2016-0013 Los Angeles County Public Works Financing Authority
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MATURITY SCHEDULE $255,855,000 LOS ANGELES COUNTY PUBLIC WORKS FINANCING AUTHORITY Lease Revenue Bonds, 2016 Series D (Base CUSIP: 54473E) Due Principal Interest Due Principal Interest (December 1) Amount Rate Yield CUSIP (December 1) Amount Rate Yield CUSIP 2017 $4,345,000 4.000% 0.600% RY2 2027 $6,935,000 5.000% 2.430%* SJ4 2018 4,510,000 3.000 0.800 RZ9 2028 7,295,000 5.000 2.540* SK1 2019 4,670,000 4.000 0.950 SA3 2029 7,665,000 5.000 2.640* SL9 2020 4,890,000 5.000 1.110 SB1 2030 8,060,000 5.000 2.710* SM7 2021 5,140,000 5.000 1.330 SC9 2031 8,390,000 3.125 3.200 SN5 2022 5,400,000 5.000 1.540 SD7 2032 8,740,000 5.000 2.890* SP0 2023 5,680,000 5.000 1.750 SE5 2033 9,190,000 5.000 2.940* SQ8 2024 5,970,000 5.000 1.950 SF2 2034 9,610,000 4.000 3.260* SR6 2025 6,275,000 5.000 2.130 SG0 2035 9,975,000 3.375 3.420 SS4 2026 6,600,000 5.000 2.280* SH8 2036 10,350,000 4.000 3.360* SV7 $45,790,000 Series 2016D Term Bonds Due December 1, 2040, at 4.000%, Yield 3.540%*, CUSIP 54473EST2 $70,375,000 Series 2016D Term Bonds Due December 1, 2045, at 5.000%, Yield 3.270%*, CUSIP 54473ESU9 Copyright 2016, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP data herein is provided by CUSIP Global Services, operated on behalf of the American Bankers Association by S&P Capital IQ, a division of McGraw Hill Financial Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Global Services. CUSIP numbers have been assigned by an independent company not affiliated with the County or the Authority and are included solely for the convenience of the registered owners of the applicable bonds. None of the Underwriters, the Financial Advisors, the County or the Authority is responsible for the selection or use 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. * Priced to first optional redemption date of December 1, 2025. COUNTY OF LOS ANGELES LOS ANGELES COUNTY PUBLIC WORKS FINANCING AUTHORITY LEASE REVENUE BONDS, 2016 Series D Board of Supervisors Hilda L. Solis First District, Chair Mark Ridley-Thomas Second District Sheila Kuehl Third District Don Knabe Fourth District Michael D. Antonovich Fifth District Lori Glasgow Executive Officer-Clerk Board Of Supervisors County Officials Sachi A. Hamai Chief Executive Officer Mary C. Wickham County Counsel Joseph Kelly Treasurer And Tax Collector John Naimo Auditor-Controller Hawkins Delafield & Wood LLP Bond Counsel Public Resources Advisory Group Financial Advisor Zions Bank, a division of ZB, National Association Trustee No dealer, broker, salesperson or other person has been authorized to give any information or to make any representations other than those contained herein. 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 2016D Bonds by any 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 of the Series 2016D Bonds. Statements contained herein which involve estimates, projections, 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 facts. The information set forth herein has been obtained from the Authority and the County, and other sources that are believed by the Authority and the County to be reliable. The information and expressions of opinion herein are subject to change without notice and neither delivery of this Official Statement nor any sale of the Series 2016D Bonds made hereunder shall, 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 documents and laws are made subject to the provisions thereof and do not purport to be complete statements of any or all such provisions. Preparation of this Official Statement and its distribution have been duly authorized and approved by the County and the Authority. The Underwriters have provided the following sentence for inclusion herein. The Underwriters have reviewed the information herein in accordance with, and as part of, their responsibilities 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. Certain statements included or incorporated by reference herein constitute forward-looking statements. Such statements are generally identifiable by the terminology used, such as plan, expect, estimate, budget or other similar words. The achievement of certain results or other expectations contained in such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements described to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Neither the County nor the Authority plans to issue any updates or revisions to those forward-looking statements if or when their expectations, or events, conditions or circumstances on which such statements are based, occur. The County maintains a website. However, the information presented there is not part of this Official Statement and should not be relied upon in making an investment decision with respect to the Series 2016D Bonds. IN CONNECTION WITH THE OFFERING OF THE SERIES 2016D BONDS, THE UNDERWRITERS MAY OVER ALLOT OR EFFECT TRANSACTIONS WHICH STABILIZE OR MAINTAIN THE MARKET PRICE OF THE SERIES 2016D 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 UNDERWRITERS MAY OFFER AND SELL THE SERIES 2016D BONDS TO CERTAIN DEALERS, INSTITUTIONAL INVESTORS AND OTHERS AT PRICES LOWER THAN THE PUBLIC OFFERING PRICES STATED ON THE INSIDE COVER PAGE HEREOF AND SUCH PUBLIC OFFERING PRICES MAY BE CHANGED FROM TIME TO TIME BY THE UNDERWRITERS. TABLE OF CONTENTS INTRODUCTION ............................................. 1 Hazardous Substances ................................ 20 General .......................................................... 1 Seismic Events ............................................ 21 The County .................................................... 2 No Liability of Authority to the The Authority ................................................ 2 Owners ................................................ 21 Description of the Series 2016D Economic Conditions in the State of Bonds .................................................... 2 California ............................................ 21 Security and Sources of Payment for Loss of Tax Exemption; Maintenance the Bonds .............................................. 2 of MLK-LA Tax-Exempt Status ......... 21 Reserve Fund................................................. 3 TAX MATTERS ............................................. 22 Parity Obligations; Additional Bonds ........... 4 Opinion of Bond Counsel ........................... 22 Purpose of the Series 2016D Bonds .............. 4 Certain Ongoing Federal Tax Continuing Disclosure ................................... 4 Requirements and Covenants ............. 23 Certain Risk Factors ...................................... 5 Certain Collateral Federal Tax Forward-Looking Statements ........................ 5 Consequences ..................................... 23 Other Information ......................................... 5 Original Issue Discount .............................. 23 PLAN OF FINANCE ......................................... 5 Bond Premium ...........................................