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State of Utah General Obligation Bonds, Series 2020 (PDF)

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State of Utah General Obligation Bonds, Series 2020 (PDF) New Issue Ratings: Fitch “AAA;” Moody’s “Aaa;” S&P “AAA” See “MISCELLANEOUS—Bond Ratings” herein. In the opinion of Gilmore & Bell, P.C., Bond Counsel, under existing law and assuming continued compliance with certain re- quirements of the Internal Revenue Code of 1986, as amended, the interest on the 2020 Bonds (including any original issue discount properly allocable to an owner thereof) is excludable from gross income for federal income tax purposes, and is not an item of tax preference for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that the interest on the 2020 Bonds is exempt from State of Utah individual income taxes. See “TAX MATTERS” herein. $448,430,000 State of Utah General Obligation Bonds, Series 2020 The $448,430,000, General Obligation Bonds, Series 2020, are issuable by the State as fully–registered bonds and will be initially issued in book–entry form through The Depository Trust Company, New York, New York, as securities depository for the 2020 Bonds. See “APPENDIX F—BOOK–ENTRY SYSTEM.” Principal of and interest on the 2020 Bonds (interest payable January 1 and July 1 of each year, commencing July 1, 2020) are pay- able by the Utah State Treasurer, Salt Lake City, Utah, as Paying Agent, to the registered owners thereof. See “THE 2020 BONDS— Book–Entry System” herein. The 2020 Bonds are subject to optional redemption prior to maturity. See “THE 2020 BONDS—Redemption Provisions” herein. The 2020 Bonds are general obligations of the State, for which the full faith, credit and resources of the State are pledged for the payment of principal and interest, and for which payment a tax may be levied, without limitation as to rate or amount, on all property in the State subject to taxation for State purposes. See “SECURITY FOR THE 2020 BONDS” herein. Dated: Date of Delivery1 Due: July 1, as shown on the inside front cover See the inside front cover for the maturity schedule of the 2020 Bonds This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire OFFICIAL STATEMENT to obtain information essential to the making of an informed investment decision. This OFFICIAL STATEMENT is dated February 11, 2020, and the information contained herein speaks only as of that date. Wells Fargo Securities BofA Securities Citigroup Goldman Sachs & Co. LLC Keybanc Capital Markets Stifel 1 The anticipated date of delivery is Thursday, February 27, 2020. State of Utah $448,430,000 General Obligation Bonds, Series 2020 Dated: Date of Delivery1 Due: July 1, as shown below Due CUSIP Principal Interest July 1 917542 Amount Rate Yield 2020……. WC2 $19,750,000 5.00% 0.85% 2021……. WD0 17,975,000 5.00 0.85 2022……. WE8 18,900,000 5.00 0.87 2023……. WF5 19,875,000 5.00 0.88 2024……. WG3 20,900,000 5.00 0.90 2025……. WK4 2,905,000 2.00 0.94 2025……. WJ7 15,500,000 3.00 0.94 2025……. WH1 40,780,000 5.00 0.92 2026……. WL2 60,345,000 5.00 0.97 2027……. WM0 24,275,000 5.00 1.02 2028……. WN8 25,525,000 5.00 1.11 2029……. WP3 26,825,000 5.00 1.18 c 2030……. WQ1 28,200,000 5.00 1.23 c 2031……. WR9 29,650,000 5.00 1.29 c 2032……. WS7 31,175,000 5.00 1.33 c 2033……. WT5 32,425,000 3.00 1.75 c 2034……. WU2 33,425,000 3.00 1.83 c 1 The anticipated date of delivery is Thursday, February 27, 2020. CUSIP is a registered trademark of the American Bankers Association. CUSIP Global Services is managed on behalf of the American Bankers Association by S&P Capital IQ. c Priced to par call on January 1, 2029. Table Of Contents Page Page INTRODUCTION ................................................................. 1 State Stress Testing/Budget Model ............................... 27 The State Of Utah ........................................................... 1 State Revenues And Collections And State Authority For And Purpose Of The 2020 Bonds ............ 2 Economy ................................................................... 28 Security ........................................................................... 2 Operating And Capital Budget And Related Redemption Provisions ................................................... 2 Appropriations .......................................................... 36 Tax Matters Regarding The 2020 Bonds ........................ 2 Financial Summaries .................................................... 40 Professional Services ...................................................... 2 Discussion And Analysis Of Financial Statements Conditions Of Delivery, Anticipated Date, Manner, For Fiscal Year 2019 ................................................. 44 And Place Of Delivery ................................................ 3 Capital Expenditure Authorizations.............................. 