Los Angeles County Metropolitan Transportation Authority

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Los Angeles County Metropolitan Transportation Authority ® NEW ISSUE—BOOK‑ENTRY‑ONLY Ratings: Moody’s: “Aa1” S&P: “AAA” See “RATINGS” herein. In the opinion of Kutak Rock LLP, Bond Counsel to LACMTA, under existing laws, regulations, rulings and judicial decisions and assuming the accuracy of certain representations and continuing compliance with certain covenants, interest on the Series 2017 Bonds is excluded from gross income for federal income tax purposes and is not a specific item of tax preference for purposes of the federal alternative minimum tax, except that interest on the Series 2017 Bonds will be included in a corporate taxpayer’s adjusted current earnings for purposes of computing its federal alternative minimum tax. Bond Counsel is further of the opinion that interest on the Series 2017 Bonds is exempt from present State of California personal income taxes. For a more complete description, see “TAX MATTERS” herein. $556,850,000 LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY $471,395,000 $85,455,000 Proposition A First Tier Senior Sales Proposition A First Tier Senior Sales Tax Revenue Bonds, Tax Revenue Refunding Bonds, Series 2017‑A (Green Bonds) Series 2017‑B Dated: Date of Delivery Due: As shown on inside cover The Los Angeles County Metropolitan Transportation Authority (“LACMTA”) is issuing its Proposition A First Tier Senior Sales Tax Revenue Bonds, Series 2017-A (Green Bonds) (the “Series 2017-A Bonds”) and its Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds, Series 2017-B (the “Series 2017-B Bonds”). The Series 2017-A Bonds and the Series 2017-B Bonds are collectively referred to herein as the “Series 2017 Bonds.” The Series 2017 Bonds are being issued pursuant to the Trust Agreement, dated as of July 1, 1986, as amended and supplemented (the “Trust Agreement”), by and between LACMTA and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), and the Thirty-Eighth Supplemental Trust Agreement, to be dated as of October 1, 2017 (the “Thirty-Eighth Supplemental Agreement,” and together with the Trust Agreement, the “Agreement”), by and between LACMTA and the Trustee. The Series 2017 Bonds are limited obligations of LACMTA payable from and secured by a first lien on and pledge of the Pledged Revenues (which includes the receipts from the imposition in the County of Los Angeles for public transit purposes of a one-half cent retail transactions and use tax, less 25% thereof paid to local jurisdictions and certain administrative fees) and by certain other amounts held under the Agreement. See “SECURITY AND SOURCES OF PAYMENT FOR THE SERIES 2017 BONDS” and “PROPOSITION A SALES TAX AND COLLECTIONS” herein. LACMTA will use the proceeds of the Series 2017 Bonds, along with certain other available moneys, to (a) finance or refinance (through the repayment of Proposition A Commercial Paper Notes) the development and construction of certain projects of the rail transit system, including projects that have been identified as environmentally beneficial, as further described herein, (b) refund, on an advance basis, and defease certain outstanding bonds, as further described herein, (c) make a deposit to the reserve fund, as further described herein, and (d) pay the costs of issuance of the Series 2017 Bonds. The Series 2017 Bonds will be issued in denominations of $5,000 and integral multiples thereof. The Series 2017 Bonds will be issued in fully registered form and will be registered in the name of Cede & Co., as registered owner and nominee of The Depository Trust Company, New York, New York (“DTC”), the securities depository for the Series 2017 Bonds. Individual purchases and sales of the Series 2017 Bonds may be made in book-entry form only. See “APPENDIX H—BOOK–ENTRY–ONLY SYSTEM.” The Series 2017 Bonds will mature in the principal amounts and will bear interest at the rates set forth on the inside front cover page. LACMTA will pay interest on the Series 2017 Bonds on January 1 and July 1, commencing on July 1, 2018. Certain of the Series 2017-A Bonds are subject to redemption prior to maturity as described in this Official Statement. The Series 2017-B Bonds are not subject to redemption prior to maturity. See “DESCRIPTION OF THE SERIES 2017 BONDS—Redemption of Series 2017-A Bonds.” Neither the faith and credit nor the taxing power of the County of Los Angeles, the State of California or any political subdivision or public agency thereof, other than LACMTA to the extent of the Pledged Revenues and certain other amounts held by the Trustee under the