$350,000,000 the INDIANAPOLIS LOCAL, PUBLIC IMPROVEMENT BOND BANK Goldman, Sachs & Co. Jpmorgan
NEW ISSUE RATINGS: See "RATINGS" herein Book-Entry-Only In the opinion of Ice Miller LLP, Indianapolis, Indiana ("Bond Counsel"), under existing laws, regulations, judicial decisions and rulings, interest on the 2008 Bonds (hereinafter defined) is excludable from gross income for federal income tax purposes under Section 103 of the Internal Revenue Code of 1986, as amended and in effect on the date of issuance of the 2008 Bonds (the "Code"), except for interest on any 2008 Bond for any period during which such 2008 Bond is owned by a person who is a "substantial user" of the Airport System (hereinafter defined) or a "related person" as defined in Section 147(a) of the Code. Such exclusion is conditioned on continuing compliance with the Tax Covenants (hereinafter defined). The interest on the 2008 Bonds is a specific preference item for purposes of the federal individual and corporate alternative minimum taxes. In addition, in the opinion of Bond Counsel under existing laws, regulations, judicial decisions and rulings, interest on the 2008 Bonds is exempt from income taxation in the State of Indiana. See "TAX MATTERS" and APPENDIX C—"FORM OF APPROVING OPINION OF BOND COUNSEL" herein. $350,000,000 THE INDIANAPOLIS LOCAL, PUBLIC IMPROVEMENT BOND BANK VARIABLE RATE BONDS, SERIES 2008C (INDIANAPOLIS AIRPORT AUTHORITY PROJECT) Dated: Date of Delivery Due: As shown on the inside cover The Indianapolis Local Public Improvement Bond Bank (the "Bond Bank") will issue its Variable Rate Bonds, Series 2008C (Indianapolis Airport Authority Project), in seven separate sub-series, as shown on the inside cover (collectively, the "2008 Bonds"), pursuant to the Trust Indenture, dated as of June 1,2008 (the "Indenture"), between the Bond Bank and The Bank of New York Trust Company, N.
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