The Pennsylvania Turnpike Commission Turnpike Revenue Bonds, Series C of 2014 (The “2014C Bonds”) Are Being Issued Pursuant to a Supplemental Trust Indenture No
NEW ISSUE – BOOK–ENTRY–ONLY Ratings: See “RATINGS” herein. In the opinion of Co-Bond Counsel, interest on the 2014C Bonds is not includable in gross income for purposes of federal income taxation under existing statutes, regulations, rulings and court decisions, subject to the condition described in “TAX MATTERS” herein and interest on the 2014C 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 2014C Bonds. Under the laws of the Commonwealth of Pennsylvania, the 2014C Bonds are exempt from personal property taxes in Pennsylvania, and interest on the 2014C Bonds is exempt from Pennsylvania personal income tax and the Pennsylvania corporate net income tax. For a more complete discussion, see “TAX MATTERS” herein. $294,225,000 PENNSYLVANIA TURNPIKE COMMISSION TURNPIKE REVENUE BONDS, SERIES C OF 2014 Dated: Date of Delivery Due: December 1, as shown on Inside Front Cover The Pennsylvania Turnpike Commission Turnpike Revenue Bonds, Series C of 2014 (the “2014C Bonds”) are being issued pursuant to a Supplemental Trust Indenture No. 37 dated as of December 1, 2014 (“Supplemental Indenture No. 37”) to the Amended and Restated Trust Indenture dated as of March 1, 2001, as previously amended and supplemented (the “Restated Indenture” and together with Supplemental Indenture No.37, the “Senior Indenture”), between the Pennsylvania Turnpike Commission (the “Commission”) and U.S. Bank National Association, as trustee (the “Trustee”).
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