PENNSYLVANIA TURNPIKE COMMISSION $68,660,000 TURNPIKE REVENUE BONDS, SERIES a of 2011 Dated: Date of Delivery Due: See Inside Cover
NEW ISSUE – BOOK – ENTRY – ONLY Ratings: (See “Ratings” herein) In the opinion of Co-Bond Counsel, under existing law, interest on the 2011 Bonds is excludable from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals and corporations. However, such interest is included in adjusted current earnings for purposes of the federal alternative minimum tax imposed on certain corporations (as defined for federal income tax purposes). Co-Bond Counsel is also of the opinion that, under existing law, the 2011 Bonds are exempt from personal property taxes in Pennsylvania, and the interest on the 2011 Bonds is exempt from Pennsylvania personal income tax and Pennsylvania corporate net income tax. For a more complete discussion, see “TAX MATTERS” herein. PENNSYLVANIA TURNPIKE COMMISSION $68,660,000 TURNPIKE REVENUE BONDS, SERIES A OF 2011 Dated: Date of Delivery Due: See inside cover The Pennsylvania Turnpike Commission, Turnpike Revenue Bonds, Series A of 2011 (the “2011 Bonds”) are being issued pursuant to a Supplemental Trust Indenture No. 21 dated as of April 1, 2011 (the “Supplemental Indenture No. 21”) to the Amended and Restated Trust Indenture dated as of March 1, 2001, and as previously amended and supplemented (together with the Supplemental Indenture No. 21, the “Senior Indenture”), between the Pennsylvania Turnpike Commission (the “Commission”) and U. S. Bank, National Association, as trustee (the “Trustee”). The 2011 Bonds are being issued to provide funds to refund certain outstanding bonds of the Commission issued under the Indenture.
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