, to pay interest, principal, and premium, if any, on the Bonds promptly when and as they become due. The Bonds do not constitute a debt or indebtedness of Washington County, Clackamas County, Multnomah County, the State of Oregon, or any political subdivision thereof other than the District. The proceeds of the sale of the Bonds will be used to refund certain outstanding general obligation bonds of the District and to pay the costs of issuance. See “THE BONDS – The Refunding Plan” herein. The Bonds are not subject to optional redemption prior to their stated maturity dates. See “THE BONDS – No Optional Redemption” herein. See Maturity Schedule on Inside Cover ______, the initial purchaser, purchased the Bonds via competitive sale on ______, 2017. The Bonds are offered for sale to the original purchaser subject to the final approving legal opinion of Hawkins Delafield & Wood LLP, Portland, Oregon, Bond Counsel. It is expected that the Bonds will be available for delivery to the Paying Agent for Fast Automated Securities Transfer on behalf of DTC, on or about October 18, 2017. This cover page contains certain information for quick reference only. It is not a summary of the issue. Investors must read the entire Official Statement to obtain information essential to the making of an informed investment decision. The information in this Preliminary Official Statement is not complete and may be changed. This Preliminary Official Statement is not an offer to sell the referenced Bonds and is not soliciting an offer to buy the Bonds in any state where the Bonds in buy the to not soliciting an offer is Bonds and referenced sell the to Preliminary This offer an Statement is not Official be changed. Preliminary in this The information may Statement is not complete and Official or sale is not permitted. offer * Preliminary, subject to change. ∗ $12,990,000 Tualatin Valley Fire and Rescue, A Rural Fire Protection District (Washington, Clackamas and Multnomah Counties, Oregon) General Obligation Refunding Bonds, Series 2017 MATURITY SCHEDULE* Due Principal Interest CUSIP † March 1 Amount* Rate Yield _______ 2018 $ 270,000 2019 55,000 2020 1,750,000 2021 1,775,000 2022 1,810,000 2023 1,840,000 2024 550,000 2025 900,000 2026 940,000 2027 985,000 2028 1,035,000 2029 1,080,000 † Copyright 2017, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein is provided by the CUSIP Service Bureau, managed by Standard and Poor’s Financial Services LLC, a division of The 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 Service Bureau. CUSIP numbers have been assigned by an independent company not affiliated with the District and are included solely for the convenience of the registered owners of the applicable Bonds. Neither the District nor the Underwriter is responsible for the selection or uses of these CUSIP numbers, and no representation is made as to their correctness on the applicable Bonds or as included herein. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds. ∗ Preliminary, subject to change. TUALATIN VALLEY FIRE AND RESCUE, A Rural Fire Protection District (Washington, Clackamas and Multnomah Counties, Oregon) 11945 S.W. 70TH AVENUE TIGARD, OREGON 97223-9196 (503) 649-8577 BOARD OF DIRECTORS Clark I. Balfour President Gordon L. Hovies Vice President Brian J. Clopton Secretary/Treasurer Robert C. Wyffels Board Member Randy J. Lauer Board Member OFFICIALS Michael R. Duyck Fire Chief Debra L. Grabler Chief Financial Officer Mark E. Havener Assistant Chief – Business Operations Les M. Hallman Assistant Chief – EMS, Training, Volunteers Deric C. Weiss Assistant Chief – Integrated Operations BOND COUNSEL Hawkins Delafield & Wood LLP Portland, Oregon REGISTRAR AND PAYING AGENT U.S. Bank National Association Global Corporate Trust Services Portland, Oregon MUNICIPAL ADVISOR PFM Financial Advisors LLC Portland, Oregon No dealer, broker, salesperson or other person is authorized by the District or the Underwriter to give any information or to make any representation 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 any of the foregoing. The information set forth in this Official Statement has been furnished by the District and includes information obtained from other sources, all of which are believed 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 shall, under any circumstances, create any implication that there has been no change in the affairs of the District since the date hereof. Such information and expressions of opinion are made for the purpose of providing information to prospective investors and are not to be used for any other purpose or relied on by any other party. No website mentioned in this Official Statement is part of this Official Statement, and readers should not rely upon any information presented on any such website in determining whether to purchase the Bonds. Any references to any website mentioned in this Official Statement are not hyperlinks and do not incorporate such websites by reference. In connection with this offering, the Underwriter may over allot or effect transactions that 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 public offering prices or yields set forth on the inside cover page hereof may be changed from time to time by the Underwriter. The Underwriter may offer and sell the Bonds to certain dealers, unit investment trusts or money market funds at prices lower than the public offering prices stated on the inside cover pages hereof. Certain statements contained in this Official Statement do not reflect historical facts but are forecasts and “forward- looking statements.” No assurance is given that any future results discussed herein will be achieved, and actual results may differ materially from any forecasts described herein.