Ball State University Board of Trustees
PRELIMINARY OFFICIAL STATEMENT DATED MAY 23, 2018 NEW ISSUE RATINGS BOOK-ENTRY-ONLY Moody’s: Aa3 S&P: AA- In the opinion of Ice Miller LLP, Indianapolis, Indiana, Bond Counsel, under existing laws, regulations, judicial decisions and rulings, interest on the Series 2018 Bonds (as hereinafter defined) is excluded for federal income tax purposes from gross income under Section 103 of the Internal Revenue Code of 1986, as amended (the “Code”), and is not a specific preference item for purposes of the federal alternative minimum tax, although Bond Counsel observes that it is included in adjusted current earnings in calculating corporate alternative minimum taxable income for taxable years that began prior to January 1, 2018. Such opinion is conditioned on continuing compliance with the Tax Covenants (as hereinafter defined). In the opinion of Ice Miller LLP, Indianapolis, Indiana, Bond Counsel, under existing laws, regulations, judicial decisions and rulings, interest on the Series 2018 Bonds is exempt from income taxation in the State of Indiana. See “TAX MATTERS,” “ORIGINAL ISSUE DISCOUNT,” “BOND PREMIUM” and APPENDIX E herein. $82,330,000* BALL STATE UNIVERSITY BOARD OF TRUSTEES Ball State University Housing and Dining System Revenue Bonds, Series 2018 Dated: Date of Delivery Due: July 1, as shown on the inside cover page The Ball State University Board of Trustees, Ball State University Housing and Dining System Revenue Bonds, Series 2018 (the “Series 2018 Bonds”), will be issued only as fully registered bonds and, when issued, will be registered in the name of CEDE & Co., as nominee for The Depository Trust Company, New York, New York (“DTC”).
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