State of Florida Division of Bond Finance Notice
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State of Florida Division of Bond Finance Notice The following Official Statement does not constitute an offer to sell or the solicitation of an offer to buy bonds. It is marked with a dated date and speaks only as of that date, which may be prior to the date the Official Statement was posted on this website. The Division of Bond Finance undertakes no obligation to update any information included therein except for certain annual and periodic reports which may be found on the EMMA website of the Municipal Securities Rulemaking Board. This Official Statement may be removed from the website at any time. The information, estimates and expressions of opinion in the Official Statement are subject to change without notice and the posting of the Official Statement on this website does not imply that there has been no change in such information or the affairs of the State of Florida since the dated date of the Official Statement or date of posting such Official Statement. New Money and Refunding Issue - Book-Entry Only This Official Statement has been prepared by the Division of Bond Finance to provide information about the 2021A Bonds and the 2021B Bonds (the “2021A&B Bonds”). Selected information is presented on this cover page for the convenience of the reader. To make an informed decision, a prospective investor should read this Official Statement in its entirety. Unless otherwise indicated, capitalized terms have the meanings given in Appendix A. $232,790,000 STATE OF FLORIDA Board of Governors University of Florida Dormitory Revenue Bonds Consisting of $215,550,000 Series 2021A Bonds and $17,240,000 Series 2021B Refunding Bonds Dated: Date of Delivery Due: July 1, as shown on the inside front cover Bond Ratings AA (stable outlook) | Fitch Ratings Aa2 (stable outlook) | Moody’s Investors Service AA- (stable outlook) | S&P Global Ratings Tax Status In the opinion of Bond Counsel, assuming compliance by the Board of Governors with certain covenants, under existing statutes, regulations, and judicial decisions, the interest on the 2021A&B Bonds will be excluded from gross income for federal income tax purposes and will not be an item of tax preference for purposes of the federal alternative minimum tax. The 2021A&B Bonds and the income thereon are not subject to taxation under the laws of the State of Florida, except estate taxes and taxes under Chapter 220, Florida Statutes, as amended. See “TAX MATTERS” herein for other tax consequences to holders of the 2021A&B Bonds. Redemption The 2021A Bonds maturing on or after July 1, 2032 are subject to optional redemption as provided herein. The 2021B Bonds are not subject to optional redemption prior to maturity. Certain of the 2021A Bonds are subject to mandatory redemption as provided herein. See “REDEMPTION PROVISIONS” herein for more complete information. Security The 2021A&B Bonds will be secured by and payable from the Pledged Revenues. The Pledged Revenues consist of the revenues of the Housing System after deducting the Current Expenses and the Rebate Amount, if any. The 2021A&B Bonds are not secured by the full faith and credit of the State of Florida or the University. See “SECURITY FOR THE BONDS” herein for more complete information. Lien Priority The lien of the 2021A&B Bonds on the Pledged Revenues is a first lien on such revenues and will be on a parity with the Outstanding Bonds and any Additional Parity Bonds hereafter issued. The aggregate principal amount of Bonds, including the 2021A&B Bonds, which will be Outstanding subsequent to the issuance of the 2021A&B Bonds is $266,665,000. Additional Bonds Additional Parity Bonds payable on parity with the 2021A&B Bonds and the Outstanding Bonds may be issued if the average Pledged Revenues for the two immediately preceding Fiscal Years, as adjusted, are equal to at least 125% of the maximum annual debt service. This description of the requirements for the issuance of the Additional Parity Bonds is only a summary. See “ADDITIONAL PARITY BONDS” herein for more complete information and for a description of a potential future amendment to the requirements for Additional Parity Bonds. Purpose Proceeds of the 2021A Bonds will be used to pay the costs of the 2021A Project, fund capitalized interest, and to pay costs of issuance