Agreement, is pledged to the payment of the principal of or interest on the Series 2017 Bonds. Other than Pledged Revenues and such other amounts held by the Trustee under the Agreement, the general fund of LACMTA is not liable, and neither the credit nor the taxing power of LACMTA is pledged, to the payment of the principal of or interest on the Series 2017 Bonds. LACMTA has no power to levy property taxes to pay the principal of and interest on the Series 2017 Bonds. Purchasers of the Series 2017 Bonds will be deemed to have consented to certain amendments to the Trust Agreement. See “INTRODUCTION—Proposed Amendments to Trust Agreement” herein. This cover page contains certain information for general reference only. It is not intended to be a summary of the terms of, or the security for, the Series 2017 Bonds. Investors are advised to read this Official Statement in its entirety to obtain information essential to making an informed investment decision. Capitalized terms used on this cover page and not otherwise defined have the meanings set forth herein. Pursuant to competitive bidding held on October 12, 2017, the Series 2017-A Bonds were awarded at a true interest cost of 3.237992% (prior to adjustment), and the Series 2017-B Bonds were awarded at a true interest cost of 1.260938% (prior to adjustment). See “SALE OF SERIES 2017 BONDS” herein. LACMTA is offering the Series 2017 Bonds when, as and if it issues the Series 2017 Bonds. The issuance of the Series 2017 Bonds is subject to the approval as to their validity by Kutak Rock LLP, Bond Counsel to LACMTA. The Los Angeles County Counsel, as General Counsel to LACMTA, and Nixon Peabody LLP, as Disclosure Counsel, will pass on certain legal matters for LACMTA. LACMTA anticipates that the Series 2017 Bonds will be available for delivery through the facilities of DTC on or about October 31, 2017. Date of Official Statement: October 12, 2017 MATURITY SCHEDULE $471,395,000 Los Angeles County Metropolitan Transportation Authority Proposition A First Tier Senior Sales Tax Revenue Bonds Series 2017-A (Green Bonds) Maturity Date Principal Interest (July 1) Amount Rate Yield Price CUSIP Nos.† 2022 $13,200,000 5.000% 1.210% 117.144 54466HFD3 2023 13,855,000 5.000 1.340 119.906 54466HFE1 2024 14,550,000 5.000 1.470 122.336 54466HFF8 2025 15,275,000 5.000 1.620 124.274 54466HFG6 2026 16,040,000 5.000 1.760 125.935 54466HFH4 2027 16,845,000 5.000 1.880 127.458 54466HFJ0 2028 17,685,000 5.000 1.990C 126.347C 54466HFK7 2029 18,570,000 5.000 2.090C 125.348C 54466HFL5 2030 19,500,000 5.000 2.160C 124.654C 54466HFM3 2031 20,475,000 5.000 2.230C 123.964C 54466HFN1 2032 21,495,000 5.000 2.300C 123.279C 54466HFP6 2033 22,570,000 5.000 2.360C 122.696C 54466HFQ4 2034 23,700,000 5.000 2.420C 122.115C 54466HFR2 2035 24,885,000 5.000 2.470C 121.634C 54466HFS0 2036 26,130,000 5.000 2.510C 121.251C 54466HFT8 2037 27,435,000 5.000 2.550C 120.869C 54466HFU5 2038 28,810,000 5.000 2.610C 120.299C 54466HFV3 2039 30,250,000 5.000 2.640C 120.015C 54466HFW1 2040 31,760,000 5.000 2.660C 119.826C 54466HFX9 2041 33,350,000 5.000 2.680C 119.638C 54466HFY7 2042 35,015,000 5.000 2.700C 119.450C 54466HFZ4 † Copyright 2017, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. The CUSIP data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP numbers are not intended to create a database and do not serve in any way as a substitute for the CGS database. CUSIP numbers have been assigned by an independent company not affiliated with LACMTA and are provided solely for convenience and reference. The CUSIP numbers for a specific maturity are subject to change after the issuance of the Series 2017 Bonds. LACMTA does not take any responsibility for the accuracy of the CUSIP numbers provided herein. C Priced to par call on July 1, 2027. $85,455,000 Los Angeles County Metropolitan Transportation Authority Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds Series 2017-B Maturity Date Principal Interest (July 1) Amount Rate Yield Price CUSIP Nos.† 2022 $41,685,000 5.000% 1.180% 117.293 54466HGA8 2023 43,770,000 5.000 1.310 120.087 54466HGB6 † Copyright 2017, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. The CUSIP data herein is provided by CUSIP Global Services (CGS), which is managed on behalf of the American Bankers Association by S&P Global Market Intelligence. The CUSIP numbers are not intended to create a database and do not serve in any way as a substitute for the CGS database. CUSIP numbers have been assigned by an independent company not affiliated with LACMTA and are provided solely for convenience and reference.
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