44 Continuing Disclosure Undertaking ............................... 3 Investment Of Funds .................................................... 44 Basic Documentation ...................................................... 3 State Employee Workforce; Public Retirement Contact Persons .............................................................. 3 System ....................................................................... 44 SECURITY FOR THE 2020 BONDS .................................... 4 Other Postemployment Benefits ................................... 45 CONTINUING DISCLOSURE UNDERTAKING ............... 4 Risk Management And Insurance; Cybersecurity ........ 46 State’s Failure To Provide Certain Operating Federal Funding ............................................................ 46 Information .................................................................. 5 LEGAL MATTERS ............................................................. 48 THE 2020 BONDS ................................................................ 6 General ......................................................................... 48 General............................................................................ 6 Absence Of Litigation Concerning The 2020 Bonds .... 49 Registration, Denominations, Manner Of Payment ........ 6 Miscellaneous Legal Matters ........................................ 49 Regular Record Date; Transfer Or Exchange Of The Attorney General’s Opinion Of Effect Of Legal 2020 Bonds ................................................................. 6 Proceedings On State’s Ability To Make Timely Estimated Sources And Uses Of Funds .......................... 7 Payments On 2020 Bonds ......................................... 49 Redemption Provisions ................................................... 7 TAX MATTERS .................................................................. 49 Book–Entry System ........................................................ 8 Opinion Of Bond Counsel ............................................ 50 Debt Service On The 2020 Bonds .................................. 9 Other Tax Consequences .............................................. 50 STATE OF UTAH GOVERNMENTAL MISCELLANEOUS ............................................................ 51 ORGANIZATION ............................................................. 9 Bond Ratings ................................................................ 51 Constitutional Departments ............................................ 9 Municipal Advisor ........................................................ 51 Certain Other Administrative Bodies............................ 10 Underwriters ................................................................. 51 DEBT STRUCTURE OF THE STATE OF UTAH .............. 10 Independent Auditor ..................................................... 53 Outstanding General Obligation Indebtedness ............. 10 Additional Information ................................................. 53 Legal Borrowing Authority For General Obligation APPENDIX A—COMPREHENSIVE ANNUAL Bonds ........................................................................ 11 FINANCIAL REPORT OF THE STATE OF UTAH Authorized General Obligation Bonds And Future FOR FISCAL YEAR 2019 ............................................ A–1 General Obligation Bonds Issuance .......................... 14 APPENDIX B—ADDITIONAL DEBT AND Debt Service Schedule Of Outstanding General FINANCIAL INFORMATION REGARDING THE Obligation Bonds By Fiscal Year .............................. 15 STATE BUILDING OWNERSHIP AUTHORITY ....... B–1 Debt Ratios Regarding General Obligation Debt Of APPENDIX C—DEMOGRAPHIC AND ECONOMIC The State ................................................................... 17 INFORMATION REGARDING THE STATE OF Revenue Bonds And Notes ........................................... 17 UTAH............................................................................. C–1 Lease Obligations ......................................................... 18 APPENDIX D—PROPOSED FORM OF OPINION OF State Guaranty Of General Obligation School Bonds... 19 BOND COUNSEL ........................................................ D–1 State Moral Obligation Bonds ...................................... 20 APPENDIX E—PROPOSED FORM OF CONTINUING State Building Ownership Authority ............................ 21 DISCLOSURE UNDERTAKING ................................. E–1 No Defaulted State Bonds............................................. 21 APPENDIX F—BOOK–ENTRY SYSTEM ..................... F–1 FINANCIAL INFORMATION REGARDING THE STATE OF UTAH ............................................................ 22 Budgetary Procedures ................................................... 22 State Funds And Accounting
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