of the 2021A Bonds. Proceeds of the 2021B Bonds will be used to refund all of the callable Outstanding State of Florida, Board of Governors, University of Florida Dormitory Revenue and Revenue Refunding Bonds, Series 2011A and Series 2012A, and to pay costs of issuance of the 2021B Bonds. Interest Payment Dates January 1 and July 1, commencing January 1, 2022. Record Dates December 15 and June 15. Form/ Denomination The 2021A&B Bonds will initially be registered in the name of Cede & Co., as nominee of The Depository Trust Company, New York, New York (“DTC”). Individual purchases will be made in book-entry form only through Direct Participants (defined herein) in denominations of $1,000 and integral multiples thereof. Purchasers of the 2021A&B Bonds will not receive physical delivery of the 2021A&B Bonds. See “DESCRIPTION OF THE BONDS.” Closing/ Settlement It is anticipated that the 2021A&B Bonds will be available for delivery through the facilities of DTC in New York, New York on June 24, 2021. Bond Registrar/ U.S. Bank National Association, Orlando, Florida. Paying Agent Bond Counsel Bryant Miller Olive P.A., Tallahassee, Florida. Issuer Contact Division of Bond Finance, (850) 488-4782, [email protected]. Maturity Structure The 2021A&B Bonds will mature on the dates and bear interest at the rates set forth on the inside front cover. May 25, 2021 MATURITY STRUCTURE $215,550,000 Series 2021A Bonds Initial Principal Interest First Optional Redemption 1 CUSIP© Due Date Amount Rate Yield Date and Price Serial Bonds 34157T CY0 July 1, 2025 $4,635,000 5.00% 0.47% - 34157T CZ7 July 1, 2026 4,870,000 5.00 0.61 - 34157T DA1 July 1, 2027 5,110,000 5.00 0.77 - 34157T DB9 July 1, 2028 5,370,000 5.00 0.93 - 34157T DC7 July 1, 2029 5,635,000 5.00 1.06 - 34157T DD5 July 1, 2030 5,920,000 5.00 1.16 - 34157T DE3 July 1, 2031 6,215,000 4.00 1.26 - 34157T DF0 July 1, 2032* 6,465,000 4.00 1.31 July 1, 2031 @100% 34157T DG8 July 1, 2033* 6,720,000 4.00 1.35 July 1, 2031 @100 34157T DH6 July 1, 2034* 6,990,000 4.00 1.40 July 1, 2031 @100 34157T DJ2 July 1, 2035* 7,270,000 4.00 1.45 July 1, 2031 @100 34157T DK9 July 1, 2036* 7,560,000 3.00 1.79 July 1, 2031 @100 34157T DL7 July 1, 2037* 7,785,000 3.00 1.82 July 1, 2031 @100 34157T DM5 July 1, 2038* 8,020,000 3.00 1.86 July 1, 2031 @100 34157T DN3 July 1, 2039* 8,260,000 3.00 1.90 July 1, 2031 @100 34157T DP8 July 1, 2040* 8,510,000 3.00 1.94 July 1, 2031 @100 34157T DQ6 July 1, 2041* 8,765,000 3.00 1.98 July 1, 2031 @100 34157T DR4 July 1, 2042* 9,025,000 3.00 2.02 July 1, 2031 @100 34157T DS2 July 1, 2043 9,300,000 2.25 2.30 July 1, 2031 @100 34157T DT0 July 1, 2044 9,505,000 2.25 2.33 July 1, 2031 @100 34157T DU7 July 1, 2045 9,720,000 2.25 2.36 July 1, 2031 @100 34157T DV5 July 1, 2046 9,940,000 2.25 2.37 July 1, 2031 @100 Term Bond 34157T DW3 July 1, 2051* $53,960,000 3.00% 2.20% July 1, 2031 @100% $17,240,000 Series 2021B Refunding Bonds Initial Principal Interest First Optional Redemption CUSIP© Due Date Amount Rate Yield2 Date and Price 34157T DX1 July 1, 2022 $1,530,000 5.00% 0.15% - 34157T DY9 July 1, 2023 1,625,000 5.00 0.21 - 34157T DZ6 July 1, 2024 1,710,000 5.00 0.33 - 34157T EA0 July 1, 2025 1,795,000 5.00 0.47 - 34157T EB8 July 1, 2026 1,880,000 5.00 0.60 - 34157T EC6 July 1, 2027 1,980,000 5.00 0.74 - 34157T ED4 July 1, 2028 2,080,000 5.00 0.87 - 34157T EE2 July 1, 2029 1,475,000 5.00 0.98 - 34157T EF9 July 1, 2030 1,545,000 5.00 1.09 - 34157T EG7 July 1, 2031 1,620,000 5.00 1.16 - 1 Yield information provided by the 2021A Underwriter. 2 Yield information provided by the 2021B Underwriter. * The yields on these maturities are calculated to first optional redemption date of July 1, 2031. © Copyright 2021 American Bankers Association. CUSIP data herein is provided by Standard & Poor’s, CUSIP Service Bureau, a division of McGraw-Hill Companies, Inc. This data is not intended to create a database and does not serve in any way as a substitute for the CUSIP Services The State of Florida has not authorized any dealer, broker, salesman or other person to give any information or to make any representations, other than those contained in this Official Statement, and if given or made, such other information or representations must not be relied on. Certain information herein has been obtained from sources other than records of the State of Florida which are believed to be reliable.